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WEDNESDAY, MARCH 9, 1983
* THIRD, TO THE EXTENT THAT ONE IS THINKING IN CLEAR-CUT
TERMS OF BANKS ON THE ONE HAND AND DTC'S ON THE OTHER IT MUST BE RECALLED THAT THE DEPOSIT-TAKING COMPANIES SECTOR OWES MUCH OF ITS GROWTH TO THE PRACTICE OF OFFERING HIGHER INTEREST RATES THAN THE BANKS.
IN THIS CONTEXT, MR BREMRIDGE SAID, IT WOULD SEEM UNACCEPTABLE TO ASK THE BANKS TO PROVIDE AT CONSIDERABLE COST INSURANCE COVER FOR THE DEPOSITS WHICH HAVE BEEN BID AWAY FROM THEM BY THE OFFER OF HIGHER INTEREST RATES MATCHING GREATER RISK.
EVEN LESS COULD THE TAXPAYER BE EXPECTED TO SUPPORT THE INTERESTS OF THOSE SEEKING RATES OF RETURN HIGHER THAN OFFERED BY THE BANKS, HE ADDED.
IN SUM, I CONSIDER THAT THE BALANCE OF THE ARGUMENT IS AGAINST THE ESTABLISHMENT IN HONG KONG OF SUCH A SCHEME WHOSE COST WOULD FALL ON THE PRUDENT IN THE INTERESTS OF THE IMPRUDENT.
+ PREFER TO CONCENTRATE ON STRIVING TO ENSURE THAT INDIVIDUAL INSTITUTIONS ARE SOUNDLY MANAGED. A DEPOSIT INSURANCE SCHEME IS NOT THE BEST VEHICLE FOR INSTILLING IN MANAGEMENT A SENSE OF RESPONSIBILITY TO DEPOSITORS, HE SAID.
BOOST FOR EMPLOYEES' COMPENSATION ****
THE LEVELS OF COMPENSATION FOR EMPLOYEES INJURED OR KILLED AT WORK WILL SOON BE INCREASED BY 44 PER CENT DUE TO A CORRESPONDING INCREASE IN THE OVERALL NOMINAL WAGE LEVEL SINCE MARCH 1980.
THE LEVELS OF COMPENSATION FOR PEOPLE SUFFERING FROM PNEUMOCONIOSIS WILL ALSO BE ADJUSTED BY THE SAME PERCENTAGE.
RESOLUTIONS TO RAISE THE COMPENSATION LEVELS PROVIDED UNDER THE EMPLOYEES' COMPENSATION ORDINANCE AND THE PNEUMOCONTOS IS (COMPENSATION) ORDINANCE WERE APPROVED BY THE LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.
MOVING THE RESOLUTIONS, THE COMMISSIONER FOR LABOUR, THE HON J. N. HENDERSON, PROPOSED THAT THE NEW LEVELS BE BROUGHT INTO OPERATION ON JÚLY 1 THIS YEAR TO ALLOW BOTH EMPLOYERS AND INSURANCE COMPANIES SUFFICIENT TIME TO MAKE THE NECESSARY ADJUSTMENTS.
EARLIER, HE RECALLED THAT ON MOVING AN AMENDMENT BILL IN JUNE 1980 TO REVISE THE COMPENSATION LEVELS, HE HAD INFORMED THE COUNCIL QTHAT HE INTENDED TO REVIEW BIENNIALLY THE LEVELS OF COMPENSATION TO TAKE ACCOUNT OF CHANGES IN WAGE LEVELS AND THE COST OF LIVING,
/+GIVEN THE