THURSDAY, SEPTEMBER 1, 1983
SIZE CRITERIA FOR BANK LICENCE APPLICATIONS
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THE GOVERNOR-IN-COUNCIL HAS CARRIED OUT THE ANNUAL REVIEW
OF THE SIZE CRITERIA WHICH HAVE TO BE SATISFIED BEFORE THE COUNCIL WILL CONSIDER APPLICATIONS FOR BANKING LICENCES, AND HAS DECIDED TO MAKE NO CHANGES THIS YEAR.
THE CRITERIA ARE:
FOR FOREIGN BANKS
TOTAL ASSETS (LESS CONTRA ITEMS) OF AT LEAST US$12 000
MILLION OR EQUIVALENT;
FOR COMPANIES INCORPORATED IN HONG KONG
TOTAL ASSETS (LESS CONTRA ITEMS) OF AT LEAST HK$2 500
MILLION; AND
DEPOSITS FROM THE PUBLIC (1.E. EXCLUDING THOSE FROM BANKS,
DTCS AND CONNECTED PARTIES) OF AT LEAST HK$1 750 MILLION.
A GOVERNMENT SPOKESMAN SAID THE DECISION WAS TAKEN AGAINST THE BACKGROUND OF A SUBSTANTIAL INCREASE IN THE THRESHOLDS LAST YEAR, BY 20 PER CENT FOR A FOREIGN BANK'S ASSETS, AND BY 25 PER CENT AND 17 PER CENT RESPECTIVELY FOR THE ASSETS AND DEPOSITS OF A LOCAL APPLICANT.
HE ADDED THAT A NUMBER OF FOREIGN BANKS MIGHT HAVE EXPERIENCED SOME DECLINE IN THEIR TOTAL ASSETS, EXPRESSED IN US DOLLARS, OVER THE PAST YEAR OR SO, AS A RESULT OF THE WORLDWIDE APPRECIATION OF THE US DOLLAR.
THE SPOKESMAN CONFIRMED THAT THE OTHER CRITERIA ANNOUNCED BY THE FINANCIAL SECRETARY ON MAY 27, 1981 REMAINED IN FORCE BUT NOTED THAT THE GOVERNOR-IN-COUNCIL RETAINED COMPLETE DISCRETION OVER THE GRANTING OF BANK LICENCES, IN ACCORDANCE WITH PART III OF THE BANKING ORDINANCE, AND THAT SATISFACTION OF THE ANNOUNCED CRITERIA WAS SIMPLY A PRE-CONDITION FOR APPLICATIONS TO BE CONSIDERED.
SHA TIN TO HAVE OWN CULTURAL COMPLEX
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SHA TIN RESIDENTS WILL HAVE THEIR OWN CULTURAL COMPLEX IN JUST A LITTLE OVER TWO-AND-A-HALF YEARS.
WORK ON THE CULTURAL COMPLEX, SITUATED NEXT TO THE FUTURE TOWN PARK, WILL BEGIN SHORTLY FOLLOWING THE SIGNING TODAY OF A $93-MILLIÓN CONTRACT FOR THE SUPERSTRUCTURE.
THE CONTRACT WAS SIGNED BY THE DIRECTOR OF BUILDING DEVELOPMENT, MR JOSE LEI, AND THE MANAGING DIRECTOR AND GENERAL MANAGER OF AOKI CORPORATION, MR SUNAO HORII.
18 LFI