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WEDNESDAY, JUNE 26, 1985
30
'REPEAL OF FOREIGN NOTES BILL TIMELY'
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REPEAL OF THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) ORDINANCE IS TIMELY, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID TODAY (WEDNESDAY).
CONCLUDING THE RESUMED DEBATE ON THE SECOND READING OF THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) (REPEAL) BILL
1984. MR JACOBS THANKED THE HON BILL BROWN AND THE HON ANDREW SO FOR THE IR SUPPORT.
+AND MR BROWN HAS SAID THAT THE ORDINANCE HAD LITTLE EFFECT IN THE 1983 CURRENCY CRISIS.
+1 AGREE WITH HIS VIEW IN WHICH RESPECT I THINK MR CHEONG IS OVER-STATING THE VALUE OF THIS ORDINANCE AT THAT TIME.
+BUT APART FROM THIS I BELIEVE THE ALTERNATIVE COURSE SUGGESTED BY MR CHEONG OF UPDATING THE ORDINANCE WOULD PRESENT VERY CONSIDERABLE PRACTICAL DIFFICULTIES PARTICULARLY IN RELATION TO THE ENFORCEMENT OF THE PROVISIONS OF THE AMENDED LEGISLATION,+ HE SAID.
REQUIREMENTS ON BANKS UNDER REVIEW
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A REVIEW OF REQUIREMENTS PLACED ON BANKS AND DEPOSIT-TAKING COMPANIES WAS EXPECTED TO BE FINISHED BY THE END OF THE SUMMER, AND RECOMMENDATIONS WOULD THEN BE PRESENTED TO THE EXECUTIVE COUNCIL, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS SAID TODAY.
REPLYING TO A QUESTION BY THE HON ANDREW SO ON GOVERNMENT PLANS FOR BETTER SUPERVISION OF BANKS, MR JACOBS SAID THAT THERE WAS NO DOUBT SOME CHANGES WERE NEEDED IN THE REQUIREMENTS PLACED ON BANKS AND DEPOSIT-TAKING COMPANIES.
THE REVIEW OF THOSE REQUIREMENTS HAD ADVANCED TO THE STAGE OF CONSULTATIONS WITH THE BANKING ADVISORY COMMITTEE AND THE DEPOSIT-TAKING COMPANIES ADVISORY COMMITTEE.
+WORK IS IN HAND IN THE LIGHT OF THESE CONSULTATIONS AND WE HOPE THAT THE REVIEW WILL BE FINISHED BY THE END OF THE SUMMER SO THAT RECOMMENDATIONS MAY THEN BE PRESENTED TO EXECUTIVE COUNCIL, MR JACOBS SAID.
MR JACOBS SAID THAT WHILE EXISTING LEGISLATION ALREADY GAVE WIDE RANGING POWERS TO THE BANKING COMMISSIONER, THE PROCESS OF SUPERVISION WAS, AND HAD TO BE, SUBJECT TO CONTINUOUS EXAMINATION AND IMPROVEMENT SO THAT IT WAS CAPABLE OF MATCHING DEVELOPMENTS IN THE BANKING AND DEPOSIT-TAKING SECTORS.
/HE ADDED