3
WEDNESDAY, APRIL 9, 1986
SIR JOHN EMPHASISED, HOWEVER, THAT EACH CASE WAS DIFFERENT
+NO BANKER AND CERTAINLY AND MUST BE HANDLED ON AN AD HOC BASIS. NO SHAREHOLDER IN A LOCAL BANK SHOULD BE LULLED INTO AN IMPRUDENT RELIEF THAT IF HE GETS INTO TROUBLE EXCHANGE FUND SUPPORT IS
NEVITABLE, HE WARNED.
HE ADDED THAT THE FINANCIAL SECRETARY WILL NOT AGREE THAT GOVERNMENT MONEY SHOULD KNOWINGLY BE PUT IN THE HANDS OF THOSE WHO CANNOT BE TRUSTED.+
LOOKING BACK OVER THE PAST FOUR YEARS, SIR JOHN ATTRIBUTED HONG KONG'S BANKING PROBLEMS TO A VARIETY OF FACTORS, INCLUDING A SUPERFLUITY OF DEPOSIT-TAKING COMPANIES, THE ENDING OF THE MORATORIUM ON THE ISSUE OF BANKING LICENCES, CLEAR INSTANCES OF MALFEASANCE AND CORRUPTION. THE PROPERTY BUST. VARIOUS RECENT DEVELOPING PROBLEMS IN SOUTH-EAST ASIA AND A FAIR DEGREE OF INCOMPETENT BANK MANAGEMENT.
HE ALSO ADMITTED THAT GOVERNMENT SUPERVISION OF THE BANKING INDUSTRY REQUIRED STRENGTHENING. +OTHERWISE WE WOULD NOT BE CONSIDERING WITH URGENCY A NEW BANKING BILL, HE SAID.
SIR JOHN ADDED THAT HE KNEW OF NO MORE IMPORTANT TASK FOR THE EXECUTIVE COUNCIL THAN TO COMPLETE CONSIDERATION OF THE BANK ING BILL AND GET IT ON TO THE STATUTE BOOK.
FINALLY, SIR JOHN SAID THAT THE NEW BANKING BILL INCLUDED PROVISION FOR AN ANNUAL REPORT BY THE COMMISSIONER THROUGH THE
+WITH THEIR FANKING ADVISORY COMMITTEE TO THE EXECUTIVE COUNCIL.
THIS MIGHT APPROVAL THE REPORT CAN THEN BE PUBLISHED ANNUALLY. WELL BE TIMED JUST BEFORE EACH YEAR'S BUDGET DEBATE AND PRODUCE A FORM OF ACCOUNTABILITY IN THIS VERY SENSITIVE AREA, HE SAID.
HE ALSO DISCLOSED THAT THE GOVERNOR INTENDED IN DUE COURSE TO APPOINT TWO ADDITIONAL KNOWLEDGEABLE LOCAL MEMBERS TO THE EXCHANGE FUND ADVISORY COMMITTEE, ONE OF WHOM WOULD BE A MEMBER OF THE LEGISLATIVE COUNCIL.
TWO-STAGE REORGANISATION OF LANDS AND WORKS **** *
THE REORGANISATION OF THE LANDS AND WORKS GROUP WILL INVOLVE THE FORMATION OF THREE NEW DEPARTMENTS, THE SECRETARY FOR LANDS AND WORKS, THE HON NICKY CHAN, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE CHANGES WOULD TAKE PLACE IN TWO STAGES, MR CHAN SAID IN MOVING A MOTION TO GIVE EFFECT TO THE REORGANISATION.
/HE SAID