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WEDNESDAY, MAY 28, 1986
MR CHEONG OBSERVED THAT IN ANY ECONOMIC ENTITY THE EXISTENCE OF A HEALTHY FINANCIAL SECTOR WAS AN IMPORTANT FACTOR IN STABILITY AND PROSPERITY.
HE SAID MANAGEMENTS OF SUCH INSTITUTIONS, BY THE NATURE OF THEIR WORK, WERE NORMALLY HELD IN HIGH ESTEEM AND WIELDED A LOT MORE INFLUENCE THAN OTHER MEMBERS OF THAT COMMUNITY.
THEY WERE THEREFORE LIKELY TO BE MORE EXPOSED THAN OTHERS TO A SLIGHTLY NARROWER DEVELOPMENT OF THEIR PERCEPTIONS OF VALUES AND THIS COULD BE ONE OF THE REASONS GIVING RISE TO THE EXISTENCE OF A SMALL NUMBER OF BLACK SHEEP WITHIN THE COMMUNITY OF BANKERS WHO HAD BETRAYED THE TRUST AND RESPECT BESTOWED UPON THEM, HE SAID.
MR CHEONG STRESSED THAT NO LEGISLATION IN THE WORLD COULD BE A PANACEA FOR ELIMINATING UNBALANCED JUDGMENTS AND FRADULENT PRACTICES.
+ IT MUST BE THE RESPONSIBILITY OF THE MANAGEMENTS OF OUR FINANCIAL INSTITUTIONS TO GUARD AGAINST HUMAN FAILING AND WEAKNESSES,+ HE SAID.
IN THIS REGARD, HE SUGGESTED THAT BANKERS SHOULD CONSIDER PROVIDING INTENSIVE TRAINING PROGRAMMES FOR THEIR UP-AND-COMING MANAGERS NOT ONLY IN RESPECT OF PROFESSIONAL SKILLS BUT ALSO IN RESPECT OF CHARACTER DEVELOPMENT.
IN SUPPORTING WHOLEHEARTEDLY THE RATIONALE BEHIND MEASURES TO TIGHTEN CONTROL OVER THE BANKING INDUSTRY, MR CHEONG CAUTIONED AGAINST ADOPTING AN OVERKILL PSYCHOLOGY”.
EJ
HE NOTED THAT LENDING INSTITUTIONS ACTED AS A VITAL LUBRICANT TO THE SMOOTH RUNNING OF ANY ECONOMY AND PREDICTED THAT IN THE NEXT FEW YEARS HONG KONG'S ECONOMIC GROWTH WOULD MOST LIKELY BE LED BY THE TRADITIONAL TRADING AND INDUSTRIAL SECTORS.
+ IT IS IMPERATIVE THAT THEIR GROWTH PROSPECTS SHOULD NOT BE CHOKED BY THE NATURAL EMOTIONAL OVERSWING OF ATTITUDES OF OUR BANKERS FROM BEING OVERTLY AGGRESSIVE TO BEING OVERTLY DEFENSIVE IN THEIR LENDING POLICIES,+ HE WARNED.
LASTLY, MR CHEONG ALSO PAID A SPECIAL TRIBUTE TO THE SERVICE OF THE FINANCIAL SECRETARY AND SAID SIR JOHN WOULD ALWAYS BE REMEMBERED AS THE ROBUST STALWART WHO HAD SUCCESSFULLY SAFEGUARDED BOTH THE SHORT AND LONG TERM ECONOMIC INTERESTS OF HONG KONG.
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