WEDNESDAY, APRIL 8, 1987
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+YOUR POSITION AS ADVISER TO THE GOVERNOR WILL, I AM CERTAIN, KEEP YOU VERY BUSY IN THE NEXT FEW MONTHS, AND WE CAN BE CONFIDENT THAT THE GOVERNOR WILL BENEFIT FROM YOUR WISE COUNSEL,+ MISS DUNN ADDED.
SHE ADDED THAT NO ACCOUNT OF SIR DAVID'S WORK IN HONG KONG WOULD BE COMPLETE WITHOUT PAYING TRIBUTE TO THE CONTRIBUTION OF LADY AKERS-JONES WHO, IN ADDITION TO SUPPORTING SIR DAVID SO DEVOTEDLY THROUGHOUT HIS LONG CAREER, HAD HERSELF EARNED A PLACE IN THE HEARTS OF THE PEOPLE.
+HER WORK AMONG YOUNG PEOPLE, AND IN PARTICULAR HER ENERGETIC AND PRODUCTIVE ASSOCIATION WITH THE GIRL GUIDES, WILL LONG BE REMEMBERED IN HONG KONG, MISS DUNN SAID.
SHE WISHED SIR DAVID AND LADY AKERS-JONES A VERY HAPPY AND HEALTHY RETIREMENT.
SWITCH TO MARKET BORROWINGS FOR MTRC FINANCING
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THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) EMPOWERED THE GOVERNMENT TO GRANT GUARANTEES, FREE OF CHARGE, FOR FINANCING INSTRUMENTS ISSUED BY THE MASS TRANSIT RAILWAY CORPORATION (MTRC) UP TO A TOTAL VALUE OF $3 000 MILLION.
MOVING THE MOTION, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID THE INSTRUMENTS WOULD REPLACE, AND IN TURN CANCEL THE LONGER TERM GOVERNMENT GUARANTEED EXPORT CREDIT DEBT OBLIGATIONS.
THE INSTRUMENTS WOULD INCLUDE FLOATING OR FIXED-RATE LOANS WITH TERMS OF BETWEEN TWO TO NINE YEARS, HE ADDED.
+THIS SWITCH TO MARKET BORROWINGS WILL BENEFIT THE CORPORATION BECAUSE THE REPLACEMENT INSTRUMENTS WILL CARRY LOWER INTEREST RATES AND SUBSTANTIAL INTEREST COST SAVINGS ARE EXPECTED, MR JACOBS SAID.
+THE GOVERNMENT WILL ALSO BENEFIT BECAUSE MTRC WILL REPLACE GOVERNMENT GUARANTEED EXPORT CREDIT DEBT OBLIGATIONS DUE TO MATURE WITHIN TWO YEARS WITH MARKET BORROWINGS WITHOUT SEEKING GOVERNMENT GUARANTEES FOR SUCH INSTRUMENTS.+
THE AMOUNT INVOLVED WOULD BE ABOUT $1 500 MILLION AND THE VALUE OF GOVERNMENT GUARANTEES FOR MTRC LOANS WOULD BE REDUCED BY THE SAME AMOUNT.
+THIS WILL HAVE A BENEFICIAL EFFECT ON THE PUBLIC PURSE IN THAT WE WILL NOT HAVE TO PROVIDE FOR THESE THEORETICAL CONTINGENCIES,+ MR JACOBS SAID.
THE GOVERNMENT'S TOTAL GUARANTEE COMMITMENT AVAILABLE TO MTRC, ALL FREE OF CHARGE, STOOD AT $6 100 MILLION AS AT DECEMBER 31, 1986.
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