THURSDAY, JULY 9, 1987
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FELL REASSURES GERMAN BANKERS
COMMISSIONER OF BANKING, R ROBERT PICTURE OF THE HONG KONG BANKING SCENE AND FUTURE WHEN SPEAKING TO LEADING WEST GERMAN TUESDAY (JULY 7).
FELL, PAINTED A BRIGHT THE TERRITORY'S BUSINESS BANKERS IN FRANKFURT ON
MR FELL, GUEST OF HONOUR AT A LUNCH HOSTED BY THE HONGKONG AND SHANGHAI BANK, SPOKE OF A RESURGENCE OF INTEREST IN HONG KONG BY EUROPEAN BANKS, PARTICULARLY THOSE FROM WEST GERMANY, SCANDINAVIA AND ITALY. HE SAID THAT MANY GERMAN BANKS WERE UPGRADING THEIR STATUS IN THE TERRITORY.
SCENE
THE COMMISSIONER ASSURED THE BANKERS THAT: "THE TROUBLED IN HONG KONG'S BANKING SECTOR IS OVER AND THE PROBLEMS HAVE BEEN SUCCESSFULLY DEALT WITH. A NEW BENCHMARK HAS BEEN SET FOR WHITE COLLAR CRIMES, THE MARKET IS NOW SAFER THAN IT EVER WAS AND THE CHANGES IN BANKING LEGISLATION HAVE STRENGTHENED THE POWER ΤΟ DEAL WITH ILLEGALITIES.'
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MR FELL REPUDIATED CLAIMS THAT THERE WAS PRESSURE FROM PEKING AND INTERFERENCE IN THE WAY HONG KONG WAS BEING RUN. HE SAID THE GROWING PRESENCE OF CHINA IN HONG KONG BUSINESS, THE INCREASED ROLE OF THE BANK OF CHINA AND THE ACTIVITIES OF OTHER MAINLAND COMPANIES HAD BEEN WELCOMED AND HAD ENHANCED HONG KONG'S STABILITY.
HE ADDED THAT REFORMS IN CHINA'S INDUSTRY AND AGRICULTURE, LEADING TO INCREASED HONG KONG TRADE WITH THE PRC WAS ONE OF THE REASONS FOR THE REMARKABLE ECONOMIC CHANGE IN HONG KONG IN THE LAST TWO OR THREE YEARS.
OTHER FACTORS WHICH HAD BROUGHT ABOUT THE CHANGE WERE THE RESURGENCE OF CONFIDENCE FOLLOWING THE SIGNING OF THE JOINT DECLARATION AND THE MAINTENANCE OF THE PEG BETWEEN THE HONG KONG AND AMERICAN DOLLARS.
GROWING BANKERS
ON THE QUESTION OF CONFIDENCE AND REPORTS OF EMIGRATION TO CANADA AND AUSTRALIA, MR FELL TOLD THE GERMAN THAT PEOPLE HAD ALWAYS EMIGRATED, BUT MANY OF THEM RETURNED TO LIVE AND WORK IN HONG KONG.
HE SAID CONFIDENCE WAS FAR FROM LOW, AS SUGGESTED IN SOME PRESS REPORTS. HE BELIEVED TOGETHER WITH MANY PEOPLE IN HONG KONG, THAT CHINA WISHED HONG KONG TO GROW AND INTERNATIONAL CONFIDENCE TO BE MAINTAINED.
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