FRIDAY, DECEMBER 11, 1987
13
COMMISSIONER OF BANKING EXPLAINS EMPLOYMEN E OF FINANCIAL ADVISERS
*
THE COMMISSIONER OF BANKING, NR TONY NICOLLE, TODAY (FRIDAY)
WAS SAID THAT THE GOVERNMENT
REING UNFAIRLY AND
IMPROPERLY QUITE
IT IN CRITICISED OVER ITS EMPLOYMENT OF FINANCIAL ADVISERS TO ASSIST ITS HANDLING OF THE FUTURES MARKET'S RESCUE.
-
NO MATTER "IT WOULD HAVE BEEN QUITE IMPRUDENT OF GOVERNMENT
TO HAVE CONCLUDED THE AGREEMENTS IT DID WITH THE HOW EXPERT ITSELF NUMEROUS PARTIES INVOLVED WITHOUT TAKING OUTSIDE ADVICE.
TO "HAD IT DONE SO, IT WOULD HAVE BEEN OPEN
WHOLLY JUSTIFIED PUBLIC FUNDS CRITICISM THAT IT HAD COMMITTED A SUBSTANTIAL VOLUME OF
SAID MI NICOLLE WITHOUT A SECOND OPINION,
HE WHEN
ADDRESSED THE THE ECONOMIC SOCIETY OF FINANCIAL WORKSHOP 87" ORGANISED BY
HONG
KONG UNIVERSITY,
**
WAS
MR NICOLLE SAID IN EMPLOYING A MERCHANT CIRCUMSTANCES, THE GOVERNMENT
FOLLOWING WELL-ESTABLISHED IN OTHER CENTRES.
IN BANK
A
THESE PATTERN
BANK
ADVISERS "FOR EXAMPLE, THE UK AND FRENCH GOVERNMENTS USE
THE ARRANGEMENTS TO ASSIST THEM WITH
FOR PRIVATISATION OF PUBLIC
THE ASSETS
DESPITE
CONSIDERABLE EXPERTISE AVAILABLE IN THEIR TREASURIES, AND CENTRAL BANKS.
AN
THE IN
RECENT WHEN THE BANK OF ENGLAND HAD TO RESCUE A BANK
ON ITS PART IN ITS TURNING TO PAST, THERE WAS NO HESITATION OUTSIDE MERCHANT BANK FOR DETACHED AND PROFESSIONAL ADVICE.
WITH ITS "ALL THIS IS NO DIFFERENT TO A MAJOR COMMERCIAL FIRM,
ASKING FOR IN-HOUSE LEGAL DEPARTMENT
SECOND OPINION FROM OUTSIDE LAWYERS WHICH INVARIABLY IT DOES ON MAJOR ISSUES, HE SAID.
SUGGEST THAT HE MR NICOLLE STRESSED THAT NONE OF THIS WAS TO
THE GOVERNMENT WAS COMPLACENT ABOUT THE EVER-PRESENT TASK OF KEEPING UP-TO-DATE WITH THE COMPLEXITIES OF THE MARKETS WHICH IT SUPERVISED.
ELI
ON SLURS
HE SAID.
THE
"WF MUST
AVOID HOWEVER
CASTING UNNECESSARY DEDICATED AND HARD PRESSED STAFF WHO WORK ON SUPERVISION,
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