FRIDAY, JULY 1, 1988
7
HE NOTED THAT WHEN THE HONG KONG CENTRE OF THE INSTITUTE ESTABLISHED IN 1963, THERE WERE ONLY ABOUT 70 BANKS HERE. FEWER HALF WERE OVERSEAS BANKS, COMING FROM PERHAPS A DOZEN COUNTRIES.
HONG
WAS
THAN
THE
AND HAD BANKING INDUSTRY
MR NENDICK SAID THAT SINCE ITS ESTABLISHMENT 25 YEARS AGO, KONG CENTRE HAD GROWN FROM STRENGTH TO STRENGTH CONTRIBUTED SIGNIFICANTLY TO THE DEVELOPMENT OF THE IN HONG KONG.
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APART FROM TRAINING AND EDUCATION, THE HONG KONG CENTRE HAS THE IMPORTANT TASK OF PROMOTING COMMUNICATION BETWEEN LOCAL BANKING PRACTITIONERS AND THEIR OVERSEAS COUNTERPARTS, HE SAID.
"THROUGH REGULAR CONTACTS WITH OVERSEAS CENTRES, BETTER LINKS ARE BEING ESTABLISHED BETWEEN LOCAL AND OVERSEAS BANKERS.'
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MR NENDICK SAID THIS WAS AN IMPORTANT CATALYST FOR THE EXCHANGE OF IDEAS AND TRANSFER OF NEW CONCEPTS AND TECHNIQUES.
"THE INPUT OF ACQUIRED WISDOM FROM OTHER BANKING CENTRES HELPS THE FURTHER DEVELOPMENT AND INTERNATIONALISATION OF OUR OWN BANKING SECTOR," HE ADDED.
IN
CONTINUED HIGH STANDARDS OF BANKING SUPERVISION URGED
*
HONG KONG MUST CONTINUE TO INVEST IN THE KIND OF SUPERVISORY STANDARDS THAT ARE NECESSARY TO GIVE LOCAL USERS OF OUR FINANCIAL SYSTEM THE SECURITY THEY NEED AND DESERVE, THE COMMISSIONER OF BANKING, MR TONY NICOLLE, SAID THIS (FRIDAY) MORNING.
"IN THE PROCESS, WE SHALL RETAIN THE RESPECT AND CONFIDENCE OF THE INTERNATIONAL PLAYERS WHO DO BUSINESS HERE OR WHO OTHERWISE RELY ON HONG KONG INSTITUTIONS FOR BANKING SERVICES, HE SAID AT THE CHARTERED INSTITUTE OF BANKERS, HONG KONG CENTRE, SILVER JUBILEE CELEBRATION SEMINAR.
HE ADDED THAT HE ENVISAGED A STRENGTHENING OF THE DIALOGUR BETWEEN SUPERVISORS AND THE SUPERVISED AS HE AND HIS OFFICE CONSULTED THE FINANCIAL COMMUNITY ON A NUMBER OF ISSUES.
SPEAKING ON THE CAPITAL ADEQUACY REQUIREMENT, MR NICOLLE SAID THAT FROM SEPTEMBER THIS YEAR, NO AUTHORISED INSTITUTION INCORPORATED IN HONG KONG SHOULD AT ANY TIME HAVE A CAPITAL ADEQUACY RATIO OF LESS THAN FIVE PER CENT.
IN ADDITION, THE COMMISSIONER OF BANKING IS ALSO EMPOWERED AFTER CONSULTATION WITH THE INSTITUTION CONCERNED, ΤΟ VARY THE MINIMUM RATIO UP TO A MAXIMUM OF EIGHT PER CENT FOR BANKS AND 10 PER CENT FOR DEPOSIT-TAKING COMPANIES.
/HOWEVER, HE