FRIDAY, AUGUST 4, 1989
"
THESE SITES HAVE BEEN RE-EVALUATED FOLLOWING THE SUGGESTIONS AND WERE STILL FOUND TO BE UNSUITABLE. HE SAID.
"CHIK SHA IN TSEUNG KWAN 0 CANNOT BE USED BECAUSE OF THE RUBBISH DUMP THERE AND THE POSSIBILITY OF HARMFUL GASES EMITTING FROM THE DUMP DURING THE SETTLEMENT PROCESS.
"TUNG LUNG ISLAND IS NOT SUITABLE NOT ONLY BECAUSE IT IS A POPULAR PICNIC AND BARBECUE SPOT. IT HAS ON IT VERY VALUABLE HISTORICAL ROCK CARVINGS.
"IN FACT, THE TUNG LUNG FORT SITE HAS BEEN DECLARED AS A HISTORICAL MONUMENT AND IS FREQUENTLY VISITED BY STUDENTS AND YOUTH GROUPS FOR EDUCATIONAL PURPOSES."
TO DEVELOP. AND
"
HE ADDED.
"MOREOVER. THE ISLAND WILL BE VERY EXPENSIVE PRELIMINARY ESTIMATES ARE THAT IT WILL BE 70 PER CENT MORE EXPENSIVE TO BUILD A CAMP THERE THAN TO BUILD ONE IN SAI KUNG.
SMA'S REPLY TO DISCOUNT WINDOW PROPOSAL * * * * *
ADEQUATE SAFEGUARDS ARE PROVIDED
FOR OUR BANKING SYSTEM
AGAINST EXCEPTIONAL LIQUIDITY SHORTAGES, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID.
IN HIS REPLY TO THE CHAIRMAN
OF THE CHINESE ASSOCIATION OF DEPOSIT-TAKING CO. LTD., MR ALEX M.C. AU, CONCERNING THE QUESTION OF A DISCOUNT WINDOW, MR NENDICK POINTED OUT THAT SUCH SAFEGUARDS WERE PROVIDED BY THE ARRANGEMENTS ALREADY IN PLACE, TOGETHER WITH THE PROPOSED ISSUE OF EXCHANGE FUND BILLS LATER THIS YEAR.
OF то
HIS INITIAL COMMENTS TO MR AU'S PROPOSAL FOR THE SETTING UP A DISCOUNT WINDOW WERE THAT THE EXCHANGE FUND ALREADY STANDS READY ASSIST SOLVENT BANKING INSTITUTIONS IN CIRCUMSTANCES WHERE THEY ARE UNABLE TO OBTAIN THE LIQUIDITY THEY REQUIRE FROM MARKET SOURCES.
THIS HAS BEEN IDENTIFIED IN A SPEECH BY THE THEN FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, IN DECEMBER 1985 AND MR NENDICK HIMSELF ALSO REITERATED THIS COMMITMENT FOLLOWING THE RECENT EVENTS IN CHINA.
"BUT I WOULD STRESS THAT THIS FACILITY IS AVAILABLE ONLY TO SOLVENT INSTITUTIONS AND DESIGNED TO COPE WITH UNFORESEEN OR UNEXPECTED EVENTS, NOT WITH THOSE WHICH CAN REASONABLY BE ANTICIPATED.
"BANKS AND OTHER DEPOSIT-TAKING COMPANIES ARE OBLIGED UNDER THE BANKING ORDINANCE TO MAINTAIN AN ADEQUATE POOL OF LIQUIDITY TO PROVIDE A CUSHION IN RESPECT OF THEIR MORE NORMAL REQUIREMENTS, MR NENDICK SAID.
.
/ANOTHER DEVELOPMENT