FRIDAY, DECEMBER 22, 1989
J
1
ACS REGRETS DEATH OF CHRISTOPHER WONG KIM-KAM
THE ACTING CHIEF SECRETARY, SIR PIERS JACOBS, SAID (FRIDAY) THAT HE WAS SHOCKED AND SADDENED TO HEAR OF THE DEATH CHRISTOPHER WONG KIM-KAM THIS MORNING.
TODAY OF MR
ON BEHALF OF THE ADMINISTRATION AND MR WONG'S COLLEAGUES IN THE CIVIL SERVICE, SIR PIERS EXTENDED HIS SINCERE CONDOLENCES TO MR WONG'S FAMILY.
MR WONG JOINED THE CIVIL SERVICE IN 1963 AND HAD RISEN TO THE RANK OF ADMINISTRATIVE OFFICER STAFF GRADE B1.
HE HAD HELD A NUMBER OF SENIOR POSITIONS IN THE CIVIL SERVICE, INCLUDING SECRETARY-GENERAL, STANDING COMMISSION ON CIVIL SERVICE SALARIES AND CONDITIONS OF SERVICE; DEPUTY SECRETARY FOR TRANSPORT; DEPUTY COMMISSIONER FOR RECREATION AND CULTURE; DEPUTY SECRETARY FOR HOME AFFAIRS; AND DEPUTY DIRECTOR OF URBAN SERVICES. HE WAS 48 YEARS OLD.
BANKING ORDINANCE NOTICE GAZETTED
THE FINANCIAL SECRETARY, SIR PIERS JACOBS, HAS BY NOTICE IN THE GAZETTE TODAY {FRIDAY} VARIED THE MINIMUM AND MAXIMUM CAPITAL THEIR WAY OF ADEQUACY RATIOS OF AUTHORISED INSTITUTIONS AND AMENDED CALCULATION WITH EFFECT FROM DECEMBER 31 THIS YEAR.
BANKING
THE CHANGES ARE IN LINE WITH THE INTERNATIONAL
STANDARDS, RECOMMENDED SUPERVISORY
BY THE COMITTEE ON BANKING REGULATIONS AND SUPERVISORY PRACTICES (THE BASLE COMMITTEE).
ONE ALTHOUGH NOT A MEMBER OF THE BASLE COMMITTEE, HONG KONG IS
ADOPTING OF THE INTERNATIONAL FINANCIAL CENTRES THAT TAKE THE LEAD IN THE NEW STANDARDS.
"THE NEW STANDARDS ARE ADOPTED TO MAINTAIN HONG KONG'S POSITION ÅS A MAJOR INTERNATIONAL BANKING CENTRE AND TO RETAIN THE CONFIDENCE OF FOREIGN BANKS IN THE LOCAL MARKET.
AND SOUNDNESS OF
HONG
"THIS ALSO DEMONSTRATES THE STARELITY KONG'S RANKING SECTOR, A GOVERNMENT SPOKESMAN EXPLAINED.
THE MINIMUM RATIO SPECIFIED IN SECTION ORDINANCE HAS BEEN CHANGED FROM 5 PER CENT TO Y MAXIMUM RATIOS SET OUT IN
SECTION
THE BANKING THE
OF 98(1)
PER CENT WHILE 101 (1) HAVE BEEN PROPORTIONALLY AND FROM 10 PER INCREASED FROM 8 PER CENT TO 12 PER CENT FOR BANKS, CENT TO 16 PER CENT FOR DEPOSIT-TAKING COMPANIES.
/THE MAIN