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WEDNESDAY, JANUARY 10,
1990
A PUBLIC OFFICER WOULD ALSO BE APPOINTED BY THE GOVERNOR TO
A MEMBER OF THE BOARD TO REPRESENT THE INTEREST OF THE GOVERNMENT.
BE
IT WAS INTENDED THAT THE BOARD SHOULD START FUNCTIONING FROM APRIL 1 THIS YEAR, PROVIDED THAT THE NECESSARY LEGISLATION COULD BE ENACTED BEFORE THEN.
DEBATE ON THE BILL WAS ADJOURNED.
NOT YET POSSIBLE TO GIVE COST OF BANK RESCUE
IS NOT THE
ALTHOUGH THE HANG LỤNG BANK HAS RECENTLY BEEN SOLD, IT
THE то
OVERALL
IT'S DETERMINE
COST OF YET POSSIBLE
RESCUE, TOLD THE LEGISLATIVE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, COUNCIL TODAY (WEDNESDAY).
PIERS REPLYING TO A QUESTION FROM THE HON PETER H.Y. WONG, SIR
SALE DEPENDED, IN SAID THE CALCULATION OF THE CONSIDERATION FOR THE PART, ON THE NET ASSET VALUE OF THE BANK, FINALLY AGREED BETWEEN THE TWO PARTIES.
AND THIS HAD YET то BR
"FURTHERMORE GOVERNMENT HAS GIVEN CERTAIN WARRANTIES IN RELATION TO PRE-GOVERNMENT ACQUISITION
ANY.
"EVEN AT THIS STAGE, IT
IS CLEAR,
AND INDEMNITIES LIABILITIES, IF
GOVERNMENT
THE
RESCUE OF
THAT HOWEVER, WILL NOT BE ABLE TO RECOVER ALL THE COSTS INCURRED IN THE HANG LUNG BANK, HE SAID.
IT
OF THE SIR PIERS EXPLAINED THAT SHORTLY AFTER THE ACQUISITION HANG LUNG
FUNDS BANK BY THE FINANCIAL
INCORPORATED, SECRETARY
BANK BY THE EXCHANGE TOTALLING $1.7 BILLION WERE INJECTED INTO THE
WITH THE REQUIREMENTS OF THE FUND TO ENABLE IT TO COMPLY
BANKING ORDINANCE, AND TO CONTINUE CARRYING ON BANKING BUSINESS.
0
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