MONDAY, FEBRUARY 18, 1991
OFFICE OF THE EXCHANGE FUND ESTABLISHED
* * *
A NEW OFFICE OF THE EXCHANGE FUND HAS
ORGANISATIONAL THE GOVERNMENT A STRONGER
BEEN ESTABLISHED TO FOR FRAMEWORK
PROVIDE MONETARY MANAGEMENT.
ANNOUNCING THE MOVE, THE FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID: "THE NEW OFFICE IS RESPONSIBLE FOR AN AREA OF WORK WHICH IS VERY IMPORTANT TO THE STABILITY AND PROSPERITY OF HONG KONG.
IN WHICH "I AM
WITH THE WAY SATISFIED
OUR WELL ARRANGEMENTS HAVE DEVELOPED AND STRENGTHENED IN RECENT YEARS. MUST ENSURE THAT WE HAVE A PROPER ORGANISATIONAL FRAMEWORK TO US TO CONTINUE TO PERFORM THE TASK EFFECTIVELY.
EMPHASIZED
THAT
1T
THE CHANGE SIR PIERS GOVERNMENT WAS TAKING ON ADDITIONAL POWERS.
MONETARY BUT WE ENABLE
DID NOT MEAN THE
"THERE IS NO NEED FOR THE GOVERNMENT TO TAKE ON
THAT FUNCTIONS
ARE NOW RESIDUAL
BANKING CENTRAL PERFORMED WITHIN THE BANKING SYSTEM," HE SAID.
SIR PIERS HOPED THAT THE NEW OFFICE WOULD IDENTITY AND THAT ITS FUNCTIONS WOULD BE FULLY FINANCIAL COMMUNITY.
LIKE THE OFFICE OF THE COMMISSIONER OF AUTONOMOUS UNIT WITHIN THE MONETARY AFFAIRS BRANCH.
ANY OF THE SATISFACTORILY
A DEVELOP UNDERSTOOD BY
·
CLEAR THE
BANKING,
IT IS
AN
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, THE SETTING UP OF THE NEW OFFICE.
H
WELCOMED
THE NECESSARY
STABILITY,
r
THE DIRECTOR WILL REPORT TO ME BUT WILL HAVE AUTONOMY TO TAKE DECISIONS PERSONALLY TO ENSURE MONETARY MR NENDICK SAID.
THE
DIRECTOR
OF
THE
NEW OFFICE
OF
THE
EXCHANGE
FUND
IS
THE SENIOR DEPUTY SECRETARY FOR MONETARY AFFAIRS, MR JOSEPH YAM.
THE
MR YAM
SYSTEM WHICH HAS "I
THAT THE MONETARY AM CONFIDENT DEVELOPED IN RECENT YEARS IS SUFFICIENTLY ROBUST TO ENABLE US TO
WHEN AHEAD, CHALLENGES
COMMENTING
BEEN
MEET
SAID,
ON HIS
APPOINTMENT.
THE FINANCE COMMITTEE HAS APPROVED THE FUNDING FOR THE UP OF THE OFFICE.
THE OFFICE
THE OF
EXCHANGE FUND IS
NOW LOCATED
SETTING
WITH
THE
MONETARY AFFAIRS BRANCH ON 24TH FLOOR, TOWER 2, ADMIRALTY CENTRE.
IT IS EXPECTED TO MOVE TO SEPARATE PREMISES LATER.
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