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WEDNESDAY, APRIL 8,
APRIL 8, 1992
NO INTENTION TO REVIEW HSBC'S STATUS AS NOTE-ISSUING BANK
* * *
STATUS OF THE AS A NOTE-ISSUING
THE
(HSBC)
THE GOVERNMENT HAS NO INTENTION TO REVIEW HONGKONG AND SHANGHAI BANKING CORPORATION BANK.
LEE AT THE MONETARY COMMENT FROM OTHER
IN A WRITTEN REPLY TO A QUESTION BY THE HON MARTIN
(WEDNESDAY), THE LEGISLATIVE COUNCIL TODAY
FOR SECRETARY AFFAIRS, MR DAVID NENDICK SAID IT WOULD NOT BE APPROPRIATE TO ON WHETHER OR NOT THE GOVERNMENT HAD RECEIVED ANY REQUEST BANKS IN HONG KONG TO BE ALLOWED TO ISSUE BANK NOTES.
THE GOVERNMENT AND IN BECOMING A NOTE-ISSUER MUST
HE ADDED THAT DISCUSSION, IF ANY, BETWEEN ANY BANK WHICH MIGHT BE INTERESTED REMAIN CONFIDENTIAL.
APPROVAL ADDITIONAL
MEMBERS' HE ADDED THAT IT WOULD BE NECESSARY TO SEEK TO AMENDMENTS TO THE BANK NOTES ISSUE ORDINANCE BEFORE ANY NOTE ISSUER COULD BE APPOINTED.
OTHER ON THE CRITERIA FOR THE GOVERNMENT TO DECIDE WHETHER ANY
BANK IS TO BANK IN ADDITION TO THE HSBC AND THE STANDARD CHARTERED BECOME A NOTE-ISSUING BANK BEFORE 1997, THE SECRETARY SAID:
UNDOUBTED
"A BANK WHICH ISSUES NOTES SHOULD BE ONE OF REPUTATION WITH SOUND AND WELL ESTABLISHED BANKING OPERATIONS LOCALLY AND AN EXTENSIVE BRANCH NETWORK.
"IT MUST COMMAND THE CONFIDENCE OF MEMBERS OF HAVE A FIRM LONG-TERM COMMITMENT TO HONG KONG.
THE PUBLIC AND
REQUIREMENTS
WAS OBLIGED
TO
IN ADDITION, THERE ARE A NUMBER OF MORE TECHNICAL THAT A BANK MUST ADDRESS.
FOR EXAMPLE, HE
A SAID,
NOTE-ISSUING BANK
SUPPLY BANK NOTES TO ITS CUSTOMERS ON DEMAND WITHOUT RESTRICTION ΤΟ OTHER BANKS AGAINST U.S. AGAINST HONG KONG DOLLAR BALANCES AND DOLLARS.
IT MUST STAND READY TO ACCEPT BANK NOTES WITHOUT RESTRICTION.
U.S. DOLLAR FUNDING TO
MORE, IT MUST ENSURE IT HAS ADEQUATE MEET ANY SUDDEN UPSURGE IN DEMAND FOR ITS NOTES.
HAVE ADEQUATE THE SECRETARY ALSO SAID IT WAS ALSO REQUIRED TO
DESTRUCTION AND SECURE STORAGE, TRANSPORTATION, DISTRIBUTION AND NOTE
ΤΟ TIGHT AUDIT CONTROL AT ALL FACILITIES, WHICH MUST BE SUBJECT LEVELS AND STAGES.
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