3
MONDAY, JULY 6, 1992
"I HOPE I HAVE TOLD YOU ENOUGH FOR YOU TO REALISE THAT THESE PROJECTS FORM PART OF A VIABLE AND STIMULATING INFRASTRUCTURE PROGRAMME WHICH WILL HELP HONG KONG CONTINUE ITS DYNAMIC GROWTH THROUGH 1997 AND INTO THE NEXT CENTURY.
"THAT DEMONSTRATES OUR CONFIDENCE.
AS A RESULT HONG KONG WILL
BECOME AN EVEN MORE ATTRACTIVE PLACE FOR INTERNATIONAL INVESTMENT AND FOR ALL OF YOU TO DO BUSINESS IN, MR MACLEOD SAID.
OFFICE OF BANKING COMMISSIONER ENDORSES BASLE COMMITTEE'S RECOMMENDATIONS
* * * *
ENDORSES
THE OFFICE OF THE COMMISSIONER OF BANKING (OCB) FULLY THE MINIMUN STANDARDS FOR THE SUPERVISION OF INTERNATIONAL BANKING GROUPS AND THEIR CROSS-BORDER ESTABLISHMENTS RECOMMENDED BY THE BASLE COMMITTEE ON BANKING SUPERVISION.
THE COMMITTEE ISSUED AT 5.30 PM ON JULY 6 (BRITISH SUMMER TIME) MINIMUM STANDARDS THAT ITS MEMBERS HAVE AGREED ΤΟ APPLY IN THE SUPERVISION OF INTERNATIONAL BANKING GROUPS AND THEIR CROSS-BORDER ESTABLISHMENTS.
"HONG KONG'S AUTHORISATION AND SUPERVISORY REGIMES ARE ALREADY LARGELY IN CONFORMITY WITH THESE STANDARDS. NEVERTHELESS, OCB IS REVIEWING WHETHER THERE IS SCOPE FURTHER TO STRENGTHEN THE RELEVANT REGULATORY AND STATUTORY REQUIREMENTS IN HONG KONG IN THE LIGHT OF THE NEW STANDARDS," A SPOKESMAN FOR THE OFFICE SAID.
THE MINIMUM STANDARDS ARE DESIGNED ΤΟ REINFORCE THE BASLE CONCORDAT AND WITH THE SPECIFIC AIM OF PROVIDING GREATER ASSURANCES THAT IN THE FUTURE NO INTERNATIONAL BANK CAN OPERATE WITHOUT BEING SUBJECT TO EFFECTIVE CONSOLIDATED SUPERVISION.
THEY HAVE BEEN PREPARED IN RESPONSE ΤΟ THE CONTINUED RAPID GROWTH OF INTERNATIONAL BANKING ACTIVITIES AND THE SUPERVISORY ISSUES ARISING FROM THE BANK OF CREDIT AND COMMERCE INTERNATIONAL INCIDENT.
0
-
/4