18
THURSDAY, NOVEMBER 12, 1992
HE
SAID:
"THE REVISED GROWTH
SCENARIO
ACTUALLY INVOLVES
REVISIONS ΤΟ THE TARGETS FOR SIX OF THE UPGC-FUNDED INSTITUTIONS.
ORIGINALLY PLANNED UNDERGRADUATE STUDENT NUMBER
"LINGNAN COLLEGE IS NOT AFFECTED, BECAUSE OF ITS SMALL SIZE AND EARLY STAGE OF UPGRADING TO A DEGREE AWARDING INSTITUTION. THE ORIGINAL STUDENT NUMBER TARGETS AT SUB-DEGREE AND POSTGRADUATE LEVELS ARE ALSO NOT AFFECTED."
THE INSTITUTIONS CONCERNED WERE REQUESTED TO SUBMIT TO THE UPGC REVISED ACADEMIC PLANS AND COST ESTIMATES FOR THE IMPLEMENTATION OF THE REVISED STUDENT NUMBER TARGETS.
HAVING CAREFULLY SCRUTINISED THE INSTITUTIONS SUBMISSIONS, THE UPGC ADVISED THAT A TOTAL OF $509 MILLION SHOULD BE RETURNED ΤΟ THE GOVERNMENT FROM THE $18,200 MILLION APPROVED RECURRENT FUNDING FOR THE
1992-95 TRIENNIUM,
THIS LEVEL OF REDUCED FUNDING REPRESENTING 2.8 PER CENT OF THE ORIGINALLY APPROVED RECURRENT FUNDING, COMPRISES $486.814 MILLION ΤΟ BE DEDUCTED FROM THE INSTITUTIONS' TRIENNIAL RECURRENT GRANTS, ADJUSTED FROM THE $407.805 MILLION INITIALLY PROPOSED BY THE INSTITUTIONS (AN INCREASE OF 19 PER CENT), AND $22.323 MILLION TO BE DEDUCTED FROM THE UPGC'S CENTRAL ALLOCATION VOTE.
MR FRENCH STRESSED THAT THE UPGC CONSIDERED THIS LEVEL OF REDUCED FUNDING TO BE APPROPRIATE AFTER DETAILED EXAMINATION OF THE INSTITUTIONS' REVISED ACADEMIC PLANS AND COST ESTIMATES.
"THE UPGC FULLY APPRECIATES, AND IS VERY GRATEFUL FOR, ENORMOUS EFFORTS MADE BY THE INSTITUTIONS, AND THEIR GOODWILL, REVISING THEIR TRIENNIAL ACADEMIC DEVELOPMENT PROPOSALS AND ESTIMATES WITHIN A SHORT PERIOD OF TIME, MR FRENCH SAID.
THE
IN
COST
THE ΤΟ
MR CHAN ALSO SAID HE WAS MOST GRATEFUL TO THE UPGC AND UPGC-FUNDED INSTITUTIONS FOR RESPONDING SO QUICKLY AND POSITIVELY THE GOVERNMENT'S REQUEST TO REVISE THE GROWTH SCENARIO FOR THE 1992-95 TRIENNIUM.
NON-EXECUTIVE DIRECTOR OF SECURITIES AND FUTURES COMMISSION RE-APPOINTED
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, ANNOUNCED TODAY (THURSDAY} THAT THE GOVERNOR HAD RE-APPOINTED PROFESSOR EDWARD CHEN KWAN-YIU AS NON-EXECUTIVE DIRECTOR OF THE SECURITIES AND FUTURES COMMISSJON (SFC) FOR A PERIOD OF TWO YEARS FROM NOVEMBER 15, 1992 TO NOVEMBER 14, 1994.
UNDER THE SFC ORDINANCE, THE GOVERNOR SHALL APPOINT NOT LESS THAN EIGHT DIRECTORS TO THE SFC, HALF OF WHOM SHALL BE NON-EXECUTIVE DIRECTORS.
/AT PRESENT
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