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WENDESDAY, JULY 7, 1993
ON THE WAY TO HANDLE ANY CREDIT BALANCE IN THE SPECIAL LEVY FUND,
THE BILL SEEKS TO EMPOWER THE SECRETARY FOR FINANCIAL SERVICES TO DIRECT THE TRANSFER OF ANY SUCH SURPLUS INTO THE COMPENSATION FUNDS ESTABLISHED UNDER THE SECURITIES ORDINANCE OR THE COMMODITIES TRADING ORDINANCE, OR FOR OTHER PURPOSES IN THE INTERESTS OF THE INVESTING PUBLIC.
"IMPROVEMENT TO INVESTOR PROTECTION IS CONSIDERED TO BE THE MOST PROPER USE OF ANY SUCH BALANCE, MR CARTLAND SAID.
+1
THE LIFEBOAT LOAN ORIGINALLY AMOUNTED TO $1.93 BILLION, OF WHICH $1 BILLION WAS RAISED FROM THE GOVERNMENT AND THE REMAINING FROM SEVEN SHAREHOLDERS OF THE HONG KONG FUTURES GUARANTEE CORPORATION 15 BROKER LENDERS.
AND
THE GOVERNMENT PORTION OF THE LOAN HAD BEEN FULLY REPAID BY END OF SEPTEMBER 1992. BY THE END OF JUNE THIS YEAR, THE OUTSTANDING AMOUNT OWED TO THE OTHER LENDERS WAS ABOUT $256 MILLION.
THE
MR CARTLAND SAID THE REFORM MEASURES INTRODUCED AFTER THE MARKET CRASH HAD PROVEN THEIR WORTH IN SUBSEQUENT FLUCTUATIONS OF THE STOCK AND FUTURES MARKETS WHEN TRADING HAD BEEN ORDERLY DESPITE EXCEPTIONAL MARKET VOLATILITY.
"INVESTORS'
OF
THE
CONFIDENCE IN OUR REGULATORY FRAMEWORK HAS RETURNED, AS CAN BE DEMONSTRATED BY THE STEADY GROWTH SECURITIES AND FUTURES MARKETS OVER THE PAST TWO YEARS, HE SAID.
Fr
DEBATE ON THE BILL WAS ADJOURNED.
RIGHT OF PNEUMOCONIOTICS ASSURED
AND
THE RIGHT OF A PNEUMOCONIOTIC TO CLAIM DAMAGES AT COMMON LAW HIS ELIGIBILITY TO RECEIVE FINANCIAL ASSISTANCE UNDER THE SOCIAL SECURITY SYSTEM WERE ASSURED BY THE SECRETARY FOR EDUCATION AND MANPOWER, MR MICHAEL LEUNG, TODAY (WEDNESDAY).
SPEAKING DURING THE RESUMED DEBATE ON THE PNEUMOCONIOSIS (COMPENSATION) (AMENDMENT) BILL 1993 IN THE LEGISLATIV! COUNCIL, MR LEUNG SAID THESE TWO ISSUES WERE OF PARTICULAR CONCERN BY MEMBERS THE COUNCIL'S BILLS COMMITTEE.
OF
HE AFFIRMED THAT PNEUMOCONIOTICS WHO WERE EITHER RECEIVING COMPENSATION UNDER THE PNEUMOCONIOSIS (COMPENSATION) ORDINANCE OR EX- GRATIA PAYMENT UNDER THE EX-GRATIA SCHEMR WOULD CONTINUE TO RECEIVE DISABILITY ALLOWANCES UNDER THE SOCIAL SECURITY ALLOWANCE SCHEME IF THEY WERE SO ENTITLED.
ALSO, THEIR ELIGIBILITY ΤΟ RECEIVE COMPREHENSIVE SOCIAL SECURITY ASSISTANCE WOULD NOT BE AFFECTED IF, AS UNDER THE EXISTING CONDITION, THEIR SAVINGS DID NOT EXCEED THE PERMISSIBLE LEVEL.
/AS REGARDS