11
FRIDAY, JANUARY 21, 1994
THEY EXPECTED THAT OTHER LICENSED BANKS WOULD SIMILARLY STOP CHARGING BANK NOTE HANDLING FEES.
CHIEF EXECUTIVE OF HKMA, MR JOSEPH YAM, WELCOMED THE DECISION BY THE THREE NOTE-ISSUING BANKS.
"I
AM PLEASED THAT THE PROBLEM OF BANK NOTE HANDLING CHARGES HAS BEEN RESOLVED SATISFACTORILY, HE SAID.
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"THE HKMA HAS STUDIED THE NEW ARRANGEMENT CAREFULLY AND IS SATISFIED THAT IT WOULD NOT ADVERSELY AFFECT EXCHANGE RATE STABILITY.
"HONG KONG DOLLAR BANK NOTES WILL CONTINUE TO BE 100 PER CENT BACKED BY U.S. DOLLARS AT THE FIXED RATE OF 7.80. NOTE-ISSUING BANKS WILL CONTINUE TO PLACE U.S. DOLLARS WITH THE EXCHANGE FUND IN ORDER TO ACQUIRE THE CERTIFICATES OF INDEBTEDNESS NECESSARY FOR BACKING BANK NOTES THAT THEY ISSUE," HE ADDED.
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THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, ALSO WELCOMED NOTE-ISSUING BANKS DECISION TO INTRODUCE THE NEW ARRANGEMENT ABOLISH BANK NOTE HANDLING CHARGES.
THE
THE
AND
"THIS IS GOOD NEWS FOR BANK CUSTOMERS. I AM GRATEFUL ΤΟ THE THREE BANKS IN QUESTION FOR CO-OPERATING TOGETHER, AND
THE WITH MONETARY AUTHORITY, TO PRODUCE THIS POSITIVE RESULT, SIR HAMISH SAID.
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GOVT PROPOSES TO SET UP SEWAGE SERVICE TRADING FUND
THE GOVERNMENT PROPOSES TO SET UP A SEWAGE SERVICES TRADING FUND IN THE DRAINAGE SERVICES DEPARTMENT BY MARCH 1 SO THAT AN EARLY START COULD BE MADE ON THE SEWERAGE PROJECTS OF THE HIGH PRIORITY PROGRAMME THAT WILL REDUCE POLLUTION IN THE HARBOUR BY ABOUT 70 FER CENT.
THIS WAS STATED BY THE SECRETARY FOR WORKS, MR JAMES BLAKE, WHEN HE BRIEFED MEMBERS OF THE LEGISLATIVE COUNCIL'S ENVIRONMENTAL AFFAIRS PANEL AND THE FINANCE, TAXATION AND MONETARY AFFAIRS PANEL AT A MEETING TODAY (FRIDAY).
MR BLAKE SAID THE MAIN FUNCTIONS OF THE TRADING FUND WERE TO HOLD AND MANAGE THE GOVERNMENT'S CAPITAL INJECTION FOR FUNDING THE PLANNING, DESIGN AND CONSTRUCTION OF THE HIGH PRIORITY PROGRAMME DUE FOR COMPLETION BY 1997 AND TO HANDLE BILLING AND COLLECTION OF CHARGES UPON THE INTRODUCTION OF A SEWAGE CHARGING SCHEME.
HE MADE IT CATEGORICALLY CLEAR THAT THE COSTS FOR PROVIDING EXISTING STORMWATER DRAINAGE, FLOOD PREVENTION AND RIVER CONTROL SERVICES WOULD CONTINUE TO BE FUNDED DIRECTLY BY THE GOVERNMENT.
THEY WOULD BE SEPARATE PROVIDED BY THE TRADING FUND.
FROM THE COSTS OF
SEWAGE SERVICES
/MR BLAKE