WEDNESDAY, JULY 13, 1994
WE
BECAUSE
THE
THE
SAFEGUARD
"AND OF COURSE ONE OF THE REASONS THAT THAT IS TRUE IS HAVE TAKEN QUITE A CONSERVATIVE SYSTEM AND WE ARE GOING TO UP WITH COST OF LIVING WHEREAS OF COURSE IN ACCORDANCE PENSION CONTRIBUTIONS GO UP AS WAGES GO UP. SO THERE IS A BUILT-IN THERE," HE SAID.
IN
HE
SAID THE
RESPONSE TO COMMENTS THAT THE PROPOSED SCHEME KIND OF INCOME TAX, SIR HAMISH SAID IT WAS NOT QUITE LIKE A TAX.
MONEY DID NOT GO INTO THE CENTRAL
WAS ANOTHER
GOVERNMENT
COFFERS.
I
"THE MONEY
ONLY GOES VERY CAREFULLY INTO A FUND AND WILL USED FOR THE PENSION SCHEME, HE SAID.
BE
"AND OF COURSE IT IS VERY IMPORTANT THAT WE KFEP IT THAT THERE
NO INTENTION OF EVER IS ABSOLUTELY
USING THAT ANYTHING ELSE," HE ADDED.
WAY. REVENUE FOR
HK SHOULD ADOPT MINIMUM STANDARDS FOR INTERBANK PAYMENTS
THE HONG KONG MONETARY AUTHORITY (HKMA) SAID TODAY (WEDNESDAY) HONG KONG SHOULD ADOPT THE MINIMUM STANDARDS FOR INTERBANK PAYMENTS DEVISED BY THE CENTRAL BANKS IN THE EUROPEAN COMMUNITY (EC).
THAT
THE CHIEF EXECUTIVE OF HKMA, MR JOSEPH YAM, TOLD THE FINANCIAL EXECUTIVES INSTITUTE THAT MEETING INTERNATIONAL STANDARDS ON PAYMENTS WAS CRUCIAL FOR HONG KONG TO COMPETE INTERNATIONALLY,
HE ALSO REVEALED THAT HKMA HAD RECENTLY ESTABLISHED THE COMMITTEE ON PAYMENT SYSTEM TO EXPLORE WAYS TO STRENGTHEN HONG KONG'S PAYMENT SYSTEM.
THE COMMITTEE, WHICH IS CHAIRED BY MR YAM, COMPRISES LEADING MEMBERS OF THE BANKING COMMUNITY AND STAFF OF HKMA.
ΤΟ
AT ITS FIRST MEETING LATE LAST MONTH, THE COMMITTEE UNANIMOUSLY AGREED ON THE FOLLOWING POLICY PARAMETERS FOR A FEASIBILITY STUDY BE UNDERTAKEN BY THE HONG KONG ASSOCIATION OF BANKS (HKAB):
* IN LINE WITH THE MINIMUM EC STANDARDS, HONG KONG SHOULD HAVE REAL-TIME GROSS SETTLEMENT (RTGS) TO CATER FOR LARGE VALUE INTERBANK PAYMENTS. RTGS SYSTEMS ENABLE PAYMENTS ΤΟ BE SETTLED IRREVOCABLY AND INSTANTANEOUSLY, IN OTHER WORDS, ON A REAL TIME BASIS, AS AND WHEN ONE INITIATES A FUND TRANSFER.
* FINAL SETTLEMENT OF PAYMENTS SHOULD BE ACROSS THE BOOKS OF
HKMA TO REDUCE SETTLEMENT RISK.
* THE RTGS SYSTEM SHOULD BE DESIGNED IN SUCH A WAY AS TO ANTICIPATE AND ALLOW FOR ITS LINKAGES WITH OTHER SECURITIES CLEARING AND PAYMENT SYSTEMS IN HONG KONG AND OVERSEAS.
/IMPELMENTATION OF
+
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