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THURSDAY, NOVEMBER 10, 1994
THE
SPOKESMAN ALSO CLARIFIED THAT OCEANIC OUTFALL WAS NOT THE ONLY OPTION BEING CONSIDERED.
THE
ENVIRONMENTAL
PROTECTION DEPARTMENT IS REVIEWING OTHER OPTIONS TO FURTHER UPGRADE THE TREATMENT PROCESS AND DISPOSE OF THE TREATED EFFLUENT WITHIN HONG KONG WATERS. THE REVIEW RESULTS WILL BE AVAILABLE FOR PUBLIC DISCUSSION BY THE END OF THE YEAR.
THE SPOKESMAN ALSO CLARIFIED THAT THE CONSTRUCTION COST OF THE HIGH PRIORITY PROGRAMME WAS $8 BILLION, NOT $68 BILLION QUOTED IN SOME RECENT PRESS REPORTS. THIS WILL BE FUNDED BY THE GOVERNMENT IN FULL.
WORKS UNDER THE HIGH PRIORITY PROGRAMME ARE SUBJECT TO NORMAL PUBLIC TENDER PROCEDURES.
THERE COULD NOT BE PREFERENTIAL AWARD OF CONTRACTS TO A PARTICULAR GROUP OF FIRMS,
IN
FACT, OF THE CONTRACTS LET SO FAR, MOST OF THESE HAVE BEEN AWARDED TO LOCAL CONTRACTORS.
INTEREST RATES ON MOST TIME DEPOSITS UP IN OCTOBER: BULLETIN
* * *
THE LATEST ISSUE OF THE MONTHLY STATISTICAL BULLETIN, PUBLISHED BY THE HONG KONG MONETARY AUTHORITY (HKMA) TODAY (THURSDAY) INDICATES THAT INTEREST RATES ON TIME DEPOSITS WITH MATURITIES OF MORE THAN ONE MONTH HAVE GENERALLY RISEN FOLLOWING THE REMOVAL OF THE INTEREST RATE CAP ON SUCH DEPOSITS ON OCTOBER 1.
ACCORDING TO THE NOVEMBER ISSUE OF THE BULLETIN, AVERAGE INTEREST RATES ON DEPOSITS FIXED FOR THREE MONTHS WERE UP 61 BASIS POINTS TO 5.36 PER CENT IN OCTOBER.
THE AVERAGE RATES ON DEPOSITS FIXED FOR SIX MONTHS AND ONE YEAR ROSE 69 BASIS POINTS TO 5.69 PER CENT AND 43 BASIS POINTS TO 6.18 PER CENT RESPECTIVELY.
THESE AVERAGE RATES ARE BASED ON THE MAXIMUM RATES ON TIME DEPOSITS OF LESS THAN $100,000 QUOTED BY 10 MAJOR BANKS IN HONG KONG.
THE BULLETIN, WHICH IS PUBLISHED IN THE SECOND WEEK OF RACH MONTH, WAS LAUNCHED IN SEPTEMBER AS A VEHICLE TO PROVIDE MORE DETAILED AND COMPREHENSIVE DATA ON HONG KONG'S MONETARY AND BANKING ACTIVITIES.
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