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Mrs Ip is participating in the Hong Kong Promotion in Japan, "Hong Kong Japan Partnership", by giving key-note speeches on Hong Kong's investment opportunities for Japanese manufacturers at investment promotion workshops in Tokyo, Osaka and Fukuoka.
Guest speakers at the workshops in the three cities will include Japanese investor as well as manufacturers from Hong Kong. They are the Chairman of Epson Precision (HK) Ltd, Mr K Kikuchi; Chairman and Chief Executive of the Gold Peak Group, Mr Victor Lo; Chief Executive of Central Textiles, Mr Alex Woo; and Chairman and Chief Executive of VTech Holdings Ltd, Mr Allan Wong.
Apart from the investment promotion workshops, an exhibition will be mounted at each of the three cities to highlight Hong Kong's strengths as a technology- driven manufacturing base and to showcase the companies which have been granted the Hong Kong Award for Industry since 1989 for their excellence in various aspects of industrial performance.
End/Tuesday, September 26, 1995
Interest rate deregulation and inner reserves
The Government has decided today (Tuesday) that the Hong Kong Association of Banks (HKAB) should be requested to take a further step in deregulating time deposits governed by the Interest Rate Rules (IRR). This would remove the interest rate cap on all time deposits fixed for seven days or with a call or notice period of seven days.
While the Government continues to believe that deregulation is in the best long- term interests of the banking system, its objective remains to strike a balance between more competition and the need to preserve the stability of the banking and monetary systems.
It has therefore decided that there should be no further move below seven days and that the current programme of deregulation should come to an end.
The Hong Kong Monetary Authority (HKMA) also announced today that it will recommend the disclosure of balance sheet inner reserves in the banks' 1995 accounts.
In commenting on the Government's decision, acting Chief Executive of HKMA, Mr David Carse, said: "The latest step means that all the recognised maturity brackets specified in the IRR will have been deregulated with the exception of 24-hour call deposits. This accounts for over 99% of the time deposits that were subject to the IRR."