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Bilateral repurchase agreement signed
The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) jointly announced that a bilateral repurchase (repo) agreement between the two institutions has been signed today (Saturday) in Hong Kong.
The bilateral repo agreement with the MAS is HKMA's seventh such agreement. The HKMA has earlier signed bilateral repo agreements with central banks from Australia, China, Indonesia, Malaysia, the Philippines and Thailand. The MAS has earlier entered into such agreements with central banks from the region.
A bilateral repo agreement is the simultaneous agreement to buy securities for an agreed amount of cash and to sell back the same securities at a specific later date for a specified amount. Highly liquid US dollar Government securities are the instruments used in all the repo agreements signed between the HKMA and regional central banks.
Entering into these well secured agreements with central banks, whose credit standing are generally higher than those of private sector banks, would improve liquidity of the central banks under minimal risk.
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Electrical workers reminded of registration deadline
The Electrical and Mechanical Services Department (EMSD) today (Saturday) urged electrical workers who intend to qualify to be registered as Grade A electrical workers by experience only to do so as soon as possible as the deadline for submitting applications is November 1.
At present, an applicant is qualified to register under this grade if he satisfies the Director of Electrical and Mechanical Services (DEMS) that he has been employed as an electrical worker for at least six years, of which at least one year includes practical experience in electrical work.
"From November 2 onwards, whoever wishes to apply for registration as a Grade A electrical worker will have to, apart from having sufficient working experience in electrical work, possess the required academic qualifications or pass the Grade A Trade Test approved by the DEMS," said a spokesman for the department.