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The decision to launch the two tap issues of 28-day exchange fund bills is in response to the request of licensed banks and the strong demand for short-term exchange fund bills. While the $54-billion exchange fund bills and notes held by banks should provide adequate liquidity to meet the requirement of the interbank payment system, it is expected that some banks may wish to play safe by holding a larger amount of exchange fund paper than is required by their payment obligations in the initial stage of RTGS implementation.
The demand is evidenced by the high over-subscription rate of the bills at recent tenders and the widening spread between exchange fund bills yields and HIBOR notwithstanding the recent announcement on the increase in the supply of three-month and six-month exchange fund bills.
Further issuance of tap issues or an increase in the size of normal maturity exchange fund bills will be reviewed in the light of market demand and actual experience in the implementation of the RTGS.
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86 convicted pollution cases recorded in October
A total of 86 convictions were recorded in the courts in October for breaching anti-pollution legislation enforced by the Environmental Protection Department.
Among them, 25 were convictions made under the Water Pollution Control Ordinance (WPCO), 18 under the Noise Control Ordinance (NCO), 33 under the Air Pollution Control Ordinance (APCO) and 10 under the Waste Disposal Ordinance (WDO).
The fines ranged from $2,000 to $100,000. Rich Fortress Limited was fined $100,000 for failure to comply with the requirement in a noise abatement notice.
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245 VMs depart on orderly repatriation flights
Two groups totalling 245 Vietnamese migrants (VMs) returned by air to Hanoi, Vietnam today (Tuesday) on the 75th and 76th flights under the Orderly Repatriation Programme (ORP).