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As for the two bays, the boundary is for the first time defined in relation to clearly recognisable geographical features.
"A clear agreed boundary in the two bays in which we have sea room adequate for our own operational purposes meets a long-standing practical need. It removes ambiguities that have led in the past to problems in law enforcement and disputes between the two sides," he said.
Mr Ashton expected that the agreement would reduce the risk of incursions by Chinese security vessels into Hong Kong waters.
The rest of the sea boundary follows largely the existing "square box" line except for three new "bubbles" south of Po Toi, the Soko Islands and west of Lantau where the new boundary extends beyond the existing line to include the waters up to one nautical mile offshore.
The three newly created "bubbles" provide additional sea room which will allow our law enforcement agencies to operate more effectively to combat illegal immigration and smuggling in those areas.
"We intend to sign the MoU, and thereby give effect to the new boundary, as soon as we have resumed the private lots at San Kwai Tin," Mr Ashton said.
End
Consultation on draft Code of Banking Practice commences
A draft of the Code of Banking Practice is issued today (Friday) for consultation.
Executive Director (Banking Policy) of the Hong Kong Monetary Authority (HKMA), Mr Raymond Li, said: "The introduction of such a code will help promote good banking practices and a fair and transparent relationship between authorised institutions and their customers.
"In the end, customer loyalty and confidence will be enhanced, thus contributing to the stability of the banking system.