XN000022-1980-12-17 — Page 5

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WEDNESDAY, DECEMBER 17, 1980

+ IN SO DOING, I BELIEVE WE HAVE EVOLVED AN ARRANGEMENT WHICH WILL, TOGETHER WITH OTHER INSTITUTIONAL CHANGES WHICH WE HAVE EFFECTED IN RECENT YEARS, ENABLE US TO PRESERVE, EVEN IN THIS TURBULENT WORLD, THAT TRADITION OF COMPETITIVE FREEDOM WHICH HAS BEEN THE MAINSPRING OF THE GROWTH RATE AND DIVERSIFICATION OF OUR ECONOMY,+ HE SAID.

FURTHERMORE, SIR PHILIP SAID, HE ENVISAGED THAT THE THREE-TIER STRUCTURE OF THE NEW ASSOCIATION - COMMITTEE, CONSULTATIVE COUNCIL AND ANNUAL MEETING - WOULD ENABLE ALL LICENSED BANKS ACTIVELY TO PARTICIPATE IN THE AFFAIRS OF THE ASSOCIATION.

+THIS. IN ITSELF, SHOULD ENSURE BOTH THAT THE MARKET IS AN ORDERLY ONE AND, AT THE SAME TIME, THAT THE SCOPE FOR COMPETITION BETWEEN BANKS IS NOT UNNECESSARILY RESTRICTED AND I WOULD STRESS THAT, WITHIN CERTAIN LIMITS, IT IS NO PART OF THE GOVERNMENT'S THINKING THAT THE INNOVATIVE SPIRIT SHOULD BE CRAMPED, HE SAID.

+THE GOVERNMENT LOOKS FORWARD TO A CONTINUING DIALOGUE WITH THE NEW ASSOCIATION - ITS COMMITTEE AND ITS SECRETARIAT.

+FOR ITS PART, THE GOVERNMENT WILL RESPECT THE MARKET PLACE AND I BELIEVE THE ASSOCIATION WILL TOO BUT THE GOVERNMENT WILL HAVE TO EXPRESS A CERTAIN VIEW, FROM TIME TO TIME, OF WHERE THE BROADER PUBLIC INTEREST LIES AND I HAVE NO DOUBT THAT THE ASSOCIATION WILL RESPOND APPROPRIATELY, SIR PHILIP SAID.

HELP FOR INSOLVENT CIVIL SERVANTS SUPPORTED BY UNOFFICIALS

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UNOFFICIAL LEGISLATIVE COUNCILLORS HAVE COME OUT IN FAVOUR OF THE PUBLIC OFFICERS (ASSIGNMENT OF EMOLUMENTS) BILL WHICH INTRODUCED A REFINANCING SCHEME TO ASSIST CIVIL SERVANTS IN DEBT. THE BILL WAS PASSED TODAY BY THE COUNCIL.

SPEAKING AT ITS SECOND READING, THE HON LI FOOK-WO SAID: +THE REFINANCING SCHEME, IN OFFERING AN OPPORTUNITY TO CIVIL SERVANTS TO RELIEVE THEMSELVES OF THE BURDEN OF THE IR EXISTING DEBTS, WILL GO A LONG WAY TOWARDS ASSISTING THOSE IN FINANCIAL DIFFICULTIES TO TURN A NEW LEAF.

+THIS SCHEME, TOGETIER WITH THE OTHER ARRANGEMENTS MENTIONED BY THE SECRETARY FOR THE CIVIL SERVICE WHEN HE INTRODUCED THE BILL, WILL NO DOUBT HELP TO ENHANCE THE INTEGRITY AND EFFICIENCY OF THE CIVIL SERVICE. +

MR LI DESCRIBED THE CHEME AS +A BOLD VENTURE TO PROVIDE A PRACTICAL SOLUTION TO A PRACTICAL PROBLEM+ BUT STRESSED THAT IT WOULD NOT BE FINANCED FROM PUBLIC FUNDS.

THE CAPITAL REQUIRED D REFINANCE THE DEBTS OF CIVIL SERVANTS WILL COME FROM A NUMBER OF TANKS AND DEPOSIT-TAKING COMPANIES PARTICIPATING IN THE SCHEME

/+THISY WILL