XN000022-1983-02-22 — Page 4

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TUESDAY, FEBRUARY 22, 1983

THIS WAS BECAUSE +SMALL COMPANIES WOULD HAVE FOUND SURVIVAL VERY MUCH MORE DIFFICULT IF THE BANKS HAD ABANDONED THE INTEREST RATE AGREEMENT, OR IF DEPOSIT-TAKING COMPANIES HAD BEEN REQUIRED TO COMPLY WITH THAT AGREEMENT.+

MR BLYE SAID HE WAS SURE THAT WHEN THE ADJUSTMENTS WERE OVER AND THE DUST HAD SETTLED, WE SHOULD END UP WITH A SYSTEM WHICH PROVIDED BOTH BETTER PROTECTION FOR DEPOSITORS AND A SOUNDER GENERAL STRUCTURE.

HE WAS, OF COURSE, VERY MUCH CONCERNED BY RECENT EVENTS AND THE MONETARY AFFAIRS BRANCH WAS CONSIDERING HOW AS A RESULT OF RECENT EXPERIENCES, THE PRESENT SYSTEM, STRUCTURAL OR SUPERVISORY, COULD BE IMPROVED, HE SAID.

+WE SHALL BE LOOKING AT THIS QUESTION CAREFULLY AND IF INADEQUACIES ARE IDENTIFIED WHICH ARE CAPABLE OF IMPROVEMENT, THEN, SUBJECT TO THE USUAL CONSULTATIVE PROCESS, CORRECTIVE ACTION WILL BE TAKEN.

+ BUT IT MUST BE RECOGNISED THAT BUREAUCRATIC INTERFERENCE AND CONTROL BEYOND WHAT IS NECESSARY CAN BE DAMAGING TO THE FINANCIAL SECTOR AND THE ECONOMY AS A WHOLE, AND THAT NO MATTER HOW STRINGENT CONTROLS ARE, MALFEASANCE AND POOR MANAGEMENT ON THE PART OF FINANCIAL INSTITUTIONS CAN NEVER TOTALLY BE AVOIDED,+ HE SAID.

SPORTS DEVELOPMENT STRATEGY OUTLINED

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AN OVERALL STRATEGY FOR THE DEVELOPMENT OF SPORTS IN HONG KONG IS BEING PLANNED WITH THE AIM OF PRODUCING +STARS OF THE FUTURE+, THE COMMISSIONER FOR RECREATION AND CULTURE, MR BARRIE WIGGHAM, SAID TODAY (TUESDAY).

MR WIGGHAM SAID THE STRATEGY INVOLVED THREE APPROACHES: ENCOURAGEMENT OF SPORTS AND RECREATION AT GRASS-ROOTS LEVEL, A SYSTEMATIC TRAINING PROGRAMME AND A YOUTH DEVELOPMENT SCHEME.

HE STRESSED THAT STARS COULD NOT BE PRODUCED OVERNIGHT BUT THAT INTERNATIONAL SUCCESS NEEDED PREPARATION, APPLICATION AND HARD WORK.

MR WIGGHAM WAS SPEAKING AT THE LUNCHEON MEETING OF THE ROTARY CLUB OF HONG KONG.

THE RECREATION AND SPORT SERVICE WITH ITS 19 DISTRICT OFFICES ORGANISES RECREATION ACTIVITIES FOR ALL SECTORS OF THE COMMUNITY AND INTRODUCES BEGINNERS CLASSES FOR A VARIETY OF SPORTS.

/+THIS IS