XN000022-1985-11-08 — Page 5

FRIDAY, NOVEMBER 8, 1985

+WE ARE FORTUNATE THAT OUR SOCIAL SECURITY SYSTEM HAS NOT BRED WELFARE DEPENDENCY, AND FRAUD AND ABUSE HAVE NEVER BEEN A SERIOUS PROBLEM FOR US. SAFEGUARDS ARE BUILT INTO THE SYSTEM TO PREVENT THESE FROM HAPPENING,+ MR LAW SAID.

OF ALL THOSE IN RECEIPT OF PUBLIC ASSISTANCE, ONLY THREE PER CENT WERE CASES OF UNEMPLOYMENT, AND ANOTHER THREE PER CENT WERE THOSE WITH INSUFFICIENT INCOME TO MAINTAIN THEIR FAMILIES, HE SAID,

MOST PUBLIC ASSISTANCE RECIPIENTS LACKED FINANCIAL RESOURCES BECAUSE OF OLD AGE, ILL HEALTH OR DISABILITY. THESE GROUPS ACCOUNTE. FOR SOME 84 PER CENT OF ALL CASES.

+WITH THE STEADY INCREASE OF OVERALL PUBLIC ASSISTANCE CASELOAD IN RECENT YEARS, THERE HAS ALSO BEEN AN INCREASE IN THE NUMBER OF SINGLE PARENTS WITH CHILDREN, RESULTING FROM DIVORCE, SEPARATION AND DESERTION, WHICH IS INCREASINGLY DISTURBING,+ MR LAW SAID.

ON FUTURE TRENDS, HE SAID THAT EXPENDITURE ON OLD AGE ALLOWANCE WAS EXPECTED TO CONTINUE TO INCREASE STEADILY SINCE THE NUMBER OF PEOPLE AGED 70 AND ABOVE WAS ON THE RISE, AND IT WAS EXPECTED THAT IN THE NEXT FIVE YEARS ABOUT 12 000 CASES WOULD BE ADDED EACH YEAR.

ON THE DISABILITY ALLOWANCE SIDE, THE TREND WAS STEADIER AND

AN INCREASE OF ABOUT 4 500 CASES A YEAR WAS EXPECTED.

+WE ARE NOT COMPLACENT ABOUT WHAT WE HAVE BEEN ABLE TO DO. WE HAVE JUST COMPLETED A REVIEW OF THE SOCIAL SECURITY PROGRAMME AND HOPE THAT BEFORE LONG WE CAN FURTHER IMPROVE OUR SOCIAL SECUR. TY PROVISIONS, + MR LAW SAID.

FRENCH BANK'S LICENCE APPROVED

*****

AN APPLICATION BY A FRENCH BANK, THE CAISSE NATIONALE DE CREDIT AGRICOLE (CNCA), FOR A BANKING LICENCE HAS BEEN APPROVED BY THE GOVERNOR-İN-COUNCIL.

THIS BRINGS THE NUMBER OF LICENSED BANKS IN HONG KONG TO 144, EIGHT OF WHICH ARE FRENCH, A GOVERNMENT SPOKESMAN SAID.

THE CNCA, ONE OF THE LARGEST FRENCH BANKS, OPENED A REPRESENTATIVE OFFICE IN HONG KONG IN JANUARY THIS YEAR AND A WHOLLY-OWNED DEPOSIT-TAKING COMPANY IN MAY THIS YEAR.

+THE CONTINUING INTEREST BY FOREIGN BANKS IN ESTABLISHING BRANCHES IN HONG KONG IS A DEMONSTRATION OF OVERSEAS CONFIDENCE IN HONG KONG'S FUTURE, PARTICULARLY AS A MAJOR FINANCIAL CENTRE, THE SPOKESMAN SAID,

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