XN000022-1986-04-07 — Page 2

MONDAY, APRIL 7, 1986

SIR EDWARD OPENS HONGKONGBANK'S NEW HQ

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THE HONGKONGBANK IS AN INSTITUTION THAT HAS GROWN WITH HONG KONG AND FROM HERE EXPANDED DRAMATICALLY TO MAKE ITS MARK ON THE INTERNATIONAL BANKING SCENE, THE GOVERNOR, SIR EDWARD YOUDE, SAID THIS (MONDAY) EVENING,

DECLARING OPEN THE NEW HEADQUARTERS OF THE HONGKONG AND SHANGHAI BANKING CORPORATION IN CENTRAL, SIR EDWARD SAID IT GAVE HIM GREAT PLEASURE TO OPEN +THIS FINE AND EXCITING HEADQUARTERS BUILDING+.

+IT SYMBOLISES THE CHARACTERISTICS OF THE BANK ITSELF: AMBITIOUS IN ITS CONCEPTION YET PRACTICAL IMAGINATIVE, YET SECURELY ROOTED; MODERN AND YET WITH ITS FAMOUS LIONS AT THE ENTRANCE -- GUARDED BY SOLID TRADITION. STANDING AS IT DOES IN THE HEART OF HONG KONG, IT TYP IF IES THE ROLE OF FINANCE IN OUR ECONOMIC LIFE, HE SAID.

THE HONGKONGBANK'S HEADQUARTERS, PAST AND PRESENT, HAD BEEN A DISTINCTIVE PART OF THE HONG KONG SKYLINE FOR A CENTURY OR MORE, AND, EQUALLY, THE BANK ITSELF WAS VERY MUCH PART OF THE LOCAL INSTITUTIONAL SKYLINE.

+LIKE THE HONG KONG SKYLINE THE STRUCTURE OF OUR FINANCIAL SECTOR IS UNIQUE. IT IS A RESULT OF OUR HISTORY, OF THE WELCOME WHICH HONG KONG EXTENDS TO INTERNATIONAL BUSINESS, AND OF HONG KONG'S WILLINGNESS TO MOVE WITH THE TIMES AND TO. SEIZE THE OPPORTUNITIES OF A CHANGING AGE, HE SAID.

+ IT IS THIS SPIRIT WHICH HAS ENABLED THIS TERRITORY TO FLOURISH AS A FINANCIAL CENTRE UNTIL IT HAS EMERGED TO CLAIM ITS PLACE AMONG THE MAJOR CENTRES OF FINANCE IN THE WORLD.+

THAT SUCCESS WAS NO ACCIDENT, HE SAID. IT COULD BE ATTRIBUTED TO THE ENTERPRISE, INITIATIVE AND CREATIVITY OF THE PRIVATE SECTOR. BUT THE GOVERNMENT, TOO, HAD PLAYED ITS PART.

THE GOVERNMENT'S ROLE HAD BEEN TO PROVIDE, AND CONSTANTLY IMPROVE, THE ESSENTIAL LEGAL AND INSTITUTIONAL FRAMEWORK- TO PROMOTE A STABLE ENVIRONMENT WITHIN WHICH THE ECONOMY COULD OPERATE, AND TO TAKE SWIFT AND DECISIVE ACTION WHEN THE PROTECTION OF THE STABILITY AND REPUTATION OF THE FINANCIAL SYSTEM REQUIRED IT.

+THE COMPLEMENTARY NATURE OF THE ROLES OF THE PRIVATE AND PUBLIC SECTOR HAS BEEN A UNIQUE FEATURE OF OUR MARKET ORIENTED FREE ENTERPRISE SYSTEM, SIR EDWARD SAID.

/+THROUGH