XN000022-1986-05-28 — Page 14

WEDNESDAY, MAY 28, 1986

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PRAISE FOR ADMINISTRATION'S HARD WORK

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THE ADMINISTRATION HAS BEEN APPLAUDED FOR ITS DETERMINATION AND HARD WORK IN BRINGING THE BANKING BILL 1986 BEFORE THE LEGISLATIVE COUNCIL.

THE PRAISE CAME FROM THE HON STEPHEN CHEONG DURING THE RESUMED DEBATE ON THE BILL TODAY (WEDNESDAY).

MR CHEONG SAID IT WAS CERTAINLY NO MEAN FEAT TO HAVE BEEN ABLE TO PREPARE MAJOR LEGISLATION ON THE ONE HAND, WHILE HAVING TO DIRECT ATTENTION TOWARDS SORTING THROUGH THE MAZE OF PROBLEMS WITHIN THE BANKING SECTOR ON THE OTHER.

HE POINTED OUT THAT TIME WAS ALSO A MAJOR CONSTRAINT AS THE ADMINISTRATION NATURALLY WISHED TO CORRECT ANOMALIES AS SOON AS POSSIBLE.

+GIVEN THE CIRCUMSTANCES AND THE FINAL PERFORMANCE. THE EFFORTS OF THE ADMINISTRATION ARE CERTAINLY WORTHY OF OUR PRAISE AND RESPECT,+ HE SAID.

COMMENTING ON THE BILL IN GENERAL, MR CHEONG SAID ITS PROVISIONS, WHEN ENACTED, WOULD NO DOUBT PROVIDE MUCH NEEDED TOOLS TO STRENGTHEN THE FOUNDATION UPON WHICH THE INTEGRITY AND VIABILITY OF HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE COULD BE FURTHER BUILT.

HE NOTED THAT SOME MIGHT FEEL THAT THE POWERS GIVEN TO THE COMMISSIONER OF BANKING MIGHT BE TOO SWEEPING, AND ALSO WORRY ABOUT POSSIBLE ABUSES.

→THESE ARE LEGITIMATE CONCERNS AND IT BEHOVES THE ADMINISTRATION TO TAKE SPECIAL NOTE OF THESE CONCERNS AND ACT RESPONSIBLY AND REASONABLY IN THE IMPLEMENTATION OF THE PROVISIONS OF THIS BILL, HE SAID.

+ALSO, IT BE HOVES MEMBERS OF THIS COUNCIL TO OBJECTIVELY MONITOR FUTURE DEVELOPMENTS AND VOICE THE NECESSARY SUGGESTIONS RATIONALLY WHEN THE NEED ARISES,+ HE ADDED.

MR CHEONG SUGGESTED THAT MEMBERS OF THE FINANCIAL COMMUNITY SHOULD DO SOME SOUL SEARCHING THEMSELVES AND OBJECTIVELY LOOK INTO WHAT THEY HAD DONE IN THE PAST FEW YEARS THAT MIGHT HAVE CONTRIBUTED TOWARDS RECENT WOES.

HE SAID SUCH A SOUL SEARCHING EXERCISE WOULD HELP TO PROVIDE A DEGREE OF BALANCE IN THE FUTURE DEVELOPMENT OF THE FINANCIAL SECTOR.

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ER CHEONG