XN000022-1986-06-24 — Page 5

TUESDAY, JUNE 24, 1986

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DEPUTY COMMISSIONER OF BANK ING POST STUDIED

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A PROPOSAL TO CREATE A POST OF DEPUTY COMMISSIONER OF BANKING WILL BE EXAMINED BY THE FINANCE COMMITTEE TOMORROW (WEDNESDAY).

THE PROPOSAL WAS RECOMMENDED BY THE FINANCE COMMITTEE'S ESTABLISHMENT SUB-COMMITTEE IN ACCORDANCE WITH THE ENACTMENT OF THE BANKING BILL WHICH AIMS AT PROVIDING A GREATER MEASURE OF PROTECTION TO DEPOSITORS AND ENSURING SOUND BUSINESS PRACTICE AMONG FINANCIAL INSTITUTIONS.

THE NEW LEGISLATION WHICH WOULD PROVIDE A MORE DISCRETIONARY AND JUDGEMENTAL APPROACH TO SUPERVISION OF BANKS AND DEPOSIT- TAKING COMPANIES WOULD REQUIRE GREATER INVOLVEMENT BY SENIOR OFFICERS, A GOVERNMENT SPOKESMAN SAID TODAY (TUESDAY).

THE NEED FOR GOOD SUPERVISING STAFF IN THE COMMISSIONER'S OFFICE HAD ALSO BEEN EMPHASISED BY THE INDUSTRY ITSELF, HE NOTED.

IT IS THEREFORE CONSIDERED NECESSARY TO PROVIDE THE COMMISSIONER OF BANKING WITH A DEPUTY IN ORDER TO ENABLE HIM TO DISCHARGE EFFECTIVELY HIS INCREASED RESPONSIBILITIES FOR SUPERVISION OF LICENSED BANKS AND DEPOSIT-TAK ING COMPANIES.

OTHER THAN RECOMMENDATIONS OF THE ESTABLISHMENT SUB-COMMITTEE, FINANCE COMMITTEE MEMBERS WILL ALSO BE ASKED TO APPROVE A SUPPLEMENTARY PROVISION OF $500 MILLION TO ENABLE THE PROCEEDS OF A DEBT REPAYMENT BY THE KOWLOON-CANTON RAILWAY CORPORATION TO BE SET ASIDE TOWARDS AN EQUITY INJECTION OF $1 000 MILLION FOR THE MASS TRANSIT RAILWAY CORPORATION IN 1987-88.

ITEMS TO BE CONSIDERED INCLUDE:

*

A CAPITAL SUBSIDY TO ASSIST COGNITIO COLLEGE (1979) LIMITED TO BUILD AND EQUIP AN EXTENSION TO THE COGNITIO COLLEGE (HONG KONG) AT CHAI WAN;

* CAPITAL GRANTS TO THE SPASTICS ASSOCIATION OF HONG

KONG TO ESTABLISH A SPECIAL CHILD CARE CENTRE AT SHEK KIP MEI ESTATE, SHAM SHUI PO, AND AT LUNG HANG ESTATE, SHA TIN;

* A WRITE-OFF OF $1 271 000 AS PREMIUM FOREGONE FOR A PROPOSED EXCHANGE OF TWO RESIDENTIAL LOTS FOR AN INDUSTRIAL LOT ON CHEUNG CHAU ;

*

A WRITE-OFF OF $10 480 000 AS PREMIUM FOREGONE FOR

A PROPOSED EXCHANGE OF A NUMBER OF LOTS OF AGRICULTURAL LAND FOR ONE BUILDING LOT AT MUI WO, LANTAU ;

* A REVISION