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MONDAY, SEPTEMBER 8, 1986
SIR DAVID ALSO CONGRATULATED THE FEDERATION OF HONG KONG WATCH TRADES AND INDUSTRIES, THE HONG KONG WATCH MANUFACTURERS ASSOCIATION AND THE HONG KONG TRADE DEVELOPMENT COUNCIL FOR THEIR EFFORTS IN STAGING THE FAIR.
NOTE TO EDITORS:
A PHOTOGRAPH OF THE OPENING CEREMONY WILL BE SENT BY FACSIMILE NETWORK LATER TODAY. COPIES OF SIR DAVID'S SPEECH WILL ALSO BE BOXED FOR COLLECTION.
HONG NIN BANK LIMITED ***
THE COMMISSIONER OF BANKING ANNOUNCED TODAY (MONDAY) THAT, AFTER CONSULTATION WITH THE FINANCIAL SECRETARY, AND PURSUANT TO SECTION 52(1)(C) OF THE BANKING ORDINANCE, HE HAS ASSUMED CONTROL OF AND IS CARRYING ON THE BUSINESS OF THE HONG NIN BANK LIMITED.
THE ACTION HAS BEEN TAKEN BECAUSE A COMBINATION OF EVENTS HAS INCREASED PRESSURE ON THE BANK'S LIQUIDITY WHICH WAS ALREADY AT A LOW LEVEL, AND AN IMMEDIATE IMPROVEMENT IN THE MANAGEMENT OF THE BANK'S LOAN PORTFOLIO IS CALLED FOR.
THE STANDARD CHARTERED BANK IS PROVIDING MANAGEMENT RESOURCES TO HELP THE COMMISSIONER IN THE CONTROL OF THE BANK.
THE BANK WILL CONTINUE TO BE OPEN AND TO OPERATE NORMALLY. WHILE THE COMMISSIONER IS IN CONTROL A LINE OF CREDIT FROM THE EXCHANGE FUND WILL BE AVAILABLE TO THE BANK TO ENABLE IT TO MEET ALL ITS OBLIGATIONS IN FULL ON TIME.
THE DIRECTORS WILL CONTINUE TO HOLD OFFICE, BUT WILL HAVE NO EXECUTIVE AUTHORITY. THIS WILL REST WITH THE COMMISSIONER, WHO WILL MANAGE THE BANK FOR THE BENEFIT OF ITS DEPOSITORS AND OTHER CREDITORS.
ENQUIRIES RELATING TO THIS NOTICE SHOULD BE MADE TO THE COMMISSIONER, TELEPHONE 5-8622671.
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