XN000022-1988-12-07 — Page 7

6

►

WEDNESDAY, DECEMBER 7, 1988

BANKING ORDINANCE PROVIDES BETTER FRAMEWORK

*

THE CURRENT SYSTEM FOR SUPERVISING BANKS AND DEPOSIT-TAKING COMPANIES IS WORKING WELL, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

REPLYING TO A QUESTION FROM THE HON KINGSLEY SIT, MR JACOBS SAID THE PRESENT BANKING ORDINANCE PROVIDED A BETTER FRAMEWORK THAN THE PREVIOUS LEGISLATION IN RELATION TO THE SUPERVISION OF AUTHORIBED INSTITUTIONS.

"NEVERTHELESS, LEGISLATIVE AMENDMENTS ARE REQUIRED TO TIME IN THE LIGHT OF EXPERIENCE OF THE OPERATION OF THE AND DEVELOPMENTS IN THE BANKING INDUSTRY," HE SAID.

FROM TIME ORDINANCE

"OVER THE PAST TWO YEARS, TWO AMENDMENT BILLS HAVE BEEN ENACTED TO IMPROVE THE WORKING OF THE ORDINANCE."

OF THE EXECUTIVE

MR JACOBS SAID THAT SUBJECT TO THE APPROVAL COUNCIL HE INTENDED TO INTRODUCE INTO THE COUNCIL EARLY NEXT YEAR A BILL TO REPLACE THE EXISTING CATEGORIES OF LICENSED DEPOSIT-TAKING COMPANY AND REGISTERED DEPOSIT-TAKING COMPANY WITH TWO NEW CATEGORIES, NAMELY, LIMITED SERVICE BANKS AND DEPOSIT-TAKING COMPANIES.

OF THE

"THE GOVERNMENT WILL CONTINUE TO REVIEW THE PROVISIONS ORDINANCE AND FURTHER AMENDMENTS WILL BE INTRODUCED, IF AND WHEN NECESSARI, HE ADDED.

NEW POLICE BORDER UNIT READY BY 1993

A NEW UNIT OF THE POLICE, TO BE KNOWN AS THE "POLICE TACTICAL UNIT - BORDER DETACHMENT!, SHOULD BE READY TO REPLACE THE ARMY ON ANTI-ILLEGAL IMMIGRATION DUTIES ON THE LAND BORDER BY 1993, THE ACTING SECRETARY FOR SECURITY, THE HON ROBERT UPTON, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

REPLYING TO A QUESTION FROM THE HON MIRIAM LAU, MR UPTON BAID THE SIGNIFICANT DEVELOPMENT RESULTING FROM THE WITHDRAWAL OF THE GARRISON WAS THE NEED FOR THE POLICE TO RESUME FULL RESPONSIBILITY FOR THE PREVENTION OF ILLEGAL IMMIGRATION ON THE LAND FRONTIER.

"THE ARMY TOOK OVER THAT RESPONSIBILITY IN 1979 AT A TIME OF A VERY SERIOUS INFLUX OF ILLEGAL IMMIGRANTS, WHEN THE POLICE FORCE WAS HARD-PRESSED TO COPE," HE SAID.

"STARTING THIS