XN000022-1989-08-24 — Page 5

THURSDAY, AUGUST 24, 1989

1

THEY CAN SATISFY CRITERIA

OTHER INSTITUTIONS MAY ALSO BE ACCEPTED, IF THE MONETARY AFFAIRS BRANCH THAT THEY QUALIFY UNDER THE FIVE LAID DOWN BY THE FINANCIAL SECRETARY.

SIR PIERS SAID THERE WOULD BE A TWO-TIER BILLS MARKET. HE SAID:

MARKET TRADING SECONDARY

GUARANTEE AND TO "IN ORDER TO ENCOURAGE LIQUIDITY TO THE INVESTORS OF EXCHANGE FUND BILLS, A NUMBER OF MAKERS WILL BE APPOINTED FROM AMONG THE RECOGNISED DEALERS,'

MARKET

MARKET MAKERS WILL HAVE MARKET IN THE BILLS.

ΤΟ

GIVE

AN

IN

RETURN, MARKET

UNDERTAKING

TO

MAKE

A

MAKERS WILL BE

TO ABLE

ENJOY CERTAIN AFFAIRS BRANCH WILL BUY AND PRIVILEGES. FOR EXAMPLE, THE MONETARY SELL BILLS IN THE SECONDARY MARKET ONLY THROUGH MARKET MAKERS.

BILLS TO

UP TO

A

1SSUED BE FOR ADDITIONAL A FACILITY PRE-DETERMINED AMOUNT WILL BE AVAILABLE ALSO TO MARKET MAKERS.

THE FINANCIAL SECRETARY CONFIRMED THAT THE BILLS MINIMUM AMOUNTS OF $500,000.

WOULD

BE IN

PAPERLESS THEY WOULD BE ISSUED BY COMPETITIVE TENDER THROUGH A

DEALERS WOULD BE ALLOWED TO BOOK-ENTRY SYSTEM AND ONLY RECOGNISED SUBMIT TENDERS.

THE SIZE OF EACH WEEKLY ISSUE WAS LIKELY TO BE OF $200-300 MILLION.

IN THE REGION

THE THE TOTAL AMOUNT OUTSTANDING WOULD GRADUALLY BUILD UP OVER

BILLION. IT WAS HOPED ΤΟ FIRST 13 WEEKS TO A TOTAL OF AROUND #3-4 LAUNCH THE FIRST ISSUE BEFORE THE END OF THIS YEAR.

NOTE TO EDITORS:

THE TEXT OF SIR PIERS JACOBS' SPEECH WILL BE BOXED.

SUSTAINED EFFORTS TO PROMOTE VOLUNTARY SAFETY MOVEMENT

HAS MADE GOOD

PROGRESS IN PROMOTING

THE LABOUR DEPARTMENT VOLUNTARY SAFETY MOVEMENT IN INDUSTRIES IN HONG KONG.

SAFETY PROGRAMME SINCE ITS ESTABLISHMENT IN APRIL 1987, THE

INSPECTORATE DIVISION PROMOTION UNIT UNDER THE DEPARTMENT'S FACTORY HAS VISITED AND MAINTAINED CONTACT WITH MORE THAN 350 ORGANISATIONS.

IN THE FORMATION

49 IN-PLANT SAFETY OF "IT

ASSISTED HAS

SINCE COMMITTEES IN VARIOUS INDUSTRIES, OF WHICH 12 HAVE BEEN FORMED JANUARY THIS YEAR, A DEPARTMENT SPOKESMAN SAID TODAY (THURSDAY).

H

/"OF THE