XN000022-1990-01-17 — Page 6

WEDNESDAY, JANUARY 17, 1990

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BANKING BILL WILL BENEFIT FINANCIAL SECTOR

* * *

THE BANKING (AMENDMENT BILL 1989 WILL ASSIST IN DEVELOPMENT OF THE FINANCIAL SECTOR IN HONG KONG, AND AT A TIME WHEN THE ASIA-PACIFIC REGION IS PLAYING AN IMPORTANT ROLE IN THE WORLD ECONOMY, THE HON DAVID LI LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE FURTHER IS IMPERATIVE INCREASINGLY

SAID IN THE

SPEAKING IN THE SECOND READING DEBATE ON THE BILL, MR LI SAID THAT THE LEGCO AD HOC GROUP SET UP TO STUDY THE BILL HAD CONSIDERED IN DETAIL SUBMISSIONS FROM INTERESTED ORGANISATIONS.

HE SAID THAT AMONG THE ISSUES CONSIDERED WAS THE PROPOSAL TO GIVE THE COMMISSIONER OF BANKING ADDITIONAL POWERS *TO OBTAIN INFORMATION FROM AN AUTHORISED INSTITUTION, ITS SUBSIDIARIES AND CERTAIN OTHER PERSONS.

FAILURE TO FURNISH

INFORMATION AS REQUIRED BY THE

COMMISSIONER IS A CRIMINAL OFFENCE, MR LI SAID.

MR LI ALSO SAID THAT THE AD HOC GROUP HAD BEEN CONCERNED, PARTICULARLY IN VIEW OF THE SEVERE PENALTIES INVOLVED, THAT THE WIDE INFORMATION-GATHERING POWERS OF THE COMMISSIONER MIGHT BE ABUSED.

INTRODUCE

AN

LIMIT

MEMBERS WERE GLAD THAT THE ADMINISTRATION HAD AGREED TO

AMENDMENT 'To

THE

COMMISSIONER'S INFORMATION-GATHERING POWERS TO THOSE NECESSARY FOR THE EXERCISE OF HIS FUNCTIONS UNDER PART XIII OF THE ORDINANCE, WHICH CONCERNED OWNERSHIP AND MANAGEMENT OF AUTHORISED INSTITUTIONS, HE NOTED.

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INCREASED CHARGE FOR IMPOUNDING CARS

THE SECRETARY FOR HOME AFFAIRS, THE HON PETER TSAO, TODAY THE (WEDNESDAY) MOVED A MOTION IN THE LEGISLATIVE COUNCIL TO INCREASE CHARGES FOR THE IMPOUNDING, REMOVAL AND STORAGE OF VEHICLES WHICH HAVE BEEN ILLEGALLY PARKED ON RESTRICTED ROADS IN PUBLIC HOUSING ESTATES.

9.

MR TSAO POINTED OUT THAT THE HOUSING (TRAFFIC) (AMENDMENT}

DECEMBER BY-LAWS 1989 WERK MADE BY THE HOUSING AUTHORITY ON

1989 UNDER SECTION 30 OF THE HOUSING ORDINANCE 'PO PROVIDE FOR INCREASED CHARGES FOR THESE SERVICES RESULTING FROM ILLEGAL PARKING IN PUBLIC HOUSING ESTATES.

/"THE EXISTING