XN000022-1990-02-05 — Page 6

MONDAY, FEBRUARY 5, 1990

CAPACITY AS IN ANOTHER STATEMENT, MR GLEESON SAID THAT IN HIS

WOULD OFFICIAL RECEIVER HE

NOW TAKE POSSESSION

AND OF, COLLECT, PROTECT ASSETS OF "GU LIFE" AND HANG LUNG IN HONG KONG AND OVERSEAS.

"GU

LIFE" WITH A AS A GOING CONCERN TO

HE WOULD CARRY ON THE LONG TERM BUSINESS OF VIEW, IF POSSIBLE, TO ITS BEING TRANSFERRED ANOTHER INSURER.

HE WOULD ALSO

EXPLORE THE

POSSIBILITY OF

THE TRANSFERRING

HANG LUNG ΤΟ

MANAGEMENT OF THE RUN-OFF OF THE LONG TERM BUSINESS OF ANOTHER INSURER.

ANNOUNCEMENT

COULD BE MADE

IN DUE HANG

HE HOPED THAT A FURTHER COURSE. IN THE MEANTIME ALL LIFE POLICIES OF BOTH "GU LIFE" AND LUNG WOULD REMAIN IN FORCE.

THEIR POLICY HOLDERS OF BOTH COMPANIES ARE ADVISED TO CONTINUE

IN PAYMENTS OF THE PREMIUMS TO THE OFFICIAL RECEIVER AS THEY FELL DUE

WISHING TO RECEIVE ORDER TO KEEP THEIR POLICIES IN FORCE, AND THOSE

DEPARTMENT FURTHER INFORMATION SHOULD CONTACT THE REGISTRAR GENERAL'S (OFFICIAL RECEIVER) ON TEL. 8672461.

MONETARY STATISTICS FOR DECEMBER PUBLISHED

* * * * *

CURRENCY DEPOSITS WITH IN DECEMBER, ACCORDING

BOTH HONG KONG DOLLAR AND FOREIGN AUTHORISED INSTITUTIONS REGISTERED INCREASES TO STATISTICS PUBLISHED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH.

REFLECTING THE RISE IN HONG KONG DOLLAR DEPOSITS, THE BROADER DEFINITIONS OF HONG KONG DOLLAR MONEY SUPPLY INCREASED DURING THE MONTH. ALL MAJOR TYPES OF LOANS RECORDED INCREASES IN DECEMBER.

TABLE 1 SETS OUT SUMMARY FIGURES FOR DECEMBER 1989 AND COMPARISONS WITH EARLIER MONTHS. TABLE 2 PRESENTS FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES FOR USE IN HONG KONG.

DEPOSITS

HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS INCREASED BY 1.4 PER CENT IN DECEMBER, FOLLOWING A MARGINAL DECLINE OF 0.1 PER CENT IN OCTOBER AND AN INCREASE OF 2.2 PER CENT IN NOVEMBER.

OF THESE DEPOSITS, DEMAND DEPOSITS DECLINED BY 5.0 PER CENT IN DECEMBER, LARGELY BECAUSE OF THE DISTORTION OF A HIGH COMPARISON BASE, AS SUBSCRIPTION MONIES FOR A NEW SHARE ISSUE WERE TIED UP IN THE BANKING SECTOR IN LATE NOVEMBER.

/SAVINGS DEPOSITS