34
WEDNESDAY, FEBRUARY 5, 1991
TENDERS ARE TO BE SUBMITTED BY 10.30 AM TO THE MONETARY AFFAIRS BRANCH IN THE USUAL WAY.
THE EXCHANGE FUND BILLS PROGRAMME WAS FIRST LAUNCHED IN
MARCH 1990 WITH THE ISSUE OF 91-DAY BILLS.
DAY BILLS.
IT WAS EXTENDED IN OCTOBER 1990 TO INCLUDE THE ISSUE OF 182-
IN
AFTER COMPLETION OF THE FIRST CYCLE OF THE 364-DAY BILLS 52 WEEKS, THE ENTIRE EXCHANGE FUND BILLS PROGRAMME WILL HAVE BUILT UP ΤΟ A TOTAL OUTSTANDING OF $13 BILLION (INCLUDING AMOUNTS HELD IN RESERVE BY THE EXCHANGE FUND) COMPRISING $6.24 BILLION IN 91-DAY BILLS AND $3.38 BILLION BACH IN 182-DAY AND 364-DAY BILLS.
SWAP TRANSACTIONS
THE
GOVERNMENT IS AWARE THAT THE MASS TRANSIT RAILWAY CORPORATION AND THE KOWLOON-CANTON RAILWAY CORPORATION AS PART OF NUMBER OF THEIR RESPECTIVE FINANCING MANAGEMENT, HAVE ENTERED INTO A SWAP TRANSACTIONS.
A RECENT DECISION OF THE HOUSE OF LORDS HAS CAST DOUBT ON THE ABILITY OF THE MASS TRANSIT RAILWAY CORPORATION AND THE KOWLOON-CANTON RAILWAY CORPORATION TO
INTO SWAP TRANSACTIONS UNDER THEIR
ENTER
RESPECTIVE STATUTORY CONSTITUTIONS.
THE MASS TRANSIT RAILWAY CORPORATION HAS ISSUED A STATEMENT CLARIFY THE STATUS OF SWAP TRANSACTIONS IT HAS ENTERED INTO.
TO
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, HAS TODAY (WEDNESDAY) STATED THAT IN ORDER то PROTECT ANY TRANSACTIONS WHICH MIGHT BE AFFECTED BY THE HOUSE OF LORDS DECISION, IT IS THE
LEGISLATION AT PRESENT INTENTION OF THE GOVERNMENT TO INTRODUCE
THE BARLIEST OPPORTUNITY TO MEET ANY UNCERTAINTY AS A RESULT OF THAT DECISION.
IT IS PROPOSED THAT THE LEGISLATION WILL HAVE RETROSPECTIVE EFFECT. THE GOVERNMENT IS PRESENTLY EXAMINING THE OF SUCH LEGISLATION.
FULL
SCOPE
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