XN000022-1991-02-18 — Page 5

MONDAY, FEBRUARY 18, 1991

OFFICE OF THE EXCHANGE FUND ESTABLISHED

* * *

A NEW OFFICE OF THE EXCHANGE FUND HAS

ORGANISATIONAL THE GOVERNMENT A STRONGER

BEEN ESTABLISHED TO FOR FRAMEWORK

PROVIDE MONETARY MANAGEMENT.

ANNOUNCING THE MOVE, THE FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID: "THE NEW OFFICE IS RESPONSIBLE FOR AN AREA OF WORK WHICH IS VERY IMPORTANT TO THE STABILITY AND PROSPERITY OF HONG KONG.

IN WHICH "I AM

WITH THE WAY SATISFIED

OUR WELL ARRANGEMENTS HAVE DEVELOPED AND STRENGTHENED IN RECENT YEARS. MUST ENSURE THAT WE HAVE A PROPER ORGANISATIONAL FRAMEWORK TO US TO CONTINUE TO PERFORM THE TASK EFFECTIVELY.

EMPHASIZED

THAT

1T

THE CHANGE SIR PIERS GOVERNMENT WAS TAKING ON ADDITIONAL POWERS.

MONETARY BUT WE ENABLE

DID NOT MEAN THE

"THERE IS NO NEED FOR THE GOVERNMENT TO TAKE ON

THAT FUNCTIONS

ARE NOW RESIDUAL

BANKING CENTRAL PERFORMED WITHIN THE BANKING SYSTEM," HE SAID.

SIR PIERS HOPED THAT THE NEW OFFICE WOULD IDENTITY AND THAT ITS FUNCTIONS WOULD BE FULLY FINANCIAL COMMUNITY.

LIKE THE OFFICE OF THE COMMISSIONER OF AUTONOMOUS UNIT WITHIN THE MONETARY AFFAIRS BRANCH.

ANY OF THE SATISFACTORILY

A DEVELOP UNDERSTOOD BY

·

CLEAR THE

BANKING,

IT IS

AN

THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, THE SETTING UP OF THE NEW OFFICE.

H

WELCOMED

THE NECESSARY

STABILITY,

r

THE DIRECTOR WILL REPORT TO ME BUT WILL HAVE AUTONOMY TO TAKE DECISIONS PERSONALLY TO ENSURE MONETARY MR NENDICK SAID.

THE

DIRECTOR

OF

THE

NEW OFFICE

OF

THE

EXCHANGE

FUND

IS

THE SENIOR DEPUTY SECRETARY FOR MONETARY AFFAIRS, MR JOSEPH YAM.

THE

MR YAM

SYSTEM WHICH HAS "I

THAT THE MONETARY AM CONFIDENT DEVELOPED IN RECENT YEARS IS SUFFICIENTLY ROBUST TO ENABLE US TO

WHEN AHEAD, CHALLENGES

COMMENTING

BEEN

MEET

SAID,

ON HIS

APPOINTMENT.

THE FINANCE COMMITTEE HAS APPROVED THE FUNDING FOR THE UP OF THE OFFICE.

THE OFFICE

THE OF

EXCHANGE FUND IS

NOW LOCATED

SETTING

WITH

THE

MONETARY AFFAIRS BRANCH ON 24TH FLOOR, TOWER 2, ADMIRALTY CENTRE.

IT IS EXPECTED TO MOVE TO SEPARATE PREMISES LATER.

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