XN000022-1991-07-17 — Page 5

WEDNESDAY, JULY 17, 1991

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SUBJECT ΤΟ THE APPROVAL BY THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL FOR THE ADDITIONAL FUNDING CURRENTLY BEING SOUGHT FOR THE AUTHORITY, THE NEXT 12 MONTHS SHOULD SEE THE DEVELOPMENT OF ITS ORGANISATION AND STAFFING, TOGETHER WITH AN INTENSIFICATION OF CONSTRUCTION ACTIVITY, AS THE MAIN CONTRACT FOR FORMATION OF THE AIRPORT SITE GOT UNDERWAY, HE NOTED.

HE ADDED THAT WORK ON DRAFTING THE AIRPORT AUTHORITY BILL WAS IN FULL SWING AND THE BILL WOULD BE PUT TO THE COUNCIL FOR CONSIDERATION IN THE COMING SESSION.

THE FINANCIAL SECRETARY, AS CHAIRMAN OF THE PAA, SAID GIVEN THE EARLIER UNCERTAINTY SURROUNDING THE FUTURE OF THE AIRPORT PROJECT ESPECIALLY TOWARDS THE END OF THAT PERIOD, THE AUTHORITY DID NOT HAVE AN EASY START IN LIFE.

DURING ITS FIRST YEAR,

THE

AUTHORITY HAD RELIED HEAVILY ON GOVERNMENT STAFF SECONDED ΤΟ IT AND ON THE AIRPORT MASTER PLAN CONSULTANTS WHO WERE STEERED ON BEHALF OF PROVISIONAL AUTHORITY BY THE DIRECTOR OF CIVIL

SAID.

THE BOARD OF THE AVIATION, SIR PIERS

MR RICHARD

ALLEN, WHO CREATE A BY

HOWEVER, ITS CHIEF EXECUTIVE OFFICER, ARRIVED IN MARCH THIS YEAR, HAD BEGUN RAPIDLY ΤΟ SEPARATE IDENTITY FOR THE AUTHORITY WITHIN THE CONSTRAINTS IMPOSED THE UNCERTAINTY PREVAILING PRIOR TO THE INITIALLING OF THE MEMORANDOM OF UNDERSTANDING SINCE HIS ARRIVAL.

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"NOTWITHSTANDING THE EARLIER PROBLEMS NOW HAPPILY BEHIND US, AM HAPPY TO BE ABLE TO ASSURE MEMBERS OF THIS COUNCIL THAT THE BOARD OF THE PROVISIONAL AUTHORITY AND ALL OTHERS ASSOCIATED WITH THE AIRPORT PROJECT HAVE SHOWN GREAT DEDICATION AND ENTHUSIASM, THE FINANCIAL SECRETARY NOTED.

"

"I AM CONVINCED THAT THE AUTHORITY WILL SUCCEED IN DEVELOPING A NEW AIRPORT IDEALLY SUITED TO OUR LONG-TERM STRATEGIC NEEDS AND ONE THAT WILL PLAY A VITAL ROLE IN SECURING OUR CONTINUED PROSPERITY," ADDED.

НЕ

BCCHK TO WIND UP

THE FINANCIAL SECRETARY WILL BE APPROACHING THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL ON FRIDAY (JULY 19) FOR THE AUTHORITY TO DISCUSS ARRANGEMENTS WITH THE LIQUIDATOR ΤΟ PAY OFF DEPOSITORS UP TO 25 PER CENT OF THEIR DEPOSITS, SUBJECT ΤΟ A LIMIT, FOLLOWING A DECISION TODAY WEDNESDAY) TO WIND UP THE BANK OF CREDIT AND COMMERCE HONG KONG LIMITED.

SHORTLY THEREAFTER THE GOVERNMENT WOULD ANNOUNCE ARRANGEMENTS TO IMPLEMENT THE PROPOSAL.

DETAILED

/THE FINANCIAL