XN000022-1991-07-19 — Page 11

FRIDAY, JULY 19, 1991

PUT

WITH (I.E. SOLD) BACK "THE RESULT OF THE SHARES BEING

THE GOVERNMENT, WOULD WHICH IS FULLY OWNED BY OVERSEAS TRUST BANK,

HAVE WOULD

REEN EXPOSED TO FUND HAVE MEANT THAT THE EXCHANGF

AFTER UNLIMITED LIABILITY IN RELATION TO BCC; AND THE EXCHANGE FUND

SIR PIERS SAID. ALL IS PUBLIC FUNDS,

"

"THE FULL RISK UNDER THE TERMS OF THIS OFFER WOULD HAVE BEEN ON THE GOVERNMENT, HF ADDED.

TURNED HAVE

THE COMMISSIONER OF BANKING, MR DAVID CARSE, ADDED THAT THE BEA PROPOSAL EXTAILED THAT AFTER ACQUISITION, IF THE BANK (BOCHK)

WOULD A

PRICE OUT TO HAVE POSITIVE NET ASSET VALUE, BEEN PAID, BUT THAT WOULD HAVE BEEN DELAYED OVER SOME PERIOD OF TIME.

PURCHASE

'AN INITIAL INSTALMENT WOULD HAVE BEEN MADE AFTER THREE AND THEN THE FINAL INSTALMENT AFTER SIX YEARS.

NET

YEARS

HAD NEGATIVE "1F

IT TURNED OUT, ON INVESTIGATION, THAT BCCHIK

THE I'ART OF THE ASSOCIATED LIABILITIES ON ASSET VALUR WITH

ASIA SHAREHOLDERS TO PUT MORE MONEY INTO THE BANK, THEN BANK OF EAST

CENT

ΤΟ BACK PER

THE TO SELL ITS 50 WOULD

THE RIGHT HAVE HAD GOVERNMENT OR TO OTB ALONG WITH THE ASSOCIATED LIABILITIES," HE SAID,

"IN OTHER WORDS, AT THAT POINT THE HONG KONG GOVERNMENT OR OTB

MR CARSE ADDED. WOULD HAVF ENDED UP OWNING 100 PER CENT OF THE BANK,'

"

FC APPROVES EARLY REPAYMENT FOR BCCHK DEPOSITORS

*

HONG

OF CREDIT AND COMMERCE DEPOSITORS AND CREDITORS OF THE BANK

LIMITED (THE INTERNATIONAL FINANCE KONG

AND BCCT LIMITED

PER INSTITUTIONS) WILL BE ABLE TO RFCFIVE EARLY REPAYMENT OF UP TO 25

TO A CENT OF THEIR NET CREDIT BALANCE WITH THE INSTITUTIONS, SUBJECT MAXIMUM LIMIT OF $500,000.

EARLY SUCIE

REPAYMENT,

IFSIGNED

TO

SOME PROVIDE

IMMEDIATE INSTITUTIONS, PARTICULARLY RELIEF TO DEPOSITORS AND CREDITORS OF THE THE SMALLER ONES, ARE EXPECTED TO BE MADE WITHIN A WEEK OR SO.

AN

ANNOUNCEMENT WILL PROCEDURES ARE BEING WORKED OUT AND

A GOVERNMENT SPOKESMAN SADD TODAY (FRIDAY). MADE AS SOON AS POSSIBLE,

BE

SCHEME FOLLOWED THE TO DISCUSS

FOR THE EARLY REPAYMENT THE GO-AHEAD AUTHORISATION BY THE FINANCE COMMITTEE FOR THE GOVERNMENT AND ENTER INTO ARRANGEMENTS WITH THE LIQUIDATOR AND OF THE INSTITUTIONS FOR THE PARTIAL EARLY DISTRIBUTION.

SPECIAL MANAGERS

INTO

TI LPOKESMAN SAID THE MANTEN LIMIT WAS SIT AFTER TAKING ACCOUNT THE HARDSEET FACED BY PEPOSITORS, MANY OF THEM SMALL COMPANIES NOW EXPERIENCING SLRIOUS LIQUIDITY PROBLEMS.

/THE EARLY