XN000022-1991-07-30 — Page 2

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TUESDAY, JULY 30, 1991-

04 FYLL REPORT ON BCCHK MADE PUBLIC: GOVERNOR

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ROT LIAT SUROSION-2200TA

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LAJIT & FULT, AND COMPREHENSIVE REPORT ON ALL THE EVENTS LEADING UP TO THE FLOSURE OF THE BANK OF CREDIT AND COMMERCE HONG KONG, AND 18 GOING INTO LIQUIDATION WOULD BE MADE AVAILABLE TOMORROW TO MEMBERS OF THE LEGISLATIVE COUNCIL AND TO THE PUBLIC, THE GOVERNORY SIR 7 DAVID WILSON, SAID TONIGHT STUESDAY kam arren,GAH ZMRP)

GAIL AMERY ANAJSTAR

ON

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SPEAKING TO REPORTERY AT THE AIRPORT BEFORE HIS DEPARTURE TO GO LEAVE, SIR DAVID SAID HE HAD ASHED THE COMMISSIONER OF BANKING » TO PREPARE THE REPORT SOME DAYS AGO.

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BT. SOME PAYS AMI ANT QIAR

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"I'VE NOW RECEIVED THAT KEPORT.''Í'VE STUDIED IT: IT'S A VERY FULL VERY COMPREHENSIVE REPORT, AND I THINK IT SHOWS WHY THE COMMISSIONER OF BANKING TOOK THE DECISTONS HE DID AND THAT THOSE WERE THE RIGHT DECISIONS TO TAKÉ IN THE CIRCUMSTANCES AT THE TIMB, ". HE

SAID. VTIDATAQ..

STIDARA TERVES OF LUT SP"DETAILY AND I THINK IT IS RIGHT THAT

IT

THE

PUBLIC SHOULD SEE WHAT IS IN THAT REPORT. SO I INTEND TO MAKE THAT REPORT: PUBLIC SO MEMBERS OF THE PUBLIC WILL HAVE A CHANCE TO READ IN. „GPRAT DETAIL CHAT WENT ON AND THE CONSIDERATIONS THAT WERE IN THE MIND

PHÁT OF THE COMMISSIONER OF BANKING HE ADDED? WIPOD IT MAY

AUTOLATZAI

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MPT DALÄÖTI BELIEVE.

ΤΙ BELIEVE. THAT THE DECISIONS TAKEN BY THE COMMISSIONER; TWO RECISIONS, ONE, TO THE BANK'OPEN'ON AUSATURDAY: MORNING TO TRY ΤΟ KEEP THE BANK OPEN

INTEREST OF THE DEPOSITORS |

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"AND THEN WHEN THE SITUATION CHANGED AND IT CHANGED VERY MARKEDLY YOVER, THE WEEKEND, TO CLOSE THE BANK ON THE MONDAY MORNING, HAGAINAG

IN THE, INTEREST OF THE DEPOSITORSỰ THÂTU BOTH THOSE DECISIONS WERE CORRECT IN THE CONDITIONS AT THE TIME, "THE GOVERNOR SAID TA

G

KZOTTAMA ARME

"THE KEY THING PN THE DECISION TO CLOSE THE BANK,

↓

SAID: THE

SIR DAVID "THE KEY THING THAT HAPPENED WAS THAT THE MAJORITY SHAREHOLDER OF BANK,

THAT IS, THE RULING FAMILY OF ABU DHABI REFUSED TO CONFIRM A LETTER OF COMFORT WHICH THEY HAD RECENTLY GIVEN TO THE BANK, AND THAT HAD CHANGED THE CIRCUMSTANCES. THERE WAS ALSO WHAT WAS HAPPENING ΤΟ BCCI AROUND THE REST OF THE WORLD, HE ADDED.

THE

WHEN YASKARATE THE GOVERNMENT WOULD PROVIDE SUPPORT TO BCCHK, GOVERNOR SAID: "THE GOVERNMENT'S POSITION" 18" THAT IF THERE IS A PURCHASE OF THE BANK THAT SHOULD BE DISCUSSED WITH THE LIQUIDATOR, AND THAT IS PERFECTLY ALRIGHT IF THERE A GOOD OFFER COMES IN, THE ILIQUIDATORIMIUN SHOOK HABWIT

"

HUAST

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PROTJAGERKOJ

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2024AD BIT (A

* "BUT THE GOVERNMENT DOES NOT THINK THAT IT IS RIGHT TO USE

TAXPAYER'S MONEY TO LуÊ,GUARANTEES TO THE BANK AND THAT SITUATION IT REMAINS THE SITUATION NOW! IT IS AFTER ALL THE AUTAXPAVERS' INGNEVABHAT AS INVOLVED IN THIS," SIR DAVID SAID.

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