XN000022-1991-12-11 — Page 19

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WEDNESDAY, DECEMBER 11, 1991

"THERE IS CURRENTLY AN ARRANGEMENT WHEREBY THE OFFICE OF THE EXCHANGE FUND IN EFFECT ACTS AS THE LENDER OF LAST RESORT, PROVIDING LATE OVERNIGHT LIQUIDITY ASSISTANCE AFTER THE CLOSE OF THE LOCAL INTERBANK MARKET.

"OVER THE PAST 11 MONTHS, THE OFFICE HAS PROVIDED SUCH ASSISTANCE ON 11 OCCASIONS. THE TOTAL SUMS PROVIDED AMOUNT то $2.4 BILLION, HE SAID.

THE SECRETARY SAID THIS ARRANGEMENT SERVED THE FUNCTION WHICH IN OTHER MONETARY SYSTEMS WAS PROVIDED BY WHAT WAS CALLED A DISCOUNT WINDOW.

HE NOTED THAT SOME HAD RECENTLY EXPRESSED A WISH FOR THE GOVERNMENT'S LENDER OF LAST RESORT POLICY TO BE CLARIFIED, WHILE OTHERS HAD CALLED FOR THE PRESENT ARRANGEMENT ΤΟ PROVIDE LATE OVERNIGHT LIQUIDITY ASSISTANCE TO BE FORMALISED, SO THAT LICENSED BANKS WOULD HAVE A BETTER OPPORTUNITY ΤΟ MANAGE THEIR LIQUIDITY POSITIONS EFFECTIVELY.

"THIS MATTER IS NOW UNDER REVIEW BY THE OFFICE OF THE EXCHANGE FUND," HE SAID.

"THERE WILL BE

FULL CONSULTATION WITH THOSE CONCERNED, IN PARTICULAR WITH THE EXCHANGE FUND ADVISORY COMMITTEE AND THE HONG KONG ASSOCIATION OF BANKS, SHOULD CHANGES BE CONSIDERED NECESSARY AND DESIRABLE, HE ADDED.

CRITERIA FOR DEPLOYMENT OF SOCIAL WORK TEAMS EXPLAINED

то

THERE IS NO PLAN TO PROVIDE AN OUTREACHING SOCIAL WORK TEAM THE TAI PO AND NORTH DISTRICTS, THE SECRETARY FOR HEALTH AND WELFARE, MRS ELIZABETH WONG, INFORMED THE LEGISLATIVE COUNCIL TODAY

(WEDNESDAY).

IN A WRITTEN REPLY TO A QUESTION FROM REV THE HON FUNG CHI- WOOD, THE SECRETARY SAID THE PROVISION OF OUTREACHING SOCIAL WORK TEAMS WAS DETERMINED BY THE STEERING GROUP ON OUTREACHING SOCIAL WORK, WHICH CONSISTED OF REPRESENTATIVES OF THE SOCIAL WELFARE DEPARTMENT AND THE HONG KONG COUNCIL OF SOCIAL SERVICE.

SHE NOTED THAT THE PRIORITIES WERE SET BY THE STEERING GROUP AND BASED ON THE FOLLOWING CRITERIA:

*

NUMBER

HIGH JUVENILE CRIME RATE, AS INDICATED BY THE ACTUAL OF CASES PROSECUTED AND THE NUMBER OF YOUNG PEOPLE SUPERVISED UNDER THE SUPERINTENDENT DISCRETIONARY SCHEME THE POLICE;

RELATIVE PERCENTAGE OF YOUTH POPULATION; AND

OF

/*

HIGH POPULATION