XN000022-1992-05-04 — Page 9

MONDAY, MAY 4, 1992

"WE HAVE MADE SPECIAL ALLOWANCE FOR THIS MAJOR PROGRAMME IN OUR PLANNING FOR THE NEXT FEW YEARS BUT NOT AT THE EXPENSE OF OTHER ESSENTIAL INFRASTRUCTURE WORKS, WHICH WILL STILL TAKE UP THREE QUARTERS OF GOVERNMENT'S CAPITAL SPENDING BETWEEN NOW AND 1997, SHE SAID, NOTING THAT HONG KONG'S RESERVES TOTALLED U.S.$11.8 BILLION IN MARCH.

甲中

MRS CHAN SAID THE MTRC ENJOYED A WELL ESTABLISHED OPERATING AND FINANCIAL TRACK RECORD AND HAD CONSIDERABLE EXISTING RESOURCES.

ON THE OTHER HAND, THE AIRPORT AUTHORITY WHICH WOULD REPLACE PROVISIONAL AUTHORITY LATER THIS YEAR WOULD HAVE FEW REVENUES OF OWN, AND THE GOVERNMENT'S FUNDING SUPPORT WAS NEEDED TO COVER A WIDER RANGE OF RISKS PRIOR TO COMPLETION OF THE AIRPORT.

THE ITS

"WE BELIEVE THE PROJECT IS EXTREMELY ROBUST BECAUSE THE AUTHORITY WILL INHERIT ALL OF KAI TAK'S TRAFFIC ONCE THE NEW AIRPORT OPENS, SHE SAID.

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MRS CHAN ALSO SAID THAT IN ACCORDANCE WITH THE MEMORANDUM OF UNDERSTANDING SIGNED BY THE GOVERNMENTS OF THE UNITED KINGDOM AND CHINA, CONSULTATIONS HAD ALREADY STARTED WITH THE CHINESE SIDE ON THE FUNDING PLANS FOR THE RAIL AND THE AIRPORT WHICH CREATED SOME CONTINGENT LIABILITIES FALLING TO THE POST-1997 GOVERNMENT.

"WE HAVE NO REASON TO BELIEVE THESE PLANS WILL CAUSE MAJOR PROBLEMS FOR THE CHINESE GOVERNMENT, BUT TIME WILL BE NEEDED TO EXPLAIN THEM CAREFULLY THE PLANS ARE, AFTER ALL COMPLEX," SHE SAID.

MONETARY STATISTICS FOR MARCH PUBLISHED

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HONG KONG

DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS INCREASED IN MARCH, ACCORDING TO STATISTICS PUBLISHED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH.

COMPARED WITH A YEAR EARLIER, HONG KONG DOLLAR DEPOSITS GREW BY 15.3%, BROADLY IN LINE WITH THE GROWTH RATE OF GROSS DOMESTIC PRODUCT IN MONEY TERMS.

HONG

CONSISTENT WITH THE INCREASE IN DEPOSITS IN MARCH, HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS ROSE DURING THE MONTH. KONG DOLLAR LOANS AND ADVANCES ALSO INCREASED IN MARCH.

DEPOSITS

HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS, ADJUSTED TO INCLUDE SWAP DEPOSITS, ROSE BY 1.2% IN MARCH FOLLOWING DECREASES OF 1.2% AND 0.1% IN JANUARY AND FEBRUARY RESPECTIVELY.

/AMONG THESE