XN000022-1992-06-16 — Page 2

TUESDAY, JUNE 16, 1992

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HIGH-LEVEL MEETING TO BE HELD ON AIRPORT

* * * * *

THE FINANCIAL

SECRETARY, MR HAMISH MACLEOD,

THE THAT THERE WOULD BE A HIGH-LEVEL MEETING WITH (TUESDAY) SIDE ON THE FINANCING OF THE NEW AIRPORT PROJECT.

CONFIRMED

TODAY CHINESE

MR MACLEOD WAS RESPONDING TO QUESTIONS FROM NEWS MEDIA

STOCK AFTER A TOUR OF THE FUTURES EXCHANGE AND THE AFTERNOON.

EXCHANGE

MEMBERS THIS

WHEN

"I DON'T THINK ANYONE IS YET IN A POSITION TO SAY EXACTLY

BUT THERE CERTAINLY IS GOING TO BE ONE, HE SAID. IT WILL TAKE PLACE.

**

ASKED ΤΟ

EXPLAIN THE DIFFERENCE BETWEEN CALLABLE EQUITY DEBT,

MR MACLEOD SAID WHILE HE DID NOT WANT TO GET INTO A DEBATE THE MEANING OF WORDS, CALLABLE EQUITY WAS A FORM OF EQUITY WHICH BECAME DUE WHEN CERTAIN THINGS HAPPENED,

AND

OVER

ONLY

"IT'S

IF

ADVERSE CASE OF

ADDITIONAL AN

ASSURANCE TO LENDERS, THAT DEVELOPMENTS TAKE PLACE THEN THE SHAREHOLDER, WHICH IN THIS COURSE IS THE GOVERNMENT, WILL PUT SOME MORE MONEY IN.

ONE. SAID.

NEW

"IT IS QUITE A SIMPLE CONCEPT, AND OF COURSE IT IS NOT A IT ALREADY EXISTS WITH THE MASS TRANSIT RAILWAY CORPORATION," HE

ON THE STOCK EXCHANGE, MR MACLEOD SAID THE EXCHANGE WAS VERY GOOD BASIS IN TERMS OF REGULATORY MATTERS.

ON A

SIDE,

WILL

BE

"WHAT

TECHNOLOGY IT IS NOW MOVING FORWARD WITH IS THE

THE FIRST STEP THAT IS TO SAY, THE CLEARING SYSTEM, AND SO ON. BE NEXT WEEK WHEN CENTRAL CLEARING ON A TRADE-FOR-TRADE BASIS WILL LAUNCHED.

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SAID SUBJECT HE

TO SOME LEGISLATION GOING THROUGH LEGISLATIVE COUNCIL, CENTRAL CLEARING SHOULD BE FULLY IMPLEMENTED THE AUTUMN OF THIS YEAR.

I

THE IN

IN REPLY TO A QUESTION ABOUT THE IMPORTANCE OF THE STOCK MARKET THE TO THE ECONOMY, THE FINANCIAL SECRETARY SAID ITS KEY ROLE WAS IN

PLAYING A VERY FIELD OF NEW ISSUES AND THERE THE STOCK MARKET WAS USEFUL ROLE.

ISSUES COMING

I GATHER THAT THERE ARE A LARGE NUMBER OF NEW SO IT IS PERFORMING THE FUNCTION OF PROVIDING FUNDS FOR COMPANIES WHICH AFTERALL IS A BASIC FUNCTION."

UP.

I

DURING HIS VISIT TO THE HONG KONG FUTURES EXCHANGE, WAS BRIEFED BY THE

AND MCMILLAN, CHAIRMAN, MR EOGHAN

MR MACLEOD

THE

CHIEF

EXECUTIVE, MR GARY KNIGHT.

HE WAS ACCOMPANIED THROUGHOUT HIS TOUR OF THE STOCK EXCHANGE OF HONG KONG BY THE CHAIRMAN, MR CHARLES LEE.

—

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