XN000022-1992-07-01 — Page 31

WEDNESDAY, JULY 1, 1992

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INDIA RESERVE BANK CONTACTED ON STOCK MARKET PROBLEMS

THE COMMISSIONER OF BANKING HAS BEEN IN TOUCH WITH THE RESERVE BANK OF INDIA WITH A VIEW TO IDENTIFYING WHETHER ANY OF THE INDIAN BANKS WITH OPERATIONS IN HONG KONG WOULD BE SIGNIFICANTLY AFFECTED THE PROBLEMS IN THE INDIAN STOCK MARKET.

BY

THIS WAS STATED TODAY (WEDNESDAY) BY THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, IN A WRITTEN REPLY TO A QUESTION BY DR THE HON HUANG CHEN-YA IN THE LEGISLATIVE COUNCIL.

"THERE HAVE BEEN NO INDICATIONS THAT THE STABILITY OF ANY OF THESE BANKS IS LIKELY TO BE AFFECTED.

"THE

"

COMMISSIONER WILL, HOWEVER,

CONTINUE TO MONITOR THE

SITUATION, MR NENDICK SAID.

THERE ARE FOUR LICENSED BANKS IN HONG KONG WHICH ARE BRANCHES OF BANKS INCORPORATED IN INDIA.

THEY ARE SUBJECT TO THE PRIMARY SUPERVISION OF THE RESERVE BANK OF INDIA AND THE SUPERVISION OF THE COMMISSIONER OF BANKING IN HONG KONG UNDER THE BANKING ORDINANCE.

THERE IS ONLY ONE BANK INCORPORATED IN HONG KONG WHICH HAS BRANCHES IN INDIA.

MR NENDICK SAID IT HAD NOT BEEN AFFECTED BY THE PROBLEMS IN THE INDIAN STOCK MARKET.

COST OF LEGCO REPLIES VARIES

*

THE COST OF PROVIDING ANSWERS TO LEGISLATIVE COUNCIL QUESTIONS VARIES, DEPENDING ON THE NATURE AND COMPLEXITY OF THE QUESTION AND, IN PARTICULAR, THE AMOUNT OF RESEARCH NECESSARY ΤΟ OBTAIN THE INFORMATION REQUESTED.

THIS WAS STATED BY THE CHIEF SECRETARY, THE HON SIR DAVID FORD, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) IN A WRITTEN REPLY TO A QUESTION BY THE HON PEGGY LAM.

BASED ON A SAMPLE OF QUESTIONS ANSWERED BY BRANCH SECRETARIES RECENTLY, IT WAS ESTIMATED THAT, ON AVERAGE, IT WOULD COST ABOUT $30,000 TO PROVIDE AN ANSWER TO AN ORAL QUESTION; AND $20,000 FOR A WRITTEN REPLY.

HE SAID THE COST INCLUDED STAFF COST AND SUCH AS PHOTOCOPYING, FAXING AND TRANSLATION.

ADMINISTRATIVE COSTS

0

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