XN000022-1992-09-30 — Page 7

WEDNESDAY, SEPTEMBER 30, 1992

J

"A SECOND CRITERION WHICH STATED THAT A LOCAL APPLICANT SHOULD NOT BE A SUBSIDIARY OF A LICENSED BANK HAS BEEN REPLACED BY ONE WHICH IF CURRENTLY APPLIES TO APPLICANTS FOR A RESTRICTED BANKING LICENCE THE COMPANY IS A SUBSIDIARY OR AN ASSOCIATE OF A LICENSED BANK IN HONG AND KONG, IT MUST BE WIDELY RECOGNISED AS AN ENTITY IN ITS OWN RIGHT, HAVE A SEPARATE MANAGEMENT STRUCTURE AT EXECUTIVE LEVEL, HE SAID.

"IT IS NOT UNUSUAL IN OTHER FINANCIAL CENTRES TO FIND THAT A BANKING GROUP CONTAINS MORE THAN ONE BANK, COVERING DIFFERENT ACTIVITIES. THE CHANGE IS APPROPRIATE TO CATER FOR THE TREND OF BANKING GROUPS BECOMING MORE COMPLEX STRUCTURALLY," THE SPOKESMAN SAID.

PROPOSAL FOR SUBSCRIPTION TV LICENCE RECEIVED

* * * * *

THE GOVERNMENT TODAY (WEDNESDAY} RECEIVED A PROPOSAL FROM WHARF CABLE BIDDING FOR A LICENCE TO OPERATE SUBSCRIPTION TELEVISION SERVICES IN HONG KONG, THE ACTING SECRETARY FOR RECREATION AND CULTURE, MRS RACHEL CARTLAND, SAID.

IN ACCORDANCE WITH THE BROADCASTING AUTHORITY ORDINANCE, THE GOVERNOR IN COUNCIL HAS INVITED THE BROADCASTING AUTHORITY ΤΟ CONSIDER THE BID AND THEN MAKE RECOMMENDATIONS TO THE EXECUTIVE COUNCIL.

AND

THE AUTHORITY WILL BE ASSISTED IN THE WORK BY A STEERING GROUP CHAIRED BY THE SECRETARY FOR RECREATION AND CULTURE COMPRISED OFFICIALS FROM VARIOUS POLICY BRANCHES AND DEPARTMENTS.

KPMG PEAT MARWICK MANAGEMENT CONSULTANTS LTD HAS BEEN COMMISSIONED TO HELP THE GROUP ANALYSE AND EVALUATE THE PROPOSAL.

"WE WILL BEGIN OUR WORKING SESSIONS WITH THE CONSULTANTS TOMORROW (THURSDAY). THE CONSULTANTS ARE EXPECTED TO PRESENT ΤΟ THE BROADCASTING AUTHORITY THE RESULTS OF THEIR ASSESSMENTS NOVEMBER, SHE SAID.

WHARF MAY BE INVITED ΤΟ PRESENT AUTHORITY NEXT MONTH TO ENABLE IT TO BETTER AND TO PUT QUESTIONS TO THE BIDDER.

IN

THEIR PROPOSAL ΤΟ THE UNDERSTAND THE PROPOSAL

"THROUGHOUT THE EXERCISE, WE SHALL CONFIDENTIALITY OVER THE DETAILS OF THE BID.

OBSERVE

STRICT

"THE AUTHORITY IS EXPECTED TO SUBMIT ITS RECOMMENDATIONS TO THE EXECUTIVE COUNCIL IN DECEMBER, WHICH IS WITHIN OUR PREVIOUSLY ANNOUNCED SCHEDULE," SHE SAID.

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