XN000022-1992-10-01 — Page 4

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THURSDAY, OCTOBER 1, 1992

"THE HONG KONG GOVERNMENT AND THE PRIVATE SECTOR HAVE CLEARLY EXPLAINED HONG KONG'S CONCERNS TO CONGRESSIONAL LEADERS AND THE U.S.

ADMINISTRATION.

"WE SHALL CONTINUE ΤΟ DO SO ΤΟ ENSURE THAT HONG KONG'S INTERESTS WILL BE TAKEN INTO ACCOUNT, SHE ADDED.

THE BILL SEEKS TO PLACE CONDITIONS ON RENEWAL OF CHINA'S MFN TRADING STATUS IN 1993 AND WAS VETOED BY THE PRESIDENT ON MONDAY (SEPTEMBER 28).

BY A VOTE OF 345 TO

74. THE U.S. HOUSE OF REPRESENTATIVES

OVERRODE THE PRESIDENTIAL VETO ON SEPTEMBER 30, 1992.

UNDER U.S. LEGISLATION, A TWO-THIRDS MAJORITY VOTE IS REQUIRED IN BOTH THE HOUSE OF REPRESENTATIVES AND THE SENATE ΤΟ OVERRIDE A PRESIDENTIAL VETO.

THE SENATE WILL ATTEMPT TO OVERRIDE THE PRESIDENTIAL VETO

ON

OCTOBER 1.

BANKING SECTOR HELPS CURB PROPERTY SPECULATIONS

*

THE GENERAL ADOPTION BY THE BANKING SECTOR OF A 70 PER CENT LOAN-TO-VALUE RATIO HAS HAD A CALMING EFFECT ON THE RESIDENTIAL PROPERTY MARKET, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (THURSDAY).

HE EXPRESSED HIS APPRECIATION TO THE BANKING SECTOR IN HONG KONG FOR ACTING PRUDENTLY AND RESPONSIBLY IN TAKING STEPS TO TIGHTEN THEIR CRITERIA FOR RESIDENTIAL MORTGAGE LENDING.

HEADQUARTERS

SPEAKING AT THE OPENING CEREMONY OF HONG KONG NEW OF CITIBANK, MR MACLEOD SAID CONTINUED CAUTION ON THE PART OF THE BANKING SECTOR WAS LIKELY TO BE IMPORTANT.

HE NOTED THAT THE CURRENT DIFFICULTIES OF BANKS THE WORLD WAS AN ELOQUENT TESTIMONY TO THE RISKS OF PROPERTY LENDING.

"WE RECOGNISE THAT IF SUPERVISORY RULES ARE TO THEY MUST BE ACCEPTED AS FAIR AND REASONABLE BY THOSE WILL APPLY.

ELSEWHERE IN OVER-AMBITIOUS

BE EFFECTIVE, TO WHOM THEY

"WE ARE VERY CONSCIOUS OF THE NEED TO PROTECT THE NON-PROFESSIONAL INVESTORS IN OUR MARKETS. OUR AIM IS TO HAVE A LEVEL- PLAYING FIELD FOR ALL, BUT WE ALWAYS MAKE IT A POINT TO LISTEN TO VIEWS OF THOSE WHO WILL BE AFFECTED BY CHANGES TO OUR REGIME.

THE

/"THAT IS