XN000022-1992-11-04 — Page 6

WEDNESDAY, NOVEMBER 4, 1992

"I

WOULD

SHOULD EMPHASISE THAT THIS SECONDARY USE OF THE FUND

LIMITED ΤΟ DEALING WITH PROBLEMS WITH SYSTEMIC IMPLICATIONS AND NOT FOR BAILING OUT INDIVIDUAL BANKS PER SE.

BE

STRICTLY

"WHILE THERE MIGHT BE OCCASIONS WHERE THE

OF RESCUE

AN INDIVIDUAL BANK PROVED NECESSARY TO PREVENT A DOMINO EFFECT ACROSS THE ITS WHOLE BANKING SYSTEM, EACH CASE WOULD CONTINUE TO BE EXAMINED ON MERITS."

THIS SECONDARY PURPOSE WOULD BE SUBORDINATE TO THE PRIMARY PURPOSE OF MAINTAINING EXCHANGE RATE STABILITY.

SHOULD THERE BE ANY CONFLICT, 'THE PRIMARY PURPOSE WOULD PREVAIL, HE SAID.

A

PRESENTLY MONETARY

CLAUSES 6 TO 45 OF THE BILL CONTAIN CONSEQUENTIAL AMENDMENTS TO NUMBER OF ORDINANCES TO TRANSFER THE STATUTORY POWERS VESTED IN THE COMMISSIONER OF BANKING AND THE SECRETARY FOR AFFAIRS IN SUCH ORDINANCES TO THE MONETARY AUTHORITY.

DEBATE ON THE BILL WAS ADJOURNED.

0

DISTRICT COURT (AMENDMENT) BILL 1992 INTRODUCED

* *

PROPOSED LEGISLATION WAS INTRODUCED INTO THE LEGISLATIVE

TO IMPROVE COUNCIL TODAY

THE ADMINISTRATION OF JUSTICE IN

DISTRICT COURT.

THE

MOVING THE SECOND READING OF THE DISTRICT COURT (AMENDMENT) AT PRESENT, BILL 1992, THE ATTORNEY GENERAL, MR JEREMY MATHEWS, SAID

MADE AN ORDER IN A DISTRICT JUDGE WHO HAD DELIVERED A JUDGEMENT OR CIVIL PROCEEDINGS WAS ENTITLED, OF HIS OWN MOTION OR UPON APPLICATION, TO RE-OPEN A CASE AND REVERSE OR VARY HIS JUDGEMENT OR ORDER.

HE

FURTHERMORE, WHERE A DISTRICT JUDGE SUBSEQUENTLY RECORDED IN WRITING THE REASONS HE DELIVERED ORALLY,

MIGHT MODIFY HIS LEGAL

REASONING.

SUCH OF

"THE COURT OF APPEAL COMMENTED IN 1990, AND I AGREE, THAT CONFIDENCE POWERS DO NOT ENHANCE GENERAL

IN THE ADMINISTRATION

** MR MATHEWS JUSTICE. BY CLAUSES 2 AND 3 THE BILL REPEALS THESE POWERS, SAID,

CASE, IN LIMITED

WHERE A DISTRICT JUDGE DELIVERED ORAL REASONS IN A CIVIL

NEEDED THE REASONS

ONLY BE RECORDED

WRITING IN

CIRCUMSTANCES.

GIVEN THE IMPORTANCE

OF

LEGAL PROCEEDINGS

THE IN

DISTRICT

COURT, THIS WAS CLEARLY INAPPROPRIATE, MR MATHEWS SAID,

/"THE BILL