XN000022-1993-03-18 — Page 3

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THURSDAY, MARCH 18, 1993

HK MONETARY AUTHORITY TO BE SET UP IN APRIL

THE GOVERNOR HAS APPOINTED APRIL 1, 1993 AS THE DATE FOR EXCHANGE FUND (AMENDMENT) ORDINANCE 1992 TO COME INTO OPERATION. COMMENCEMENT NOTICE WILL BE GAZETTED TOMORROW (FRIDAY).

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THIS WILL ENABLE THE HONG KONG MONETARY AUTHORITY (HKMA) TO BE FORMALLY ESTABLISHED ON APRIL 1, 1993 UNDER THE DIRECTION OF THE FINANCIAL SECRETARY, BY MERGING THE EXISTING OFFICE OF THE EXCHANGE FUND AND THE OFFICE OF THE COMMISSIONER OF BANKING.

COMMENTING ON THIS, THE CHIEF EXECUTIVE (DESIGNATE) OF THE HONG KONG MONETARY AUTHORITY, MR JOSEPH YAM, SAID HE WAS PLEASED THAT THE PLAN, ANNOUNCED BY THE GOVERNOR IN HIS POLICY ADDRESS IN OCTOBER LAST YEAR, TO SET UP A MONETARY AUTHORITY HAD GONE SMOOTHLY.

HE FELT EXCITED TO BE GIVEN THE RESPONSIBILITY TO ASSIST THE FINANCIAL SECRETARY IN DELIVERING EXCHANGE RATE STABILITY, AND MAINTAINING THE STABILITY AND INTEGRITY OF THE MONETARY AND FINANCIAL SYSTEMS OF HONG KONG.

"WE ARE VERY MUCH AWARE OF THE IMPORTANCE OF THIS RESPONSIBILITY BECAUSE IT WOULD HAVE A DIRECT EFFECT ON THE OVERALL STABILITY AND PROSPERITY OF HONG KONG, MR YAM SAID.

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"IN ESTABLISHING THE HONG KONG MONETARY AUTHORITY, GOVERNMENT RECOGNISES THE NEED FOR FLEXIBILITY IN THE DEPLOYMENT OF RESOURCES FOR THIS IMPORTANT AREA OF WORK.

"IT WILL HELP US ENSURE THAT THIS WORK IS CARRIED OUT WITH THE DEGREE OF PROFESSIONALISM AND CONTINUITY NECESSARY TO COMMAND THE CONFIDENCE OF THE PUBLIC AND THE INTERNATIONAL FINANCIAL COMMUNITY, HE ADDED.

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"THE ESTABLISHMENT OF THE HONG KONG MONETARY AUTHORITY WILL ALSO GIVE US A MUCH-NEEDED INSTITUTIONAL IDENTITY FOR PURSUING HONG KONG'S INTEREST AS AN INTERNATIONAL FINANCIAL CENTRE, AND WE WILL AIM TO FURTHER OUR CONTACT AND CO-OPERATION WITH THE INTERNATIONAL CENTRAL BANKING FRATERNITY, MR YAM SAID.

"THE IMMEDIATE TASK AHEAD OF US IS TO BRING UNDER ONE ROOF THE VARIOUS DEPARTMENTS OF THE HONG KONG MONETARY AUTHORITY, WHICH ARE PRESENTLY SITUATED IN THREE SEPARATE LOCATIONS, AND A DECISION HAS BEEN TAKEN BY THE FINANCIAL SECRETARY WITH THE ADVICE OF THE EXCHANGE FUND ADVISORY COMMITTEE TO LEASE ACCOMMODATION AT 3 GARDEN ROAD, CENTRAL.

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MR YAM

"FITTING-OUT WORKS HAVE JUST STARTED AND WE EXPECT THE NEW OFFICE PREMISES TO BE READY AROUND THE MIDDLE OF THIS YEAR, SAID.

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