XN000022-1993-05-12 — Page 4

3

WEDNESDAY, MAY 12, 1993

AT PRESENT, THERE ARE TWO NOTE-ISSUING BANKS IN HONG KONG, THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED AND STANDARD CHARTERED BANK.

THE SPOKESMAN SAID: "AMENDMENTS ΤΟ THE BANK NOTES ISSUE ORDINANCE AND THE EXCHANGE FUND ORDINANCE ARE REQUIRED SO THAT THE BOC WOULD BECOME A NOTE-ISSUING BANK AND ISSUE BANK NOTES AS LEGAL TENDER IN HONG KONG."

"THE OPPORTUNITY 18 ALSO TAKEN TO AMEND THE EXCHANGE FUND ORDINANCE TO MAKE CLEAR THAT THE FINANCIAL SECRETARY HAS THE POWER TO USE THE RESERVES, DEPOSITED WITH THE EXCHANGE FUND BY A NOTE-ISSUING BANK AS BACKING FOR THE BANK NOTES ISSUED, FOR REDEMPTION OF SUCH NOTES IN THE EVENT THAT THE NOTE-ISSUING BANK CONCERNED IS WOUND HE ADDED.

UP,"

THE SPOKESMAN SAID THIS AMENDMENT CLARIFIED THE EXISTING PROVISION AND DID NOT ADD TO OR DETRACT FROM THE EXISTING POWERS OF THE FINANCIAL SECRETARY.

1993, 1993.

THE AMENDMENT BILLS WILL BE PUBLISHED IN THE GAZETTE ON MAY 21, AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JUNE 2,

THE BOC HAS ESTIMATED THAT IT COULD COMPLETE THE WORK TO BEGIN NOTE-ISSUE IN MAY 1994.

PREPARATORY

A

GOVERNOR SENDS CONDOLENCES FOR BANGKOK FIRE VICTIMS

* * *

GOVERNMENT SPOKESMAN SAID TODAY (WEDNESDAY) THAT THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, HAS SENT THE FOLLOWING MESSAGE TO THE PRIME MINISTER OF THAILAND TODAY:

A HONG KONG- WIDELY SHARED

"I WAS APPALLED TO LEARN OF THE TRAGIC FIRE AT OWNED FACTORY IN BANGKOK. t KNOW MY DISTRESS TS THROUGHOUT HONG KONG WHERE NEWS OF THE DISASTER HAS BEEN RECEIVED WITH SHOCK AND CONCERN. THERE IS ENORMOUS SYMPATHY FOR THE VICTIMS AND THEIR FAMILIES. PLEASE ACCEPT MY DEEPEST CONDOLENCES AT THE TRAGIC LOSS OF LIFE."

O

-

14