XN000022-1993-06-02 — Page 21

WEDNESDAY, JUNE 2, 1993

BILLS INTRODUCED TO MAKE BOC A NOTE-ISSUER

* * * *

TWO BILLS PROPOSING TO ENABLE THE BANK OF CHINA TO BECOME THE THIRD NOTE-ISSUING BANK IN HONG KONG WERE INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THEY ARE BANK NOTES ISSUE (AMENDMENT) BILL 1993 FUND (AMENDMENT) BILL 1993.

AND EXCHANGE

MOVING THE SECOND READINGS OF THE BILLS, THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID THE GOVERNOR IN COUNCIL HAD APPROVED IN PRINCIPLE ON JANUARY 12 FOR THE BANK TO START ISSUING BANK NOTES FROM MAY NEXT YEAR.

UNDER PRESENT LEGISLATION,

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

IN 1991, THE BANK OF CHINA APPROACHED THE EXPRESSING AN INTEREST IN BECOMING A NOTE-ISSUER.

ADMINISTRATION

THE

AND

NOTE-ISSUING

"AFTER A SERIES OF DISCUSSIONS WITH THE BANK, ADMINISTRATION WAS SATISFIED THAT THE BANK OF CHINA WAS PREPARED ABLE TO MEET THE TECHNICAL REQUIREMENTS OF BECOMING A BANK," HE SAID.

"MOREOVER THE ADMINISTRATION CONSIDERED THAT HONG ACCOMMODATE AN ADDITIONAL NOTE-ISSUING BANK WITHOUT CAUSING IN THE CURRENCY, MR CARTLAND ADDED.

-

DEBATES ON THE BILLS WERE ADJOURNED.

KONG COULD CONFUSION

U

—

—

LICENSING SCHEME FOR BEDSPACE APARTMENTS

* * *

LICENSING BEDSPACE

THE BEDSPACE APARTMENTS BILL WILL PROVIDE FOR A SCHEME TO REGULATE THE FIRE AND BUILDING SAFETY OF APARTMENTS, THE SECRETARY FOR HOME AFFAIRS, MR MICHAEL SUBN, TOLD LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.

MOVING THE SECOND READING OF THE BILL, HE SAID THE LICENSING SCHEME FOLLOWED A RECOMMENDATION BY THE CORONER'S COURT IN 1991 AFTER ITS INQUIRY INTO THE DEATHS OF SEVEN PEOPLE IN A SHAM SHUI РО BEDSPACE APARTMENT FIRE IN DECEMBER 1990.

MR SUEN FIRST DEFINED A BEDSPACE APARTMENT AS A FLAT WHICH CONTAINS 12 OR MORE BEDSPACES FOR RENTAL PURPOSES.

HE SAID ONCE THE LICENSING SCHEME WAS IMPLEMENTED, ANY APPLICATION FOR EXEMPTION FOR ANY PERIOD NOT EXCEEDING TWO YEARS WOULD BE GRANTED BY THE RELEVANT AUTHORITY.

HOWEVER, MR SUEN ASSURED COUNCILLORS THAT DURING THOSE FIRST TWO YEARS, ALL EXISTING BEDSPACE APARTMENTS, WHICH SHOULD THEN BE OPERATING UNDER CERTIFICATES OF EXEMPTION, WOULD BE INSPECTED.

/"AFTER THESE