XN000022-1993-10-22 — Page 10

FRIDAY, OCTOBER 22, 1993

HE WAS PROMOTED TO DEPUTY DIRECTOR OF ARCHITECTURAL SERVICES IN APRIL 1986 AND TO DIRECTOR IN JULY 1991.

ON HIS RETIREMENT, MR CORSER HAD COMPLETED 31 YEARS OF SERVICE WITH THE GOVERNMENT.

MR RD POPE

MR POPE, AGED

47,

JOINED THE CIVIL SERVICE AS AN ESTATE

SURVEYOR IN FEBRUARY 1970.

HE WAS PROMOTED TO GOVERNMENT LAND AGENT IN SEPTEMBER 1982 AND TO PRINCIPAL GOVERNMENT LAND AGENT IN JUNE 1987.

_

OVERSEAS TRUST BANK (ACQUISITION) (AMENDMENT) BILL

棠

THE OVERSEAS TRUST BANK (ACQUISITION) (AMENDMENT) BILL 1993 IS PUBLISHED IN THE GAZETTE TODAY (FRIDAY) AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON OCTOBER 27, 1993.

THE MAIN PURPOSE OF THE BILL IS TO REPEAL PROVISIONS OF THE OVERSEAS TRUST BANK (ACQUISITION) ORDINANCE AND SUBSIDIARY LEGISLATION MADE UNDER IT WHICH HAVE BECOME UNNECESSARY OR INAPPROPRIATE FOLLOWING THE SALE OF THE OVERSEAS TRUST BANK BY THE GOVERNMENT.

THESE INCLUDE PROVISIONS WHICH ARE SPENT AND OTHERS RELATING TO THE MANAGEMENT AND CONTROL OF THE BANK BY THE GOVERNMENT.

BANK. WE

AS

"OVERSEAS TRUST BANK IS NO LONGER A GOVERNMENT-OWNED NEED TO AMEND THE ORDINANCE TO PUT IT BACK ON THE SAME FOOTING OTHER BANKS IN THE PRIVATE SECTOR, A GOVERNMENT SPOKESMAN SAID.

OVERSEAS TRUST BANK WAS TAKEN OVER BY THE GOVERNMENT IN JUNE 1985. IT WAS THE LAST GOVERNMENT-OWNED BANK RETURNED TO THE PRIVATE SECTOR. THE SALE MARKED THE END OF GOVERNMENT'S EFFORT IN RESCUING BANKS IN THE 1980'S.

OF

PROVISION

IN THE 1980'S, THE EXCHANGE FUND WAS INVOLVED IN THE RESCUE SEVEN BANKS, EITHER BY DIRECT GOVERNMENT ACQUISITION OR

BY OF ASSISTANCE IN ACQUISITION BY THIRD PARTIES.

PURCHASER

"ALTHOUGH IN THE CASE OF OTB WE HAVE AGREED WITH THE AS PART AND PARCEL OF THE TRANSACTION TO DISCLOSE THE TOTAL CONSIDERATION OF THE SALE, WE ARE STILL BOUND BY CONTRACTUAL OBLIGATIONS NOT TO DISCLOSE THE DETAILS OF THE INDIVIDUAL CASES, THE SPOKESMAN SAID.

"

THIS

"NEVERTHELESS, WE HAVE ADVISED THE LEGISLATIVE COUNCIL OF THE LATEST ESTIMATE OF THE TOTAL NET COSTS OF THE SEVEN RESCUES. AMOUNTED TO $3.8 BILLION."

/TO PUT

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