XN000022-1993-11-05 — Page 17

16

FRIDAY, NOVEMBER 5, 1993

RISK UNDER THE

EXAMINE THE

ON SERVICES FOR YOUTH AT A WORKING GROUP

WAS ALSO FORMED IN JULY TO CO-ORDINATING COMMITTEE EMOTIONAL AND SOCIAL PROBLEMS FACED BY THE YOUNG PEOPLE TODAY.

THE WORKING GROUP, CHAIRED BY THE DIRECTOR

ITS RECOMMENDATIONS REGULARLY

REPORT

ΤΟ

OF SOCIAL WELFARE THE CO-ORDINATING

WILL COMMITTEE.

"CHILDREN

AND YOUNG PEOPLE ARE

YOUTH INFLUENCES IN SOCIETY, CHILDREN AND

AND BALANCED PEOPLE TO ATTAIN A HEALTHY GUIDANCE AND ASSISTANCE," MR STRACHAN SAID.

VULNERABLE

ΤΟ

POWERFUL

SERVICES HELP OUR YOUNG DEVELOPMENT, GIVING THEM

ΤΟ STRIVE HARD THE WELL-BEING OF

"OUR CHILDREN AND YOUTH CENTRES WILL CONTINUE TO MEET THE CHALLENGES OF TODAY AND CONTRIBUTE TO SOCIETY AT LARGE, HE ADDED.

ון

SUPERVISORY CO-OPERATION WITH BANK INDONESIA

* * * ✶ ✶

INDONESIA (THE

THE HONG KONG MONETARY AUTHORITY AND BANK CENTRAL BANK OF INDONESIA) HAVE ENTERED INTO A MEMORANDUM OF UNDERSTANDING ON THE SUPERVISION OF THE CROSS-BORDER OPERATIONS OF BANKS FROM THEIR RESPECTIVE TERRITORIES.

THE MEMORANDUM WAS SIGNED ON NOVEMBER 1 IN JAKARTA BY DEPUTY CHIEF EXECUTIVE (BANKING) OF THE MONETARY AUTHORITY, MR DAVID CARSE AND MR HENDROBUDIYANTO, MANAGING DIRECTOR OF BANK INDONESIA.

MR CARSE SAID: "EFFECTIVE SUPERVISION OF THE OVERSEAS OPERATIONS OF BANKS REQUIRES GOOD CO-OPERATION BETWEEN THE HOME AND THE HOST BANKING AUTHORITIES.

MORE

A

"AS A RESULT OF THE MEMORANDUM OF UNDERSTANDING, WE NOW HAVE FORMAL FRAMEWORK OF BILATERAL CO-OPERATION IN BANKING

SUPERVISION BETWEEN HONG KONG AND INDONESIA.

"I

A

THE MEMORANDUM HAS ADOPTED A NUMBER OF GUIDING PRINCIPLES AS FOR PROMOTING SUPERVISORY CO-OPERATION, WHICH INCLUDE THE

BASIS FOLLOWING:

* BOTH AUTHORITIES WILL CONSULT BACH OTHER ON ALL FUTURE APPLICATIONS SUBMITTED BY BANKS OR OTHER INTERESTS FROM THEIR RESPECTIVE TERRITORIES TO ESTABLISH OR ACQUIRE CROSS- BORDER BANKING OPERATIONS. APPLICANTS ARE REQUIRED TO THE PRIOR CONSENT OF BOTH AUTHORITIES BEFORE THEY ARE PERMITTED TO PROCEED WITH THE ESTABLISHMENT OR ACQUISITION,

BRANCHES, AUTHORISED

* BOTH AUTHORITIES WILL ALLOW EACH OTHER то CONDUCT ON-SITE

EXAMINATIONS OF THE OPERATIONS OF

THE SUBSIDIARIES AND REPRESENTATIVE OFFICES OF INSTITUTIONS FROM THEIR RESPECTIVE TERRITORIES.

/* BOTH AUTHORITIES