XN000022-1994-03-23 — Page 15

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WEDNESDAY, MARCH 23, 1994

IN ADDITION, THERE WILL BE INCREASED TRAINING OPPORTUNITIES CIVIL SERVANTS OF DIFFERENT LEVELS.

FOR

TO SET UP A SUBSTANTIAL PENSION RESERVE FUND IS ALSO A CONCRETE MEASURE TO ADDRESS STAFF CONCERN.

CONTINGENCY ON

A

OF

MEASURES, MR SZE SAID THE

OF POSSIBILITY PORTION OF OFFICERS LEAVING THE SERVICE BEFORE OR AFTER THE CHANGE SOVEREIGNTY IN 1997 HAD NOT BEEN RULED OUT.

"TO

FOR PREPARE

DIRECTORATE RANKING WILL BE ADDED.

THIS POSSIBILITY, WE HAVE

UP STEPPED SUCCESSION PLANNING EXERCISE AND OUR TRAINING FOR OFFICERS WITH POTENTIAL, TO ENSURE THAT QUALIFIED

AVAILABLE TO TAKE UP HIGHER LEVEL POSTS

OUR MIDDLE CANDIDATES

IF

REQUIRED,"

HE

MTRC TO CONSIDER SHORT-TERM BOND ISSUE

*

ISSUING

THE MASS TRANSIT RAILWAY CORPORATION (MTRC) WILL CONSIDER SHORT-TERM BONDS OF SMALL DENOMINATIONS FOR HONG KONG RESIDENTS

THE INVEST IN THE CORPORATION, DEPENDING ON

FINANCING REQUIREMENTS FOR THE AIRPORT RAILWAY.

ΤΟ

THIS WAS STATED BY THE SECRETARY FOR THE TREASURY, MR DONALD TSANG, IN A WRITTEN REPLY TO A QUESTION BY THE HON FUNG KIN-KEE IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

"THE MTRC HAS ALREADY ISSUED A STEP-UP BOND IN DENOMINATIONS OF $10,000 MATURING IN 1995.

BOND

ARE

"THIS IS LISTED ON THE HONG KONG STOCK EXCHANGE FOR THE GENERAL

INTEREST

OF THIS RATES PAYABLE TO HOLDERS PUBLIC. THE STEPPED UP ANNUALLY UP TO MATURITY, MR TSANG SAID.

+

AS AT DECEMBER 31 LAST YEAR, MTRC'S TOTAL AMOUNT OF OUTSTANDING LOANS AND OBLIGATIONS UNDER FINANCE LEASES WAS $18,591 MILLION.

THIS INCLUDED $6,480 MILLION (35 PER CENT) FOR CAPITAL INSTRUMENTS; $10,695 MILLION (57 PER CENT) FOR BANK AND OTHER

OBLIGATIONS UNDER AND $1,416 MILLION (EIGHT PER CENT) FOR LEASES.

MARKET

LOANS;

FINANCE

THE CORPORATION'S BORROWINGS, EXCLUDING OBLIGATIONS FINANCE LEASES, AMOUNTED TO $17,175 MILLION LAST YEAR.

THIS COMPRISED:

* FIXED RATE LOANS AND LOANS SWAPPED TO FIXED RATES OF

MILLION WITH INTEREST RATES RANGING FROM 4.55 PER

UNDER

$12,266 CENT

TO

10.31 PER CENT.

* VARIABLE

RATE

LOANS OF $4,909 MILLION,

THE

INTEREST

RATE THE

INTERBANK

LONDON

BEING DETERMINED BY REFERENCE TO EITHER THE PRIME RATE, HONG KONG INTERBANK OFFERED RATE OR THE OFFERED RATE.

MR TSANG ADDED THAT THE OVERALL EFFECTIVE COST OF FUNDING YEAR WAS 7.3 PER CENT.

LAST

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