XN000022-1994-08-17 — Page 3

WEDNESDAY, AUGUST 17, 1994

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LIQUIDITY ADJUSTMENT FACILITY RATES UP

THE HONG KONG MONETARY AUTHORITY (HKMA) ANNOUNCED BEFORE THE OPENING OF THE MONEY MARKETS TODAY (WEDNESDAY) AN INCREASE IN THE KEY INTEREST RATES, THE LIQUIDITY ADJUSTMENT FACILITY RATES (LAF), BY 0.5 PERCENTAGE POINT.

IN LINE WITH THE INCREASE IN THE U.S. DISCOUNT RATE BY THE FEDERAL RESERVE LATE LAST NIGHT, THE HKMA INCREASED THE LAF BID AND OFFER RATES TO 3 PER CENT AND 5 PER CENT FROM 2.5 PER CENT AND 4.5 PER CENT RESPECTIVELY, WITH IMMEDIATE EFFECT.

HONG KONG'S VERSION OF A FOR OVERNIGHT INTEREST

THE BID AND OFFER RATES OF LAF, DISCOUNT WINDOW, SET THE FLOOR AND CEILING RATES IN THE HONG KONG INTERBANK MARKET.

A SPOKESMAN FOR THE HKMA SAID THE DETERMINATION OF THE BEST LENDING RATE WAS A MATTER FOR THE INDIVIDUAL BANKS AND THE RETAIL DEPOSIT RATES FOR THE COMMITTEE OF THE HONG KONG ASSOCIATION OF BANKS LATER THIS WEEK, HAVING REGARD TO THE ACTION THIS MORNING BY THE HKMA.

RETAIL DEPOSIT RATES WERE LAST ADJUSTED ON MAY 20, FOLLOWING AN INCREASE IN LAF RATES BY HKMA ON MAY 18.

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PILOT SCHEME TO IMPROVE COURT EFFICIENCY

THE JUDICIARY TODAY (WEDNESDAY) SIGNED A $5.5 MILLION CONTRACT TO LAUNCH A PILOT SCHEME TO PROVIDE AUDIO RECORDING AND TRANSCRIPT PRODUCTION SERVICE IN THE DISTRICT COURT IN A BID TO IMPROVE COURT

EFFICIENCY.

A SPOKESMAN FOR THE JUDICIARY SAID THE SCHEME WOULD RELIEVE DISTRICT JUDGES OF THE BURDEN OF TAKING LONGHAND NOTES OF COURT PROCEEDINGS, THUS REDUCING THE COURT HEARING TIME AND CUTTING DOWN THE WAITING TIME FOR TRAILS.

"AT PRESENT ONLY THE COURT OF APPEAL AND THE HIGH COURT ARE PROVIDED WITH PROFESSIONAL COURT REPORTERS то RECORD COURT PROCEEDINGS. NOTES OF PROCEEDINGS IN OTHER COURTS HAVE TO BE HAND WRITTEN BY THE JUDGES THEMSELVES AS THEY NEITHER HAVE PROFESSIONAL COURT REPORTERS NOR ANY AUDIO RECORDING FACILITIES, THE SPOKESMAN EXPLAINED.

"ALTHOUGH THE NOTES ARE NOT TAKEN EXACTLY VERBATIM, THE PROCEEDINGS HAVE TO BE RECORDED IN DETAIL AND THEREFORE THE COURT HEARING HAS TO BE SLOWED DOWN TO ALIGN WITH THE HAND WRITING SPEEDS OF THE JUDGES.

"FURTHERMORE, THE JUDGES HAVE TO SPARE TIME AND EFFORT то PROOFREAD AND TO CORRECT PERSONALLY THE DRAFT NOTES PREPARED BY TYPISTS WHEN NOTES OF PROCEEDINGS ARE REQUIRED FOR APPEAL OR REQUESTED BY THE CONCERNED PARTIES, HE SAID.

/THE SPOKESMAN