XN000022-1994-11-18 — Page 3

FRIDAY, NOVENBER 18, 1994

1.

TRANSCRIPT OF MEDIA SESSION BY FS AND S FOR TSY

FOLLOWING IS A TRANSCRIPT OF THE MEDIA SESSION BY THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, AND THE SECRETARY FOR THE TREASURY, MR DONALD TSANG, AFTER TODAY'S (FRIDAY) FINANCE COMMITTEE'S APPROVAL COMMITTING EQUITY FUNDING FOR THE AIRPORT RAILWAY:

FOR

WILL

ONE

THE

GROUND. THE MAJOR GROUPS POINTS ABOUT

FS:

I THINK THIS IS A VERY GOOD DAY FOR HONG KONG. IT PRODUCE AS YOU WELL KNOW A RAILWAY AND IN EFFECT TWO RAILWAYS, WHICH WILL SERVE MAINLY THE AIRPORT -- THE EXPRESS SERVICE, AND OTHER WHICH WILL SERVE THE HUGE NUMBER OF PEOPLE WHO LIVE ALONG THE ROUTE TO KWAI CHUNG AND THAT DIRECTION. IT'S ALSO, I BELIEVE, THE LARGEST AMOUNT OF MONEY THAT WE'VE EVER APPROVED HERE IN HONG KONG FOR A PROJECT, AND IN THAT SENSE ALSO WE ARE BREAKING NEW ATMOSPHERE I THINK IN LEGCO WAS VERY GOOD. I THINK ALL SUPPORT THE PROPOSAL. THEY MIGHT HAVE THEIR PARTICULAR MONITORING AND INDEED THEY DO HAVE A NUMBER OF POINTS ABOUT MONITORING. BUT THE BROAD THRUST FOR I THINK ALL MEMBERS, THERE WASN'T SINGLE VOICE AGAINST THE VOTE, AND SO THIS IS ALSO ENCOURAGING. WE MAKE OUR COMMITMENT SERIOUSLY. THE MONITORING INFORMATION WILL BE PROVIDED AS WE PROMISED AND WE WILL RESPOND PROMPTLY TO QUESTIONS, WE WILL MEET MEMBERS ON THAT POINT,

A

SO

QUESTION:

SO WHAT IS THE NEXT STEP NOW?

FS:

MTRC

THE NEXT STEP, OF COURSE, THE IMMEDIATE STEP IS THE WILL GET ON VERY SWIFTLY. I BELIEVE THEY WILL BE

SIGNING

SOME

CONTRACTS

CONTRACTS

ON MONDAY, SO THEY WILL BE GETTING ON VERY AND WITH GETTING THOSE CONTRACTORS WORKING EVERYONE ELSE, WE

WANT TO GET THE RAILWAY OPERATIONAL POSSIBLE,

SWIFTLY BECAUSE

WITH

LIKE

AS SOON AS

QUESTION:

DO YOU KNOW THE NUMBER OF CONTRACTS THAT THEY'RE GOING

TO SIGN ON MONDAY?

FS:

ANY IDEA, DONALD?

S FOR TSY:

WHOLE OF NEXT WEEK THEY WILL BE INVOLVED IN A WHOLE SERIES OF SIGNING. I THINK THE DETAILED INFORMATION CAN

BE OBTAINED FROM THE MTR CORPORATION. BUT CERTAINLY THE FIRST BATCH WILL BE SIGNED ON MONDAY.

QUESTION:

SORRY, IF THESE CONTRACTS ARE GOING TO BE SIGNED NEXT WEEK, SURELY YOU MUST HAVE THE DATE, A COMPLETION DATE OF THE RAILWAY. YOU MUST HAVE SOME IDEA.

FS:

THIS IS NOT THE LAST CONTRACT TO BE SIGNED. AS YOU KNOW, WHAT HAS HAD TO HAPPEN NEXT, NOT IMMEDIATELY BUT FAIRLY SOON IS THE MTRC HAS TO EMBARK ON THE BORROWING PROGRAMME, AND THERE WILL BE OTHER CONTRACTS LET OUT. BUT THE MAIN THING IS THE BORROWING PROGRAMME. IF WE KNOW THAT THAT CAN BE PROCEEDED IN TIME, AND THEREFORE THE FSA IS PROCEEDING ON TIME, THEN I THINK VERY SOON WE CAN

OUT WITH A SENSIBLE ESTIMATE OF COMPLETION. BUT AT THE MOMENT, THERE IS STILL THAT PARTICULAR POINT LEFT SLIGHTLY IN THE AIR.

/WHEN ARE