XN000022-1994-11-25 — Page 11

FRIDAY, NOVEMBER 25, 1994

MONETARY AUTHORITY WELCOMES HK ASSOCIATION OF BANKS' PROPOSAL

THE HONG KONG MONETARY AUTHORITY WELCOMES THE PROPOSAL FROM THE (FRIDAY) COMMITTEE OF THE HONG KONG ASSOCIATION OF BANKS (HKAB) TODAY

OF WKAB, THAT THE BANK OF CHINA (BOC) SHOULD ROTATE AS CHAIRMAN BANK

HONGKONG ALONG WITH THE

LIMITED AND SHANGHAI BANKING CORPORATION (HSBC) AND STANDARD CHARTERED BANK (SCB).

CURRENTLY, THE THREE BANKS ARE THE CONTINUING COMMITTEE OF HKAB, BUT ONLY HSBC AND SCB ALTERNATE EVERY TWO YEARS.

MEMBERS ON THE

AS CHAIRMAN BANK

BE INCLUDED AS A ROTATING

UNDER HKAB'S PROPOSAL, BOC WOULD CHAIRMAN WITH ITS FIRST TERM TO COMMENCE IN 1996.

THE THAT

CHAIRMANSHIP SHOULD

AT PRESENT.

IT IS FURTHER PROPOSED BY HKAB ROTATE ON AN ANNUAL BASIS RATHER THAN EVERY TWO YEARS AS

THE PROPOSED CHANGES REQUIRE THE ENACTMENT OF AMENDMENTS TO THE

HONG KONG ASSOCIATION OF BANKS ORDINANCE.

EXECUTIVE OF IN SUPPORTING THE PROPOSAL, MR JOSEPH YAM, CHIEF THE HONG KONG MONETARY AUTHORITY, SAID: "THIS IS A NATURAL DEVELOPMENT THE BANKING SECTOR. REFLECTING BOC'S INCREASINGLY IMPORTANT ROLE IN THE BOC GROUP IS THE SECOND LARGEST BANKING GROUP IN HONG KONG AND BOC HAS RECENTLY BECOME THE THIRD NOTE-ISSUING BANK.

WELL PLACED AS "BY ROTATING AS CHAIRMAN BANK, BOC WILL BE AS

HONG HSBC AND SCB TO CONTRIBUTE TO ACHIEVING THE OBJECTS OF HKAB. THE

TO WORKING WITH BOC IN ITS KONG MONETARY AUTHORITY LOOKS FORWARD PROPOSED NEW ROLE, HE SAID.

70 VIETNAMESE DEPART ON ORDERLY REPATRIATION FLIGHT

A

(FRIDAY) (ORP).

GROUP OF 70 VIETNAMESE MIGRANTS RETURNED TO VIETNAM TODAY PROGRAMME ON THE 19TH FLIGHT UNDER THE ORDERLY REPATRIATION

THE RETURNEES, COMPRISING 29 MEN, 28 WOMEN, EIGHT BOYS AND FIVE WAS THE OLDEST GIRLS, WERE MOSTLY FROM HIGH ISLAND DETENTION CENTRE. 54 AND THE YOUNGEST EIGHT MONTHS.

EJ

MOST OF THEM ARRIVED IN HONG KONG IN 1988 AND 1989 WITH FIVE OF THEM COMING TO THE TERRITORY IN 1993 AND 1994.

THE GROUP WAS THE LARGEST ON A SINGLE PROGRAMME STARTED IN NOVEMBER 1991 AND REPATRIATED ON ORP FLIGHTS TO 985.

BROUGHT

FLIGHT

SINCE

THE THE TOTAL NUMBER

/THE RETURNEES