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Fourthly, the bill proposes a tightening of the present mechanism for a transfer of "excess assets" of the Exchange Fund to the general revenue and other funds of Hong Kong in section 8 of the ordinance.
The bill imposes an additional requirement in that the Financial Secretary must be satisfied that such a transfer would not adversely affect his ability to fulfil the purposes of the Fund as set out in sections 3(1) and 3(1A) of the ordinance, i.c. affecting the exchange value of the Hong Kong dollar and maintaining the stability and integrity of the monetary and financial systems of Hong Kong.
Fifthly, the bill makes provisions for the issue and redemption of certificates of indebtedness in computerised book entry form to improve the efficiency and security of the process.
Lastly, the bill transfers to the Hong Kong Government certain powers over the control of the Exchange Fund which are at present vested in the Secretary of State of the United Kingdom Government. These amendments are consistent with the provisions in the Joint Declaration and the Basic Law.
End/Friday, December 23, 1994
Suruga Bank granted licence
A Government spokesman said today (Friday) the Suruga Bank, Ltd. (SBL) had been granted a banking licence to conduct business in Hong Kong.
Established in 1895, SBL is a regional bank based in Numazu City, Shizuoka Prefecture. It has 140 branches in Japan and an overseas branch in New York. It is the 51st largest bank in Japan and ranks 223rd in the world in terms of capital.
In Hong Kong, SBL has been operating a representative office since 1987.
The bank wishes to upgrade the representative office to a branch to offer a wider range of banking services to its clients, who have business transactions in Hong Kong, China and other Southeast Asian countries.
The principal business of the proposed branch includes trade financing, loan syndication, money market transactions and securities investments.
No comments yet.
Private notes are available after approval.