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(iv) Immigration Department's task force, which was doubled in size from 46 to 92 in October, will be flexibly deployed to re-inforce control points during the busy festive seasons.

End/Wednesday, November 29, 1995

Sales of new $20 notes issued by HKSBC

Following is a question by Dr the Hon Law Cheung-kwok and a written reply by the Secretary for Financial Services, Mr Rafael Hui, in the Legislative Council today (Wednesday):

Question:

In his reply to a written question which I raised in this Council on 25 October 1995 regarding the Hongkong Bank's recent sale of new $20 notes at a price in excess of their face value, the Secretary for Financial Services stated that the action of the Hongkong Bank was not in breach of the Bank Notes Issue Ordinance. It was subsequently known that such transaction was approved by the Hong Kong Monetary Authority (HKMA) and that certain high-ranking officials of the Bank and of the HKMA had also emphasised on different occasions that the profits from the transaction would go to charity. In this connection, will the Government inform this Council whether:

(a) the Hongkong Bank is required to apply to the HKMA before proceeding with the transaction; if so, what are the criteria for approving the application and under which Ordinance is such approval granted;

(b) the Hongkong Bank has provided the relevant government department with receipts certifying that the profits so generated have been donated to charity; if so, whether records of such donations will be made available for public inspection; and

(c) consideration will be given to amending the Bank Notes Issue Ordinance so as to regulate the sale of new bank notes by notes issuing banks at a price in excess of their face value?

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