XN000022-1996-07-31 — Page 3

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Mr Yam conceded that returns for the whole of 1996 were likely to remain subdued, but added it is inevitable that the Exchange Fund will show lower returns in difficult markets.

"Our style is to protect the accumulated surplus in difficult years, and seek to capitalise when markets are more favourable," said Mr Yam.

"I think our record in the last three-and-a-half years since the establishment of the HKMA - during which time the accumulated surplus has grown by over 51% -- speaks for itself," Mr Yam added.

End

New Measures by Buildings Department to speed up services

The Buildings. Department will introduce two new measures to speed up restaurant licensing and demolition consent procedures.

Announcing the details today (Wednesday), the Director of Buildings, Dr Choi Yu-leuk, said that the new measures, to be effective from August 1, will reduce significantly the time required in processing and approving the two types of application.

In restaurant licensing, Dr Choi explained that a simplified three-tier system for verification of compliance with Government's safety requirements would be implemented:

Tier 1: all applicants to verify compliance direct to the licensing authority, the Urban Services Department (USD) and Regional Services Department (RSD) in respect of requirements relating to matters of fact, for example, an increase in the width of an exit door.

Tier 2: the applicant's authorised persons (AP) or registered structural engineer (RSE) to verify compliance direct to USD/RSD in respect of requirements involving a professional appraisal relative to well-established standards, such as means of escape, fire resisting construction, or structural stability and integrity standards.