XN000022-1997-03-20 — Page 4

-

3 -

Mr Andrew L T Sheng Deputy Chief Executive,

Hong Kong Monetary Authority

Mr Norman T L Chan

Deputy Chief Executive,

Hong Kong Monetary Authority

Commenting on the composition of the Board of Directors, the Financial Secretary, Mr Donald Tsang said, "The 15-member Board has a balanced representation with its Directors drawn from different sectors of the community. I look forward to working closely with the Directors to develop, guide and oversee the management of the HKMC so that it will operate prudently and profitably. The successful operation of the HKMC will over time contribute to banking and monetary stability, debt market development and home financing in Hong Kong."

Mr Joseph Yam, Chief Executive of the HKMA, said, "I am delighted to be appointed as Deputy Chairman of the HKMC. With the Directors now in place, the Corporation can now move full steam ahead to prepare for the commencement of business. We expect the HKMC will be able to start purchasing mortgage loans from authorized institutions and issuing debt securities in the fourth quarter of 1997."

The Directors of the HKMC are appointed by the Financial Secretary on a personal basis. The term of appointment of the current Directors, which commenced on March 19, 1997, will run until the annual general meeting of the HKMC to be held around March 1998. The first Board meeting is scheduled to be held at the end of March.

End

More Government spending to assist new arrivals

The Government will allocate $178.47 million in the next financial year for the provision of services for new arrivals from China, representing an increase of more than 160 per cent over this financial year, the Director of Home Affairs, Mrs Shelley Lau, said today (Thursday).

Speaking at a post-Budget press conference on the draft expenditure of Home Affairs Department (HAD) for 1997/98, Mrs Lau said that to help new arrivals integrate into the local community as quickly and as smoothly as possible, HAD had been tasked with monitoring and assessing services for new arrivals since October 1995.