TNAG-0669-FCO40-818-Policy-on-housing-and-resettlement-in-Hong-Kong-1977 — Page 137

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(b) raising additional funds by accenting

wholesale deposits;

(c) providing a subsidy for the Home

or if nothing

(a)

Ownership Scheme, not by the Government making direct subsidies to households as such, but possibly by making available loans on soft terms to the mortgage bank;

else worked (which is highly unlikely)

amending the guidelines in the

light of changing circumstances (which in any event should be kept under review from time to time).

Management and Governing Body

6.

It is envisaged that the mortgage bank will be a small operation in terms of the number of staff, with the borrowing functions being handled internally and the on-lending transactions being handled, at least initially, by an agent on the basis of a management contract. The Building and Loan Agency has been suggested as a likely agent (but there may be other organisations). Rothschilds have not made any detailed recommendations as regards the composition of the Board of the mortgage bank but the working rarty considers

(a) that it would be desirable initially to

have a senior Government officer as a non- oxecutive chairman of the Board;

(b)

that the chief executive should be a member of the Board.

Further and more detailed consideration will be given. to this at the legislative drafting stage.

G.F. 323

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