CONFIDENTIAL
(b)
(c)
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the progress being made in drawing
M(79)20
up proposals for the minimum liquidity
ratios to be observed by banks and
deposit-taking companies; and
the proposed timetable for the preparation
of legislation on minimum liquidity
requirements, with a memorandum being
prepared for submission to Council in
August 1979 in readiness for the
legislation to be introduced in
Legislative Council in October 1979.
The Council ADVISED and the Governor ORDERED:
that, in the course of his discussions
with companies having inadequate or
negative liquidity ratios, the
Commissioner of Deposit-taking
Companies should make it known that
it was the Government's objective,
subject to the usual advisory
procedures and the passage of legislation, to require deposit-
taking companies to comply by the end of 1979 with the liquidity requirements laid down for banks at that time.
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