Aw Segre. Mr. Williamson
P.1. See below.
will x impede Mos
decisions on quy
ᄑ
other exports.
PP BTC HONG KONG
J21.5
GRS 100A
HKK M73
NO DISTRIBUTION
Ents 24
My2.5..
Wall тимой cyntos. посул
24/5
CONFIDENTIAL..
FROM ECGD 201600Z MAY 81
ECG)
PA
TO PRIORITY BTC HONG KONG
✓ 136
HKGD
TELEGRAM NUMBER EXCED 21 OF 20 MAY 1981.
TRED
FOR DEREK MARCH.
2x
X
PLEASE CONVEY FOLLOWING TO ROY HOLLOWAY ECGD AT NEW WORLD HOTEL
IMMEDIATELY.
TREASURY AGREE ISLAND LINE PROJECT AS A WHOLE UNDER SECTION
TWO. 8 AND A HALF YEARS CREDIT FOR EQUIPMENT AND CONSTRUCTION AND
5 YEARS FOR LINE OF CREDIT AGREED. THEY WILL BE CALLING FOR REVIEW
OF COMMITMENTS ON MARKET AND NO FURTHER COMMITMENTS ON MARKET
BEYOND ISLAND LINE UNTIL REVIEW TAKES PLACE.
HONG KONG DOLLAR FINANCING AGREED FOR RAIL CARS UP TO POUNDS
STERLING 100 MILLION BUT ATTEMPTS SHOULD BE MADE TO STAGGER ROLL OVER DATES. AN ATTEMPT SHOULD ALSO BE MADE TO INCLUDE A NON AVAILABILITY CLAUSE IN THE LOAN AGREEMENT WHICH LIMITS ECGD'S OBLIGATIONS TO PROVIDE HK DOLLARS IN A DISASTER SITUATION ALLOWING IT TO SUBSTITUTE SOME OTHER ACCEPTABLE CURRENCY FOR EXAMPLE HK DOLLARS MIGHT NOT BE AVAILABLE IN SUFFICIENT QUANTITY AT A PARTICULAR TIME. IF THERE is PRESSURE FOR HK DOLLAR FINANCING BEYOND FIGURE AGREED NO COMMITMENT SHOULD BE MADE AND IT SHOULD BE MADE CLEAR TO THE BUYER THAT YOU WOULD BE PREPARED TO CONSIDER PROVIDED THERE IS A CURRENCY OPTION CLAUSE WHEREBY THE LOAN IS AUTOMATICALLY CONVERTED TO US DOLLARS IN THE EVENT THAT THE INTEREST RATE DIFFERENTIAL BETWEEN HK DOLLARS AND US DOLLARS INCREASES ABOVE A GIVEN MARGIN. TREASURY WILL BE CALLING FOR A REVIEW OF FINANCIAL STRENGTH OF MET CAM.
REGARDS JOHN BROWN.
Mr Glist
Mr
Williamson £27.5
Mr. Seale
M
What is the timetable
Please see over.)
The review
A
27/3
Mr Hobks. He thinks that
under Section 1 would
I have spoken to APINN although
normal exports
NNNN
be included concerned
at
review, the Treasury is mainly
the section
Z
cover
for major
PTC.
No comments yet.
Private notes are available after approval.