TNAG-1136-FCO40-1416-Address-by-Sir-Edward-Youde--Governor-of-Hong-Kong--to-the-L-1982 — Page 43

18..

Indeed Bong Kong has

-emerged

an, important international financial contre, The private, sector and the qqvernment are working together to provide the framework in which, that centre con ficuriph.

19.

•

Specifically, this

1

•

year tho Government exempted interest on foreign currency deposita placed with banks and deposit-tąking companies from Interobt tęp, and has reduced the rate of interest tax on Hong Kong dollar deposite from 150 to 10%, The 'dovernment has 'şipe supported the expmption of large short-term" deposita from the datereat sete rulap of the Hong Kong Association of Banks, Moonyhilo, various amandments have boan introduced to the Banking Ordinance and the Deposit-taking Companies Ordinance, aimed at further Suproving the system of prudential supervision of Hong Kong incorporated financial institutions.

standing theroby reinforcing their

in

international financial community.

20,

An

the

An Insurance Compantoc #111, prepared after lengthy with - representativos of the industry,

consultations

Was

presented to thig Council la May thịp vệCS,

vocs, The objects of the Bill are twofold: to provide mare protection tp policyholders

and to

and improve Hong Kong'o standing

sa'. insurance roinaurance centre without stifling competition in the market. Comments on the Bill have been recoáved from the industry and related organisations and they are being @zarined: by the Government and Unofficial Membots of thip Council, I hope that the Bill with agreed amendpants will be enagged within this seasion,

21,

Again, the Companies Bill, first. published in 1980 for public information and comment,. qiup to podezniṣe our company law. The Bill is being ro-drafted in the light of the representations received and consultations with Members of this Council

Council within this session.

Unofficial

and will be introduced

be introduced into this

3

/(ii). Manufacturing ...

;