機密
regard to the size of an
and
applicant's own assets, excluding those of subsidiaries,
has been applied consistently in
that way. While declared licensing policy does not formally rule out consideration of applicants with assets below the threshold, there is a very obvious implication that satisfaction of the size criterion is a necessary, though not a sufficient condition for obtaining a licence. Up till now no applications have even been lodged by any who would clearly fail to satisfy the size criterion.
Since CBC has, however, lodged a formal application through the Commissioner to the Governor in Council for a licence, Members will be asked for their advice on the matter. In view of the fact that the applicant is not regarded as a bank for purposes of law and supervision in its country of incorporation and does not meet the minimum size criterion, the Commissioner recommends that the grant of a licence be refused. The Commissioner is also concerned at the potential implications for Hong Kong's reputation of granting a banking licence to a company which does not enjoy banking status in its native country.
Publicity
12
The grant of any licence will be made public by notice in the Gazette in the usual way.
Advice sought
13
Members will be asked to advise whether, in accordance with the Banking Ordinance and the policy adopted on 19 May 1981, licences, to be subject to the conditions set out in paragraph 2(b) above, should be granted to Banca Commerciale Italiana and Citicorp Banking Corporation.
(The Secretary for Monetary Affairs, Mr D.W.A. BLYE, and the Commissioner of Banking, Mr C.D.W. MARTIN, will attend before the Council for the discussion of this item.)
2 November 1983
(B 1/1C IV)
COUNCIL CHAMBER
CONFIDENTIAL
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