TNAG-1269-FCO40-1619-Banking-situation-in-Hong-Kong-1983 — Page 42

機密

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CONFIDENTIAL #

For discussion

on 15 November 1983

XCC (83)119

Copy No

MEMORANDUM FOR EXECUTIVE COUNCIL HKK 100K

Banking Ordinance

(Chapter 155)

DESK

APPLICATIONS FOR BANKING LICENCES; INDEX

2 3 NOV 1983

HEB231

Introduction

The purpose of this memorandum is to seek Members' advice on applications for banking licences from

and

Banca Commerciale Italiana Citicorp Banking Corporation

Copies of the applications, without the supporting material, A, B are attached at Annexes A and B.

Licensing policy

T

2

Present policy on applications from banks incorporated outside Hong Kong, as ordered by the Governor on the advice of Members after considering memorandum XCC(81)50 on 19 May 1981, and as modified in respect of (a)(ii) below after considering memorandum XCC (82)103 on 31 August 1982 and XCC(83)94 on 30 August 1983, is as follows

(a)

(b)

that applications should be accepted for licences to be granted under section 7 of the Banking Ordinance from banks incorporated outside Hong Kong which satisfy the following

criteria

(i)

(ii)

incorporation in countries the monetary authorities of which exercise effective supervision and have no objection to the establishment of a branch in Hong Kong;

total assets (less contra items) in excess of US$12,000 million (this figure to be reviewed annually against the list of

of the world's largest banks in The Banker);

(iii) availability of some acceptable form of

reciprocity to Hong Kong banks;

that each such licence granted should be subject to the following conditions:

..S. 165

CONFIDENTIAL #