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the record of this evening's proceedings, we have no
intention of tampering with either the present linked
system or the rate. It has provided and will continue
to provide stability.
6.
As you know, the new Banking Ordinance came
into effect at the beginning of this month. Clearly,
a stable banking sector is essential to the economic
well-being of our community. But let me add this.
There is no system of prudential supervision that can
guarantee that problems will never arise. The primary
responsibility for the safety and soundness of
individual institutions must lie with the directors
and management, not with supervisors.
What we seek to
achieve is the provision of a sound framework in which
proper business can be conducted.
Prudential
supervision enables those entrusted with the task to
have early warning of problems so that they are able
to take timely action.
legislation, together with the improvements in the
I believe that the new
will go a
Commissioner of Banking's staff resources,
long way towards ensuring healthy banking in Hong Kong.
7.
From what I have said, you will realize that
it is implicit in any system of prudential supervision
that on occasions it will be necessary for the
/authority to
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