TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 125

Question No. 1

Dr Hon Helmut Sohmen

PA Barking

33

"In the light of the rapid increase in the

volume of personal loans in recent years, and the attendant risk of fraud being perpetrated on banks and deposit-taking companies by unscrupulous individuals, would Government support an industry effort to establish a central credit information bureau in Hong Kong by appropriate legislation which may need to include, inter alia, express waivers of bank secrecy provisions as well as the mandatory participation of all authorised financial institutions in such a bureau?"

Sir,

REPLY BY THE HONOURABLE THE FINANCIAL SECRETARY

IN LEGISLATIVE COUNCIL : WEDNESDAY 16 JULY 1986

A

I have recently received a similar proposal from

the Hong Kong Foreign Bank Representatives Association.

credit information bureau is an interesting idea, but

essentially one for the banking community, at least in the

first instance. I have accordingly asked the Association

to take the matter up with the Hong Kong Association of

Banks. They have now done so.

HKK. 10011

RECF

31 JUL 1986

Taken

ABBY

/2. I can certainly