TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 191

Sir,

UMELCO

DRAFT SPEECH BY HON STEPHEN CHEONG, OBE,

LEGISLATIVE COUNCIL 28.5.1986

Banking Bill 1986

JP

In rising to support the motion, please allow me first

--

to declare an interest as a non-executive director of a locally

incorporated bank; namely the Wing On Bank. Secondly, I would

like to applaud the Administration's determination and hard work

in successfully putting this Bill for our consideration this

afternoon.

It is certainly no mean feat to have been able to

prepare a well drafted major piece of important legislation on the

one hand, whilst having to direct attentions towards sorting

through the maze of problems within the banking sector on the

other. Time was also a major constraint as leaders of our

responsible Administration naturally wish to correct as much

anomalies as possible and in as short a time frame as possible.

Given the circumstances and the final performance, the efforts of

the Administration is certainly worthy of our praise and respect.

Perhaps possible critics of the Administration ought to delve

deeper into considering and understanding all aspects of the

problems associated with the issues and be more objective in their

assessments before making a big song and dance to the gallery.

Sir, I have always harboured the conviction that as a

member of this Council, one should always look at the macro

interest of Hong Kong as the number one priority. It is with that

UMELCO