TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 192

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in mind that I would like to offer a few observations.

First, it is without a shred of doubt that Hong Kong

should strive to maintain our position as an international

financial services centre. This is vital not only for our

developments in the short term but also for our long term future. As such, the policy that the Administration had adopted in dealing with the banking problems we faced not only had won praises and recognition in the international market place but had certainly

averted a disastrous loss of confidence in Hong Kong. provisions of this Bill, when enacted, would no doubt provide the

much needed tools to strengthen the foundation upon which the integrity and the viability of Hong Kong as an international financial centre can be further built. Some might feel that those

powers given to the Commissioner of Banking may be far too

sweeping and worries abut possible abuses.

The

These are legitimate

concerns and it behoves the Administration to take special note of

these concerns and act responsibly and reasonably in the

Also, it behoves implementation of the provisions of this Bill. Members of this Council to objectively monitor future developments and voice the necessary suggestions rationally when the need arises. In the interest of Hong Kong, we all must work with one

another and not against one another.

Secondly, I plead that members of the financial

community should do some soul searching themselves and objectively