TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 214

Sir,

UMELCO

DRAFT SPEECH BY HON DAVID K P LI, JP

LEGISLATIVE COUNCIL - 28.5.1986

Banking Bill 1986

The Banking Bill 1986 is a very important development

for our banking and financial community.

As Representative of the Financial Constituency in this Council, and as a member of the Ad Hoc Group formed to study the Bill, I am well aware that the Bill before us is the product of much collective thought, careful scrutiny, lengthy discussions and painful soul searching.

Given the problems we have faced, particularly in recent years, we all hope that this new Bill will provide adequate safeguards for the future. However no amount of legislation will prevent the unscrupulous, the imprudent and the inept from leading our financial institutions to disaster. Ultimately, the quality of our banking institutions depends on the quality of our bankers.

The

In general terms, the Bill has received widespread support within the banking and financial fraternity. Financial Secretary, the Secretary for Monetary Affairs and the Commissioner of Banking may well go down in history as dedicated and determined men who made the Bill possible. They deserve our heartiest congratulations and grateful thanks.

But now the time has come for the Bill to be put to the acid test in the banking and financial sector it is meant to guide

and to guard.

UMELCO