UMELCO
DRAFT SPEECH BY DR HON HELMUT SOHMEN
LEGISLATIVE COUNCIL 28 MAY 1986
-
Banking Bill 1986
Revisel
Sir,
May I please declare
an interest as
should however
not be
non-executive
The
construed
as
director of the Hongkong and Shanghai Banking Corporation.
views I am expressing reflecting those of the bank.
Sir,
many
years
ago
included in the work on
being I had the privilege of
act the revision of a bank
in another
It is a measure of jurisdiction. That process took 2 1/2 years.
to
to
the efficiency of Hong Kong that only 2 1/2 months of public analysis and discussion were required to bring the Banking Bill
Third Reading since
Preparatory work
it
was
first
Committee Stage and introduced in this Council.
and consultation
had of course gone on for a longer time; nevertheless, given that a large number of comments were received and needed to be drafted into amendments to the
Bill, the Administration
being only
for
not
most
should
to
be
the
congratulated submissions made, but for maintaining the time-table with only a
small delay.
It
will be
a
better
Bill
receptive
of because
these
amendments.
the
areas
a
The analytical process was facilitated no doubt by the acceptance of the Bill and its objectives on the part of the financial sector, the concerned professions, and the community at large. It is clearly perceived as measure required to deal
in recent with
identified
and problem
collapses
financial institutions, and liquidity crises of a number of our financial to re-introduce greater public onfidence in the whole system, at
home as well as
as well as abroad. We must however remain fully conscious of the fact that the Banking Bill cannot and will not provide any
future failures. It will at best guarantees
against
afford
investors alike.
somewhat greater protection for depositors and investors
UMELCO
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