APR 09 '86 16:40 GIS HK
P.9
to respond promptly, decisively and confidentially. Otherwise, if 1 might paraphrase a comment from Mr Peter
"while the crew debated, the ship sank".
Wong:
19.
I have said many times that Hong Kong depends utterly on trade and industry. Sound banking is their backbone. The integrity of the economic system of Hong Kong could not withstand a series of major local banking problems. It is very difficult to differentiate between major and minor. The onus rests on the Financial
Secretary.
Hong Kong has come through a rough four years since the collapse of the DTC Dollar Credit in 1982 which was a harbinger of banking problems. During the difficult following years we have experienced minimum real trouble. Certainly no depositor has suffered and we must be concerned about the savings of the man in the street. Thanks in part to tight fisted and by no stretch of the imagination guaranteed use of the Exchange Fund, which nevertheless we can clearly well afford, Hong Kong seems
The Commissioner now to be sailing into smoother waters.
There is
of Banking believes that we are about clear of serious local bank problems. I hope that he is right. no way of so guaranteeing.
20.
Members will have noticed that in the new bill
there is provision for an annual report by the Commissioner through the Banking Advisory Committee to the Executive Council. With their approval the report can then be published annually. This might well be timed just before each year's budget debate and produce a form of
It will cover accountability in this very sensitive area.
the Commissioner's activities under the Banking Ordinance.
21.
There are four particular points which I wish
Firstly, the maintenance of the
to underline.
stability and prosperity of Hong Kong ranks above other considerations. The livelihood of all of us depends upon
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