TNAG-1489-FCO40-2046-Hong-Kong-and-the-Asian-Development-Bank-1986 — Page 123

ASIAN DEVELOPMENT BANK: UK GUARANTEE OF HONG KONG'S

OBLIGATIONS

NOTES FOR SUPPLEMENTARIES AND WINDING UP

Note No A3

Are we merely a rubber-stamp for guaranteeing Hong Kong's obligations to the

Bank?

and

HMG must be consulted before Hong Kong takes on a new obligation to the Bank,

our approval is required before any proposal can be formally effected. That approval would not be given if we were not satisfied that, for example, any project proposal or new share purchase would be in Hong Kong's best interests. Any new obligation could only be taken on within the statutory limit for the UK

guarantee.