TNAG-1723-FCO40-2436-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 148

Pard-up capital of the Hong Kong Futures Guarantee Corporation

7. Mr. WONG Po-yan asked:

Question 1 As the Hong Kong Futures Guarantee Corporation

had failed to honour its obligations during the crisis in the futures market last October, will Government advise this Council whether there are plans for the paid-up capital of the Corporation to be increased?

REPLY BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL

WEDNESDAY 13 JANUARY 1988

FINANCIAL SECRETARY =

&

Sir,

This

is basically a matter for the Hong Kong

Futures Guarantee Corporation, which is a limited company

I am aware

in private ownership. However, the Government understands

that plans are being drawn up by the Hong Kong Futures

Exchange, the Guarantee Corporation and the Clearing-

House, that is ICCH (Hong Kong) Ltd, as part of an overall

reform package announced by the Futures Exchange in

December 1987 to improve the existing guarantee

arrangements.