TNAG-1723-FCO40-2436-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 46

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HONG KONG LEGISLATIVE COUNCIL — 13 January 1988

mean a great deal of such places and, in effect, unless the machinery was there to immediately act on those complaints actually on the spot, very little more wol be achieved by having a place for receipt of complaints. In effect, the numbers of complaints made about these road works are not so great as he might have thought.

Paid-up capital of the Hong Kong Futures Guarantee Corporation

7. MR. WONG PO-YAN asked: As the Hong Kong Futures Guarantee Corpora- tion 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?

FINANCIAL SECRETARY: Sir, this is basically a matter for the Hong Kong Futures Guarantee Corporation, which is a limited company in private ownership. However, I am aware 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.

MR. WONG PO-YAN: Sir, may I ask when the details of the plans will be made known to this Council?

FINANCIAL SECRETARY: Sir, I am told that the plans should be ready for announcement in the early part of this year, but I cannot at this stage give a date.

MR. LI: Sir, can the Financial Secretary tell us what further commitment Hong Kong Government have made to the Futures Guarantee Corporation, if any?

FINANCIAL SECRETARY: Sir, the details of the various commitments that the Government has made to the Guarantee Corporation have been explained in this Council on earlier occasions. Mr. Li will remember that there were two tranches—namely, a first tranche of $2 billion and a second tranche of a further $2 billion.

Classification of obscene articles

8. MR. PETER C. WONG asked: How many articles have been classified obscene or indecent since the Control of Obscene and Indecent Articles Ordinance came into operation in September 1987, and how is Government monitoring public reaction to the new tribunal's decisions?