TNAG-1724-FCO40-2437-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 188

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MR.

MARTIN LEE :

Sir, although the Financial Secretary

has not given us an advance copy of his oral answer, I

have given him a courtesy advance copy of my supplementary

question in three parts. Will the Financial Secretary

please confirm that all the proceeds to be collected by

banks from Hong Kong dollar deposits arising from the

imposition of negative interest rates will go to the

Government? And, if so,

is this not in the nature of a

tax rather than a banking charge provided for in section

12(1)(e) of the Hong Kong Association of Banks Ordinance?

And will the Financial Secretary please explain why this

Council has been bypassed by the Government in its

imposition of this indirect tax?

FINANCIAL SECRETARY : Yes, thank you, Sir. I thank Mr.

Martin LEE for his courtesy

for his courtesy in giving me an advance copy

of his supplementary.

time to give a copy

took some time to

I am afraid that I did not have

of the main answer which of course

prepare. In any event, I have the

greatest confidence in Members of this Council in asking

supplementaries without having an advance copy of the main

answer.