TNAG-1724-FCO40-2437-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 195

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MR. CHEONG-LEEN :

Sir, the Financial Secretary claimed in

reply to one of the supplementary questions that since

announcement of the

of negative interest

introduction

rates, there already seem to have been some salutory

effects on the situation. Can he give an assurance to

this Council that as and when it is deemed in the best

interest of Hong Kong, he will use his influence, gentle

persuasive effects, whatever you may call it, to have the

immediate withdrawal of negative interest?

FINANCIAL SECRETARY : Well, Sir, as I have said, we have

not implemented

implemented these arrangements. Rules have been put

in place. The mechanisms are there. The message has been

received by many who are involved in speculative

activity. Certainly there would be no move in relation to

the imposition of negative interest rates without

consultation with me

and I would certainly bear Hong

Kong's interests most seriously in mind. That is what it

is all about.

MR. JACKIE CHAN Sir, Government apparently wishes to be

exempted from paying negative interest and similar

requests are being made by the Community Chest and other

charitable organisations. IS not the administration of

negative interest rates going to become impossibly

complicated?

FINANCIAL SECRETARY : I think, Sir, I have answered that

question already.

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