TNAG-1724-FCO40-2437-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 78

RWOED

、

UNTIL

ON 10 February 1988

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Speech by the Honourable the Secretary for Trade and Industry in Legislative Council on 10 February 1988

He said:

Sir,

I move the motion standing in my name in the

Order Paper.

In April 1985, the maximum

contingent

liability of the Hong Kong Export Credit Insurance

Corporation was increased from $3,500 million, by $700

million to $4,200 million.

Since then, the

the ☆

Corporation's liability under contracts of

of insurance

has risen gradually at the rate of about $90 million

per quarter. At the end of 1987, it stood at $4,010

million.

le

li

Given

this

rate

of

increase,

the

estimates that the

It

Corporation's Advisory Board

existing statutory limit may be reached shortly.

has therefore recommended that the maximum contingent

liability ceiling be increased by $800 million to

$5,000 million. Failure to raise this limit could

result in the corporation having to turn away further

business and discourage our exports.