TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 157

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direction given by or on behalf of a person resident of Iraq to make any payment without such permission no further drawings may be made under existing

facilities. No new arrangements should be entered into, no bills of exchange drawn by a resident of Trad should be accepted, and no credits, discount or acceptable facilities of any sort should be issued, confirmed or advised for account of, or in favour of, or on behalf of, a resident of Iraq.

19. Any necessary permission is, however, hereby given for irrevocable credits opened before 7 August 1990 in respect of transactions with Iraq to be honoured, "Iraqi Accounts may not be debited except where otherwise permitted in

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Maturing bills of exchange

in reimbursement. this Notice.

20. All necessary permissions are hereby given for maturing

bills of exchange drawn by residents of Iraq and

accepted before 7 August 1990 by persons subject to the Order to be paid by the acceptor on maturity. "Iraqi Accounts' may not be debited in reimbursement without permission.

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Servicing of syndicated loans

21. Any necessary permission will be given for authorized

institutions which are agents for syndicated loans and credits to the government or residents of Traq to distribute capital repayments and interest payments to participants in the syndicates, provided that the necessary funds are received from outside Hong Kong. Applications for such permission should be made to the Financial Secretary. Permission will not normally be given to use balances

use balances on "Iraqi Accounts"

Roll-overs

toans 10

22. Persons subject to the Order who have made

residents of Iraq before 7 August 1990 and who wish to roll-over such loans accordance with the terms of

the loan agreement should refer to the Financial Secretary. Attention should be drawn bo the reasons for any reduction in the interest rate or change currency composition. Permission will not normally be given to enable the drawn down amount of the .Dan 2X credit to be increased on roll-over.

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