Mr Burns
STERLING SAFEGUARDS
CONFIDENTIAL
FROM: M V Stone
Hong Kong Department
DATE: 20 August 1990
сс
Mr Paul, HKD
Miss Marsden, HKD hr
Fifoot, Legal Adviser
Problem
1.
Both the Hong Kong Government and HMG have been saying that responsibility for doing something on sterling
safeguards for pensions of Hong Kong HMOCS members is a
matter for the other party. Should or how do we resolve this impasse?
Recommendation
2.
I recommend that we should make it clear to HKG that we do not consider HMG has any responsibility for sterling safeguards up to 1997 and that we should again explore with
HKG and the Chinese authorities the establishment and
funding after 1997 by HKG/SARG of a scheme for sterling
safeguards for HMOCS members' pensions. Privately we should
acknowledge that we may need to introduce a sterling safeguard in the circumstances set out in paragraph 18
below. OD(K) consideration will be needed.
RODACP/1
CONFIDENTIAL
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