CONFIDENTIAL
FM FCO
TO IMMEDIATE HONG KONG
TELNO 2037
OF 011435Z NOVEMBER 90
CONFIDENTIAL
+31/6
HKB +3
70
024313
MDHOAN 0558
TOP COPY Q DIST?
79
PERSONAL FOR GOVERNOR FROM PAUL, HKD
CIVIL SERVICE PENSIONS: CURRENCY PROTECTION
I HAVE JUST SEEN THE MINUTES OF THE MEETING OF THE EXECUTIVE COUNCIL OF 23 OCTOBER, AT WHICH THIS SUBJECT WAS CONSIDERED.
1.
2.
THE MINUTES STATE THAT QUOTE AS A RESULT OF THE CHANGE IN SOVEREIGNTY IN 1997, (HMOCS MEMBERS) WOULD LOSE THE PROTECTION OF THE SECRETARY OF STATE. HMG HAD ACKNOWLEDGED THIS AND WAS EXPECTED TO DEVISE AN APPROPRIATE SCHEME WHICH MIGHT INCLUDE AN ELEMENT OF CURRENCY PROTECTION UNQUOTE.
3.
I HOPE THAT THIS DISCUSSION WILL NOT HAVE RAISED EXCO'S EXPECTATIONS ABOUT THE POSSIBILITY THAT HMG WILL FINANCE A SYSTEM OF STERLING SAFEGUARDS FOR HMOCS OFFICERS. AS MY TELNO 2000 MADE CLEAR, THERE IS STRONG RESISTANCE TO THIS IDEA FROM THE TREASURY · RESISTANCE THAT WILL NOT BE EASILY OVERCOME IN THE FORESEEABLE FUTURE.
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HURD
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ΜΑΙΝ
17
LIMITED
HKD
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DISTRIBUTION
17
MR MCLAREN
MR BURNS
PAGE 1 CONFIDENTIAL
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