For decision
on 2 May 1989
XCC (89) 53 ...
अ Copy No
MEMORANDUM FOR EXECUTIVE COUNCIL
Banking Ordinance (Chapter 155)
HKC 101
16
RECEMER
1 MAY 1990
APPLICATION FOR BANKING LICENCE
(a, JARDINE FLEMING AND COMPANY LTD (b) WARDLEY LTD
THE PROBLEM
The
Council
considered memorandum
XCC(89) 28
(annexed) on 28 February 1989. In discussion, the following points were made
(a)
(b)
If Wardley were to be granted a licence, its ultimate parets.. the Hongkong
Hongkong and Shanghai Banking Corporation has undertaken to surrender to the Government any banking licence held within
hin its group as, and when, that licence
no Longer required by the licensee for сле purpose Of conducting genuine banking business.
The review of the three-tier deposit-taking
authorisation
system of would
be
completed shortly and a submission made to
the Council.
2
The Council advised and the Governor ordered that a further submission should be made
(a) reviewing the present criteria for licensing
locally incorporated licensed banks;
the implications of
(b) examining
granting licences to these applicants, with reference to the precedent created;
(c)
determining the authority of the Council to waive the administrative bank licensing criteria for local applicants; and
(ご)
in
in
examining the political implications of granting licences to the two applicants, particular the publicity arrangement s terms of explaining why a departure had been made from the licensing criteria.
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