TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 123

Keith Vaz Esq MP House of Commons LONDON SW1A OAA

Whi3 102/3

Foreign & Commonwealth

Office

(37)

London SW1A 2AH

From The Minister of State

21 August 1991

Dear Keith

30.

Thank you for your letter of 18 August to Douglas Hurd about your visit to Hong Kong to discuss issues concerning the Bank of Credit and Commerce (Hong Kong) (BCC (HK)) with depositors there. I am replying in the absence of the Minister responsible for relations with Hong Kong.

You ask whether the Foreign Office is involved and whether the British Government has any views on possible bids to buy the Bank.

Regulation and supervision of the banking industry in Hong Kong are matters for the Hong Kong Government. Hong Kong has long managed its own economic affairs: this is simply not something we could or would wish to do from London.

I understand that several groups have expressed interest in taking over the Bank and that the Hong Kong authorities are considering whether any of these represent viable and acceptable proposals.

I believe that Mr Carse, the Hong Kong Commissioner for Banking, has agreed to see you on Saturday, 24 August to explain the position.

find this useful.

I hope you will

Yours

even

LYNDA CHALKER