TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 152

من

iMA STONE, HUS

Thank you.

Im Rulli

ARI

16 nuu 1991

Robert MacLennan MP Esq

House of Commons

LONDON

SW1A OAA

не сек

PS / Lord Caithness

I submit

a draft reply.

мля Mihl vstarp

1518

Nox

15/ü

Thank you for your letter of 7 August. You ask for our reactions to the article you enclosed, by Frank Ching which appeared in the South China Morning Post on 19 July on confidence in the banking authorities in Hong Kong following the Bank of Credit & Commerce (Hong Kong) (BCC (HK)) saga.

The BCCI affair, and its ramifications around the

world, have caused problems and hardship in many places. Unfortunately Hong Kong has not been immune. Regulation of banks in Hong Kong is a matter for the Hong Kong Government, and it would therefore be inappropriate for me to comment on the article and the Hong Kong

Government's handling of the situation. However, since the article was published on 19 July, the Hong Kong Government have released a report by the Commission of Banking to the Governor of Hong Kong on the events that

lead to the various decisions that he and the Financial

Secretary made. I am enclosing a copy of this for your information.