TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 196

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In consequence of the announcement by BCCISA depositor and public confidence in BCCHK and BCCIFI will likely be badly shaken. It is possible that there may be a run or BCCHK and BCCIFI and that the general stability and efective working of Hong Kong's banking system may be disrupted.

In these circumstances and for the purposes of section 52 of the Banking Ordinance, I hereby advise that I consider that it is in the public interest for you to exercise the powers conferred upon you by that section in respect of BCCHK and BCCIFI.

cc SMA

Your faithfully,

(Piers Jacobs) Financial Secretary

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£2'] 9660 SV8 ZS8

(ESNOH IN09) 301330 SWWOO 42:81 60-80-1667