TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 80

Mr

Sox

Carpet tod

Agreed

Mune

Mt Ti

"/9.

PS/Lord Caithness

12/9.

FROM:

DATE:

UMB 1023

T Fu

Furness

Hong Kong Department

11 September 1991

51

cc:

Mr Burns

Mr Ricketts, HKD

Mr Bone, ERD

BANK OF CREDIT AND COMMERCE (HONG KONG) LTD:

LETTER FROM BCC DEPOSITORS COMMITTEE

A

Problem

1.

The "BCC Depositors Committee" wrote to Lord Caithness

on 22 July complaining about the Hong Kong Government's handling of the BCC (HK) crisis, demanding a public enquiry, and seeking extra effort for the the option of a depositors buy-out. How to reply?

Recommendation

2. I recommend a standard departmental reply, on the lines

of the attached draft.

Background

3.

The BCC (HK) affair is a matter for the Hong Kong Government. This letter has only recently arrived and it is out-of-date and inaccurate on several counts. The Hong Kong Government stated their position on a public enquiry on 31 July and made public the report by the Commissioner of Banking to the Governor on 9 August.

BRIAFM/1

TG

WV deners.

T Furness