which Treasury contends is close to what FCO and DTI are
proposing for Hong Kong is the policy which lost the taxpayer
large amounts of money. The Treasury believes that new
commitments of cover to Hong Kong should be limited to expected
repayments, giving scope for new business of around £200 million per year.'
"The Treasury, as chairman of EGC, is setting up an early
meeting to discuss this project."
"The Treasury believe that the potential costs to the taxpayer of large scale guarantees to Hong Kong need to be given greater
weight. Other Departments agree that the potential costs to
the taxpayer should be given full weight alongside other
considerations. The various issues will be examined thoroughly in the EGC assessment of the Lantau Fixed Crossing project so that the right balance between the various considerations can
be determined."
MDP18.M11
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