TNAG-2269-FCO40-3268-Hong-Kong-Her-Majesty-s-Overseas-Civil-Service-(HMOCS)-poli-1991 — Page 199

Dr Riglets fi

Pai

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Reference

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From: D S FISH

(Ext 3444)

Date: 4 October 1991

cc Mr Ricketts Mr Burns

HKB 233/1

Mr M Stone

Hong Kong Department/FCO

143

HMOCS LETTER FROM THE TREASURY

1.

2.

Thank you for sending me a copy of your minute of 1 October.

Although we seem to have access to all the material requested by the Treasury it is a time-consuming business to bring it all together. We hope to be able to let you have it early next week.

3. Overall, the Treasury response was almost exactly what I expected. It was inevitable that they would question the need for a sterling safeguard; not because of Bretton Woods but because it has financial implications for HMG. Even when we convince them that some pension protection must be on offer, they will argue, with much support from history, that Hong Kong should foot the bill.

4.

The reference to the transfer of assets as well as liabilities is consistent with the Treasury approach from start. The exchanges are headed in

in the

the direction we both anticipated. The Treasury will not be convinced that Hong Kong cannot pay and the politicians will have to break the deadlock.

D S FISH

یا شو

диц

Overseas Pensions Department

4 October 1991

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