Mr Ricketts
Mr Burns
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FROM: M V Stone
Hong Kong Department
DATE: 1 October 1991
cc: Mr Fish, ODA
HMOCS MATTERS: LETTER FROM THE TREASURY
1.
The attached letter from Mr Mortimer at HMT is about as
positive as we could have expected. The questions asked are
all factual in nature and the ODA have all the material
necessary to reply. I know that they are already working on the reply and I would hope that we should be able to send something off before the end of this week.
2. There's something of a sting in the tail of the letter,
at the end of the second last paragraph. Mr Mortimer offers
no reason for rejecting the arguments for any form of sterling guarantees. He may be implying that any justification for a sterling safeguard died with the
collapse of the Bretton Woods agreement on currencies in
1972. There is also a rather curious reference to the
transfer of assets and liabilities to HMG. Again it is not
clear whether he is thinking about some deal over the
transfer of assets on 30 June 1997, or whether he is
reverting to a previous Treasury proposal that HKG should
make over a capitalised sum to HMG to cover HMOCS pensions.
These areas will need to be explored during a meeting which I hope we shall be able to arrange very soon.
3.
M3
M V Stone
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