CONFIDENTIAL
MDHO
132725
6969
SUCCEEDED IN SEEING THE TREASURY OFF THEIR PREFERRED CAPITALISATION APPROACH, THEY ARE AT LEAST NOW ACTIVELY ENGAGED IN SEEKING A SOLUTION, AND SEEM TO RECOGNISE THE URGENCY IN HONG KONG. WE ALL AGREED THAT IT WAS NOT FEASIBLE TO ACHIEVE SOLUTIONS IN TIME FOR THE HMOCS STAFF ASSOCIATION MEETING ON 14 JANUARY. BUT THE TEAM'S IMPRESSION WAS THAT THEY WERE NOT NOW EXPECTING A SETTLEMENT BY THEN. THE TREASURY SEEMED TO ACCEPT HOWEVER THAT IT WOULD BE NECESSARY TO REACH MINISTERIAL AGREEMENT WELL IN ADVANCE OF NEXT JUNE, WHEN PEOPLE HAVE TO OPT BETWEEN PENSIONS SCHEMES: IE THAT WE SHOULD BE AIMING FOR AGREEMENT BY ABOUT MARCH.
9.
THERE IS A HARD SLOG AHEAD, BUT I THINK WE ARE SLOWLY NARROWING THE FOCUS ONTO THE ESSENTIAL ISSUES.
HURD
YYYY
ΜΑΙΝ
8
DISTRIBUTION
8
NO DISTRIBUTION
HD/HKD
HD /RMD
PS/LORD CAITHNESS
PS/PUS
SIR J COLES
MR MUIR
MR BURNS
NNNN
PAGE
4
CONFIDENTIAL
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