CONFIDENTIAL
HKA 016/1
CONFIDENTIAL
FM FCO
TO DESKBY 04010OZ HONG KONG
TELNO 1685
OF 031509Z DECEMBER 92
TOP
INFO IMMEDIATE UKREP JLG HONG KONG
pa
(102)
130501
MDHOAN 5237
PERSONAL FOR SECRETARY FOR THE CIVIL SERVICE FROM RICKETTS, HKD
100
OUR TELNO 1680: LOCAL PENSION SAFEGUARDS
1. We have consulted Ministers who are content for you to proceed as proposed. The Treasury are also content but have commented that you will need to be prudent when reaching a decision in 1994 so as not to over-commit the reserves.
2.
On your draft speaking note, we suggest you amend para 5 so as to make clear to the staff that the decision to be taken in 1994 on whether to establish a fund will need to take into account the financial circumstances prevailing begin underline at that time end underline and also the likely reserve position of the future SARG. This will give you some defence against staff demands if, in the meantime, there is a down-turn in the economy caused, for example, from the withdrawal of MFN status for China.
HURD
YYYY
MAIN
42
DISTRIBUTION
44
.HER MAJESTY'S OVERSEAS .CIVIL SERVICE RESTRICTED
HKD
LEGAL ADVISERS//MISS BROOKS FED
NEWS D
RAD//MR WYE
RMD
OVERSEA PENSIONS/ODA//MR FISH PS
PS/MR GOODLAD
PS/PUS
SIR J COLES
MR HUM
MR KERBY
MR MUIR
ADDITIONAL
2
PAGE
1
D/ENG//MR C ELSTON
CONFIDENTIAL
NNNN
HMT/MR J P MCINTYRE
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