CONFIDENTIAL
HKA 18217
22
043225
MDHOAN 2209
CONFIDENTIAL
FM FCO
TO DESKBY 01003OZ HONG KONG
TELNO 584
OF 31094OZ MARCH 92
INFO IMMEDIATE PEKING, UKREP JLG HONG KONG
TOP COPY Q DIST?
Pa
лин
YOUR TELNO 937: NEW AIRPORT: FUNDING ARRANGEMENTS
1. THANK YOU FOR GIVING US THE OPPORTUNITY TO COMMENT ON THE DOCUMENT ''FINANCIAL ARRANGEMENTS BETWEEN THE HONG KONG GOVERNMENT AND THE PROVISIONAL AIRPORTS AUTHORITY. WE FOUND THIS A PARTICULARLY CLEAR ACCOUNT OF A COMPLEX SUBJECT. WE HAVE NO COMMENTS OF SUBSTANCE AND ARE CONTENT THAT YOU SHOULD HAND THE PAPER TO THE CHINESE AS SOON POSSIBLE.
2. WE HOPE THAT THERE WILL STILL BE TIME TO MAKE SOME SMALL PRESENTATIONAL CHANGES TO THE TEXT. WE HAD THE FOLLOWING SUGGESTIONS:
(A) PARAGRAPH 27 LAST SENTENCE. WE WONDER WHETHER IT MIGHT NOT BE BETTER TO OMIT THE LAST LINE ''UNLIKE THE AIRPORT RAILWAY (WHERE PATRONAGE LEVELS ARE LESS CERTAIN). THIS PHRASE SEEMS UNNECESSARY AND MIGHT INADVERTENTLY QUEER THE MTRC'S PITCH.
(B) PARAGRAPH 23(B). THE LAST SENTENCE IS A LITTLE WEAK. IT MIGHT BE BETTER TO OMIT THE REFERENCE TO A CONTINGENT LIABILITY WHICH AGAIN IS NOT STRICTLY NECESSARY, AND TO RECAST THE SECOND SENTENCE AS FOLLOWS: ''SHOULD THERE BE ANY DELAY IN COMPLETING THE CURRENT PROJECT, THE SURPLUS FROM KAI TAK WOULD FLOW TO THE AA''.
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(C) PARAGRAPHS 29 AND 30 RECITALS. WE SEE SOME ADVANTAGE IN SAYING IN THE BODY OF THE PAPER THAT AN IMPORTANT INGREDIENT IS CHINESE CONFIRMATION OF THEIR SUPPORT FOR THE PROJECTS AND CONFIRMATION TO INTERESTED PARTIES THAT OBLIGATIONS ETC. WILL CONTINUE TO BE VALID AND BE RECOGNISED AND PROTECTED BY THE HKSARG. WHILE YOU AND WE HAVE NOT YET REACHED A FINAL VIEW ABOUT THE BEST WAY OF SECURING ANY ADDITIONAL COMFORT THAT LENDERS MAY REQUIRE, SUCH A REFERENCE IN THE PAPER WOULD NOT PREJUDICE ANY OF THE OPTIONS, AND COULD PAVE THE WAY FOR A PROPOSAL, E.G. OF A JOINT COMMUNIQUE FROM THE AIRPORT COMMITTEE.
(D) THE SECOND AND THIRD SENTENCES OF PARA 30 COULD BE TURNED INTO A POSITIVE STATEMENT ABOUT THE BENEFIT TO THE AA OF SUCH OPERATIONAL
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