HKA 233/1
CONFIDENTIAL
3 JAN 1992
3
Is with cams.
Mr Stone
Mr Bughs minich
PS/Lord Caithness
FROM: P F Ricketts
Hong Kong Department
DATE: 3 January 1992
cc: Sir J Coles
Ms Brooks,
Legal Advisers
Mr Cox
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on the Howe / Major Agreement
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HONG KONG: HMOCS ISSUES I.D. & B.L.
1.
What are
say.
aore
on what the
the consequences of all, Hoves The Minister might like an update on where we stand in leaving,
discussions with the Treasury and with Hong Kong in advance of his meeting with the Governor on 7 January.
before
1997
2. The Treasury/ODA team, led by Mrs Sandra Brown, visited Hong Kong in early December. Mr Burns chaired a meeting
with them on 20 December after their return. The Minister
will recall that the two key elements in our package were first, a compensation/incentive scheme and second, a
scheme to safeguard HMOCS pensioners against a collapse in
the Hong Kong dollar. The Treasury team concentrated on the sterling safeguard issue both since this is potentially much more expensive and because they judged that without a sterling safeguard, compensation arrangements alone would not be enough to maintain confidence among HMOCS members.
3. As a result of the Treasury visit, there are now the following main options on the table:
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CONFIDENTIAL
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