市政群署
R
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HED 16 SEP 92 18:15
PG.82
شا
CIVIL SERVICE BRANCH GOVERNMENT SECRETARIAT LOWER ALBERT ROAD HỒNG XONG
香港下臣道
STRICTLY PERSONAL AND CONFIDENTIAL
*** Our Ref.:
(47) in CSB-S/8 VI
*20* Your Ref..
4 September 1992
!
Mr. J.K. Gray,
Deputy Chairman, Hong Kong Bank,
1 Queens Road Central,
Hong Kong
bean John,
Pension Safeguards
K.Y. Yeung has shown
де your letter of
17 August 1992 on the subject of pension safeguards.
not
I fully accept that the proposed loan scheme-is an effective neans to safeguard any default in pension payments.
What I'd like to do now is explore the feasibility of a modest loan schene to safeguard the Sterling value of the commuted pension gratuities for some 300 senior officers retiring between now and 2002. The total size of the loan required could be around HK$600-700 million in the ten-year period at 1991-92 prices.
Loan
from
Under such a scheme, an officer might take'out a the Bank in Hong Kong dollars, equivalent to his accrued commutad pension gratuity five years before retirement, and place it in Sterling fixed deposit. The* officer would repay the... loan, together with any. administrative changes in Hong Kong dollars and withdraw the · Sterling: fixed deposit at the and of the five year period.
I should. be- grateful for your advice: on ther feasibility- of such a
such a“ schemes and: the likely costs: to: officers: involved; that is interest. rate margin: and-loarr fee:
No comments yet.
Private notes are available after approval.