CONFIDENTIAL
XCC(92)73)
Consultation
10
HMG has advised that the proposed contribution would be within the current statutory limit on the United Kingdom's guarantee of Hong Kong's liability to the ADB.
11
Subject to Members' approval of our recommendation, the Chinese Government will be informed of Hong Kong's intended level of contribution and be assured that there will be no contingent liability for the Chinese Government. We will then seek approval of the financial commitments from the Finance Committee of the Legislative Council.
Financial and staffing implications
12
A decision to contribute as proposed involves total expenditure of US$3 million. Payments will be phased over a few years. There are no staffing implications.
PUBLIC REACTION
13
The public at large has generally shown little interest in the Bank's activities in the past, although interest has been rising following the announcement that the Bank's next Annual Meeting will be held in Hong Kong. Notwithstanding this, the general public is not expected to show much interest in our contribution to the ADF. Some members of the Legislative Council might however query the benefits that Hong Kong would obtain through such contributions.
PUBLICITY
14
A Legislative Council brief and a press release will be issued after the Chinese side has been informed.
ATTENDANCE
Mr N.T.L. CHAN
Deputy Director (Monetary Management)
8 April 1992
(A6/1C(92) III)
COUNCIL CHAMBER
Executive Council
No comments yet.
Private notes are available after approval.