TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 64

CONFIDENTIAL

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(a)

(e)

(f)

(g)

(h)

(1)

in marketable dated obligations guaranteed by

state and provincial governments

governments located in

the countries mentioned in

sub-paragraph (b) of this paragraph;

any

of

in certificates of deposit;

in bankers' acceptances and short-term

promissory notes issued by banks;

in marketable dated obligations issued by

international organisations such as IBRD (World Bank), Asian Development Bank, EEC,

Euratom, Eurofima, European Coal and Steel

Community, European Investment Bank etcetera;

in SDR denominated deposits with a bank;

in equities, subject to a maximum amount of

10% of the note and coin issue liabilities of

the Fund and to the approval of the Secretary

of State;

(j) exchange traded currency options contracts.

Up to 10% of the Fund may be invested :

in obligations shown as 'private placements'

in the ISMA manual;

Private

placements

7.

(a)

CONFIDENTIAL