TNAG-2749-FCO40-3964-Economic-situation-in-Hong-Kong-1993 — Page 182

mg.ip/docs/lb.3.8.2

HM Treasury

Paul Gray

Under Secretary

John Meadway

DTI

123 Ashdown House

Victoria Street

London

CONFID

ID PERSONAL

Parliament Street London SWIP 3AG Telephone 071-270 4460

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Mr. Richettes

Ricketts fii pls

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You wanted to

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Dear John,

23 MAR 1993

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REGISTRY

ASSESSMENT OF IMPLICATIONS OF HÔNG. KONG -ECONOMIC POSITION

was frankly pretty

bland. But He fers shifted anto

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Take Companies / banks'

exposure, so the

AND

FINANCIAL

burden of work has Falle & BT!/ Bank. от

I was most grateful to you and other colleagues for coming to our meeting on Thursday.

Mappen to discuss if you wish

We agreed to put in hand various pieces of work and then plan to meet again in around 2 weeks time.

You kindly undertook, in conjunction with ECGD, to prepare some initial lists of UK companies having a significant actual or potential exposure to business in Hong Kong and China. Once we have these lists we can then consider how best to carry forward analysis of the possible effect on the companies should there be some major deterioration in political and/economic conditions in Hong Kong.

Lee Dobney (Bank) gave us a helpful update on the work already underway in assessing potential exposures of UK banks to similar adverse developments, and the related exercise on the exposure of Japanese banks. Both you and he agreed to make further enquiries about how we might assemble the information on UK based portfolio investments in Hong Kong and China.

I am sending copies of this letter to those attending our meeting.

Yours sincerely

वि

Pel Cay

Polish

10/2

PRC GRAY

Switchboard 071-270 5000

Fax 071-270 5653

Telex 9413704