dti
the department for Enterprise
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PERSONAL
PRC Gray Esq
HM Treasury
Parliament Street
LONDON
SW1
CONFIDENTIAL
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Direct line
071-215 5462
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DJH2.34
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Date
29 January 1993 Hk's
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1630 à 4 Pes.
Department of Trade and Industry
Ashdown House 123 Victoria Street London SW1E 6RB
Enquiries
071-215 5000
Telex 8813148 DIHQ G
Fax 071-828 3258
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Dear Paul
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3/2.
ASSESSMENT OF EXPOSURES TO HONG KONG ECONOMIC AND FINANCIAL POSITION
Thank you for your letter of 27 January.
2. I have agreed with John Meadway here that he should take the lead within the DTI on this exercise, given that his Division (Overseas Trade 2) has the responsibility for the totality of our commercial relations with Hong Kong and is better placed to contribute to your exercise. My own Division, which is concerned with assisting British companies win major infrastructure and other projects, in Hong Kong and elsewhere, will be ready to make an input to that contribution. John Meadway will come to your meeting.
3. There is however one point which I might make now. This concerns the position of ECGD. As you know, ECGD has more exposure in Hong Kong than in any other single export market. The degree of ECGD exposure to the cancellation of projects which they have already covered depends, I imagine, on the precise nature of the guarantees they have given and perhaps the precise nature of the contractual arrangements between the British and Hong Kong parties to a particular deal. This is very much ECGD's business: apart from anything else, the DTI does not have the relevant information at any level of detail.
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