83.g mg.ip/january/2.27
HM Treasury
Paul Gray
Under Secretary
Parliament Street London SWIP 3AG Telephone 071-270 4460
& MON
2010
RECL
10 FEB 1393
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па
IN
CONFIDENTIAL AND PERSONAL
M
Welling 28/1
27 January 1993
7
David Hall Esq
DTI
10-18 Victoria Street
London
Dear David,
ASSESSMENT OF EXPOSURES ΤΟ HONG KONG ECONOMIC AND FINANCIAL POSITION
This letter is to follow up our telephone conversation of earlier today.
As I mentioned to you we have started to do some work, in conjunction with the FCO and Bank, on the possible implications of political and economic problems in Hong Kong. One aspect that I would like to explore is the degree of exposure of individual British companies and institutions to developments like a sharp drop confidence in Hong Kong or the withdrawal/cancellation of major investment projects. You kindly agreed to liaise with the relevant DTI colleagues about this, in preparation for a meeting I would like to hold in the next week or so. In parallel the Bank have been considering the potential implications for individual
banks.
I leave it to you whether it is worth seeking to put anything on paper in advance of our meeting, or whether it would be easier to start with a general discussion in which we compared notes.
My secretary will be in touch about times.
I am sending copies of this letter to Peter Ricketts (FCO) and Chris Elston (Bank).
You wicedy
ful Gen
PRC GRAY
Switchboard 071-270 3000
Fax 071-270 5653
Telex 9413704
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