1991-11-15 — Page 42

財政司辦公廳

FINANCIAL SECRETARY'S OFFICE, THE SECRETARIAT,

HONG KONG

Message by The Honourable Hamish Macleod JP.

1:am pleased to readers on the occasion

1991,

The Financial Secretary

for the Wah Kiu Yat Po Banking Review 1991

have the opu the publicat

ddressing your

your. Linking Review

has seen a number of #pörtant developments on the sea

ho Securities (Disclosure of Interests). Ordinance

cupies Insider Dealing) Ordinance came into effect on

The former requires substantial shareholders, di cors and chief executives of listed companies to disclose their shareholdings and share dealings. The latter provides stiffenctions against Insider dealing in securities, Together the Cordinances will help improve transparency and uphold " the

f Hong Kong's securities market,

Secondly, steps have also been taken to provide flexibility, These include-

and improve Hquidity. in the securities market.

measures now in place to enable companies to buy back their own shares and to permit lending and borrowing of shares free of stamp duty.

4.

*

Another significant development is that a new central clearing and settlement system for stock transactions will be introduced in the next few months. The system is designed to improve seulement efficiency, reduce risk, expand trading opportunities and lower costs.

All these measures demonstrate our commitment to developing Kong as an international financial centre.

多

In the banking field, despite the problem of the Bank of (Commerce (Hong Kong) Limited (BCCHK), which was basically caused by events outside the control of Hong Kong, our banking system Furoven to be both resilient and viable. Nevertheless, our

on-going review of banking legislation will take account of lic

experience The BCC incident. We are also exploring the feasibily introducing a deposit insurance system.

consultation

共

財政司麥高樂

圖

華僑日報銀行財務及投資

財政司麥高樂太平

者致辭,實在非常高翼。

器

一起過去一年,染券饔方面曾有幾項重察的战释。首先 (公開權益)鑅料及證券(内舴交易)貓頻於一九九一年九月 效。前者規定上市公司的主要製染、戴联及行政總裁須公開鉞 穀修及股票交易离料,说者则就對付跟券内幕交易訂定顺腐的懲罰。 这常機森列的實施,将有助於增加香港 市場的透明度,以及纖指 我懂我的猪蟹

流动性。這些措施宽中有些已實施,使公司可耀回本身的股份,以

另一項泰犬發轻忌, 鈞新的数噼交易中央結諜及交收制度將 於未來戴月實絶 毅制度靜在諜碼哭效率、裸仳庭險,馔火器與

渡的键要在低成本

新鞋繡些辮施,-

分顯示我們對把香港發展為一般國際好

A sue will be issued before the end of the

银行案方面,雌然輯龅鹽生香港國淼斑聯絡錢銀行(缛 藉)的假期,但引繼國溜問的事件基本上不在本港控 「實證明我們的银行體系不但翼轴怒制的感變能力,hi 行的。即便如此,我們在不断梃时银行法学鼷, 件中所诚取的缝融,我們亦正在课时推行

你可行,

year.

7.

The launch of the E

Bills programme in

令本地鼗本

March 1990 has invigorated

capilli market Total

outstanding bills, including 91-day,

and 36% day bill

currently amount to some $12,7 billion.

The enthusic mark

LOH

未足的洗機,包括日期、182日及384日期 額約達有望但光市場對外阻越佥鹗键的区感热烈,边從

response to the bills is evidenced by oversubscription at tenders an爾點及第二市婚踝養活型,便可见一斑』金於本酒精,

active trading in the secondary market. In view of the need to

resort to judicious borrowing to fund infrastructural developments over the next few years, the Office of the Exchange Fund is working out a programme for the issue of Government Bonds. A consultation paper is being circulated to seek the views of market participants on the proposed terms and arrangements of the Bond Programme. The first issue of two-year bonds is expected to take place towards the end of the year and there will normally be four such issues a year..

8.

以外諧邀管理局院正整手制盯發行我蹐識绺的淤鼱我們已向市

一般來説,每年狗

蠱

8.

I wish you and your readers every success in the year ahead.

# Maced

(Hamish Macleod) Financial Secretary

財政變彎

RIE