Remarks at the Official Opening of the Bank for International Settlements, Representative Office for Asia and the Pacific
Speeches
11 Jul 1998
Remarks at the Official Opening of the Bank for International Settlements, Representative Office for Asia and the Pacific
Donald Tsang, Financial Secretary, HKSAR
President Verplaetse, Mr Crockett, Governors, distinguished
guests, ladies and gentlemen,
- It is a great honour for me to be here today at the opening
ceremony of the Bank for International Settlements Representative
Office for Asia and the Pacific. On behalf of the Government of the
Hong Kong Special Administrative Region, let me first extend a very
warm welcome to all of you. I would also like to take this
opportunity to congratulate the BIS on its decision to open its
first overseas office in Asia. This is a timely and significant
move as 25% of the BIS's bank deposits comes from Asia.
Notwithstanding the turmoil in the financial markets in this
region, the basic fundamentals of Asia * high savings, flexible
labour force, entrepreneurial spirit, pragmatic governments and
openness to innovation - have not changed. I am confident that Asia
will adjust to its problems and begin, with the help of the rest of
the world, the painful but necessary process of recovery and
growth. If I may be as bold to speak on behalf of our Asian
members, we are proud and honoured that the BIS has decided to open
its first regional office in Asia.
- Established in 1930 and now with a membership of 45, the BIS
has proved to be a very effective forum for international monetary
co-operation. Over the years, BIS has made remarkable contribution
to the promotion of international standards and best practices
among the international financial community. These have enhanced
the transparency of banking operations and asset quality, and
reinforced global financial and monetary stability. Hong Kong is
proud to be a member of the BIS and extremely honoured to be the
location of the BIS Representative Office.
- Our association with the BIS is a long one. Back in the 1970's,
Hong Kong already took part in the Bank's statistics collection
activities. Since the Hong Kong Monetary Authority became a BIS
member in November 1996, we have stepped up our participation in
the Bank's wide range of activities, fostering a close relationship
between us. The establishment of the Representative Office in Hong
Kong is an important milestone in the development of this
relationship. It places the BIS at the right time and the right
place to meet the needs in Asia and the Pacific. It also underlines
our strategic location in the region and the attractions in
telecommunication and financial infrastructure we can offer as an
international financial centre.
- The past 12 months have been a difficult period for Asia. I can
see a challenging and crucial role for the BIS in helping to
provide sound policy advice and bring into Asia valuable
international experience and expertise. This would help Asia
strengthen its financial sectors, develop the financial
infrastructure, and restore financial stability in this region. At
the same time, the BIS Office would through its international
meetings held here improve global understanding of Asia and forge
the bonds of global monetary cooperation and friendship. We look
forward to greater and even more fruitful co-operation with the BIS
and other central banks in achieving this task.
- In recent years, the central banks and monetary authorities in
this region have, with support from our Japanese colleague, been
enhancing their technical cooperation. I trust that the BIS
activities in this region will complement such endeavours and help
to achieve closer monetary and technical cooperation among the
central banking institutions in this part of the world.
- Before I conclude, I want to give a very warm welcome to the
Chief Representative George Pickering and his staff, and also all
the central bank governors who have come especially to witness this
historic occasion. I want also to acknowledge with thanks the great
work that the BIS management, the Chinese Ministry of Foreign
Affairs, the People's Bank of China and staff of HKMA and members
of the HKSAR Government who have worked so hard to make this
opening possible. I wish them all the best.
- Thank you very much.