Tony Latter: Moving On

Tony Latter, Deputy Chief Executive of the HKMA, says farewell to the HKMA - and to a 35-year career in central banking - in a few days' time.

When I wake up on Monday morning I'll no longer be a central banker. I'm moving on. From the day four years ago when I returned to Hong Kong, I've intended that this would be so, but I can't deny that as the day approaches I've had a few qualms. To be released from central banking, after over thirty-five years in that arcane and somewhat cloistered world, may be a bit like a mole emerging into the daylight. Generally, however, I must say that I find the prospect rather exhilarating. I look forward to being able to set my own agenda.

Permit me a personal word or two about the Hong Kong Monetary Authority. Despite the HKMA having become, I sense, something of a political football of late, it has managed, with justification I believe, to retain a high degree of public confidence in its capacity to fulfil its principal tasks, which relate to monetary and financial stability. And, though perhaps less visible to Hong Kong people, the HKMA has established for itself - and, by association, for Hong Kong - a high reputation internationally, as evidenced by the many invitations which it receives to lead or participate in important policy or research forums and to provide advice.

Maintenance of such a position is dependent, among other things, on being able to recruit and retain high quality staff. This is no easy task, even in times of recession, given the specialised nature of much of the work. But, on balance, the HKMA has succeeded in it, and is well equipped to meet existing challenges or any new ones which may be tossed its way. You will not be surprised that I take exception to those occasional, somewhat condescending commentaries which question the HKMA's capability to think or operate "outside the box". Remember 1998?

You may well be nodding that I would, of course, say nice things about the HKMA while I'm still here, waiting for the final payslip and saying my farewells. But I'm sure that I would say the same when I awake, as a free agent, on Monday.

What shall I miss? Certainly the challenge of the job and the genial company of hard-working and sharp-thinking colleagues. And I shall no doubt feel somewhat vulnerable without the invaluable services of an astute secretary, particularly skilful in protecting me from annoying callers. I'll miss the proximity of IT experts to help me out in moments of exasperation - when I embarked on my career we were still using mechanical calculating machines and typewriters, and I've been struggling ever since to keep pace with the state of the art. I suspect I'll also miss my ancillary duties as an official Justice of the Peace: those regular visits to prisons have served as a sobering reminder that there is rather more to life and its challenges than the pursuit of monetary stability. And I'm reminded that those visits, often to rather remote corners of Hong Kong, were facilitated by the services of an official car - which will now sadly slip from reach. But, one way or another, I guess I'll survive.

What won't I miss? The trappings of bureaucracy, which, though probably unavoidable in any large organisation, can nevertheless be exceedingly irksome. Out-of-hours phone calls, invariably signifying bad news. The effort, after having travelled half-way across the globe, to stay awake in the meeting of some international committee when I can't even remember what its acronym stands for. And the discomfort of having microphones thrust in my face as I spout entirely predictable platitudes while under siege from the media at some public event.

You may still see me around in Hong Kong, but from my desk in HKMA it's definitely "Goodbye" - and you can quote me on that.

Tony Latter

2 January 2003

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