The Hong Kong Monetary Authority (HKMA) today (Tuesday) announced that Mr Tony Latter will depart from the HKMA on the expiry of his term of office as Deputy Chief Executive on 3 January 2003. The HKMA also announced that Mrs Marian Li, currently seconded from the HKMA as Chief Executive Officer of Exchange Fund Investment Ltd (EFIL), has given notice of her resignation from the HKMA, to take effect on 31 January 2003.
Mr Latter has served with the HKMA since 4 January 1999 as Deputy Chief Executive with responsibility for monetary management, the financial infrastructure and research. He has also served as an executive director of the Hong Kong Mortgage Corporation and of Hong Kong Note Printing Ltd, a director of Hong Kong Interbank Clearing Ltd, and Deputy Chairman of the Hong Kong Institute for Monetary Research.
Mrs Li joined the HKMA on 1 December 1997 with responsibilities for the management of the Land Fund and the Land Fund Office. She was appointed Chief Executive Officer of EFIL on its establishment in October 1998.
The Chief Executive of the HKMA, Mr Joseph Yam, paid tribute today to Mr Latter and Mrs Li. "Tony and Marian have each made unique and lasting contributions to the work of the HKMA at a time of great difficulty for Hong Kong," Mr Yam said.
Mr Yam said that Mr Latter had, during his four years with the HKMA, made outstanding contributions to the development of Hong Kong's monetary and financial systems at a time of great change and stress. "Tony has brought great wisdom and experience to the HKMA," Mr Yam said. "Under his guidance, the reforms introduced to the Currency Board system in 1998 have been consolidated, and Hong Kong's financial infrastructure has seen important developments. Tony has also played a key part in the development of the HKMA's Research Department and the establishment of the Hong Kong Institute for Monetary Research - facilities which have helped secure Hong Kong's reputation as a centre of advanced research in monetary and financial issues," Mr Yam said.
Mr Yam said that Mr Latter, who had earlier served as Deputy Secretary for Monetary Affairs in the 1980s, would be greatly missed in the HKMA. "His contributions to the public service in Hong Kong go back more than twenty years and they will be long remembered. He takes with him the warmest wishes of his many friends in the HKMA," Mr Yam said.
On Mr Latter's departure, most of his current responsibilities will for the time being be assumed by Mr Norman Chan, Deputy Chief Executive, in addition to his existing responsibilities.
Speaking of Mrs Li's contributions, Mr Yam said that, through her work as head of EFIL, she helped pioneer an unprecedented exercise in the disposal of Hong Kong equities during the 1998 market operation. "EFIL was given the task of disposing of the majority of the Hong Kong equities acquired by the Exchange Fund during the market intervention of August 1998. The task was accomplished in the four -year period between 1999 and 2002 with complete success, and with considerable profit to the Exchange Fund and to the people of Hong Kong," said Mr Yam. "Marian played a crucial part in the design, management and successful conclusion of this important operation," Mr Yam said.
Mr Yam said that Mrs Li had decided, upon the completion of EFIL's disposal work, to resign from her position. "While we naturally respect that decision, we shall all be very sorry to see Marian leave the HKMA. All of her many friends in the HKMA wish her the very best of success and happiness in the years to come," Mr Yam said.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
3 December 2002
