Permanent accommodation for the Hong Kong Monetary Authority
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| Date
| Context
| Summary of development
| Action
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11.1.01
| FA
| The Chief Executive of the Hong Kong Monetary Authority (CE/HKMA) informed members that the Exchange Fund Advisory Committee had approved the proposal for HKMA to purchase its own office premises in order to save office rentals in the long run. The cost of purchase would be charged to the Exchange Fund (EF). [Minutes "page 3"]
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20.4.01
| FA
| The Panel discussed with the Administration on the progress of the proposed acquisition of top floors (levels 77 to 88) and 2 auditorium floors (levels 55 and 56) of Two International Finance Centre (IFC II) as the permanent accommodation for HKMA. The cost of the purchase was estimated by the market to reach $4 billion. [Paper]
The following papers were also circulated to members -
| Letter dated 4.4.01 from the Democratic Party to the Financial Secretary (FS) [Letter (Chinese version only)]
| | Letter dated 12.4.01 from FS [Letter (English version only)]
| | Letter dated 12.4.01 from CE/HKMA [Letter]
| | Letter dated 18.4.01 from Legal Adviser (LA) to CE/HKMA [Letter (English version only)]
| | Letter dated 19.4.01 from CE/HKMA [Letter]
| | Reply dated 19.4.01 from the General Counsel of HKMA to LA's letter [Letter (English version only)]
| | Letter dated 18.4.01 from the Clerk to Panel to the Secretary for Financial Services (S for FS) and the latter's reply [Letters (English version only)]
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Some members were particularly concerned about the legality of using EF to purchase the premises for HKMA. The following papers were circulated to members after the meeting -
| LA's view on the interpretation of Section 6(a) of the Exchange Fund Ordinance (Cap. 66) [Paper]
| | Reply dated 18.5.01 from FS on the legal advice on the use of Exchange Fund [Letter (English version only)]
| | Paper setting out LA's comments on legal advice on issues related to the purchase of permanent office accommodation received by CE/HKMA and provided to FA Panel [Paper]
| | Letter dated 22.5.01 from LA to the General Counsel of HKMA [Letter (English version only)]
| | Reply dated 23.5.01 from the General Counsel of HKMA [Letter (English version only)]
| | Letter dated 19.7.01 from the FS's Office providing the Department of Justice's advice on the legality of charging the expenditure for the purchase of permanent office accommodation for HKMA to EF [Letter]
| | Paper setting out LA's comments on legal issues arising from the summary of the legal views of the Department of Justice as set out in the letter of the Administrative Assistant to FS dated 19.7.01 [Paper]
| | Reply dated 3.9.01 from the FS's Office to LA's advice dated 31.8.01 [Letter]
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5.11.01
| FA
| The Panel discussed with the Administration on the progress of the purchase of permanent accommodation for HKMA. The Panel noted that with the approval of FS, the Sale and Purchase Agreement for the purchase of 12 office floors and two auditorium floors at IFC II had been signed on 5.10.01. The total area of the premises purchased was 341 711 square feet and the purchase price was $3,699 million. [Background brief prepared by the Secretariat]
In response to members' concern raised at the meeting, the following papers were circulated to members after the meeting -
| Letter dated 15.11.01 from the Panel Chairman to FS regarding review on the powers and management structure of HKMA [Letter]
| | Reply dated 4.12.01 from FS on review on the powers and management structure of HKMA [Letter]
| | Background brief prepared by the LegCo Secretariat on "Purchase and fitting-out of government offices" [Paper]
| | List of issues on which the Administration was requested to provide information during the discussion at the meeting held on 5.11.01 [Paper]
| | Letter dated 7.3.02 from S for FS setting out the Administration's response on the issues raised at the meeting held on 5.11.01 [Letter (English version only)]
| | LA's comments on Administration's reply dated 7.3.02 [Paper]
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6.11.03
| FA
| At the meeting when CE/HKMA briefed the Panel on the work of HKMA, some members raised concern about the disposal of surplus office space in HKMA's new accommodation in IFC II. [Minutes "page 23"] [Follow-up paper]
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