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Following is a transcript of remarks by the Financial Secretary, Mr John C Tsang, at the media stand-up after attending the Foreign Correspondents' Club luncheon today (September 12) (English Portion):
Question: Can you elaborate more on share swap and ﷿﷿ the feasibility ? And do you feel there is a conflict of interest with the Government taking such a large stake in the stock market ?
Financial Secretary: The first one. I can't elaborate any further on the shares swap because this is a hypothetical situation somebody has put up and I just mentioned it as an example. This is something that if it does arise we will consider. We will look into that. Your second issue is about conflict of interest. I don﷿t quite understand what you mean by conflict of interest.
Question: You have appointed six directors while as a shareholder, you can also elect more elected directors. Is there any change of role of directors in the Stock Exchange ?
Financial Secretary: No, I don't see what's the conflict. You have not articulated for me what do you think is the conflict.
Question: Most governments don't have such a large stake in the local stock market and they are also the regulator.
Financial Secretary: That's not true. You can do research into whether other countries own portions of their stock markets.
(Please also refer to the Chinese portion)
Ends/Wednesday, September 12, 2007
Issued at HKT 16:32
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