HC Deb 24 October 1984 vol 65 c597W
Mr. Parry

asked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on the measures which have been taken to protect the pensions of past and current expatriate civil servants in Hong Kong after 1997.

Mr. Luce

Paragraph iv of annex I to the joint declaration on Hong Kong initialled by the British and Chinese Governments on 26 September states thatthe Hong Kong Special Administrative Region Government shall pay to such persons who retire or complete their contracts, as well as to those who have retired before 1 July 1997, or to their dependants, all pensions, gratuities, allowances and benefits due to them on terms no less favourable than before, and irrespective of their nationality or place of residence. We are confident that this arrangement provides full security for the payment of pensions to both serving and retired civil servants and their dependants.

Mr. Parry

asked the Secretary of State for Foreign and Commonwealth Affairs (1) where the Hong Kong accumulated Government reserves are held;

(2) what is the size of the accumulated Hong Kong Government reserves at the latest date for which figures are available.

Mr. Luce

The accumulated fiscal reserves of the Hong Kong Government as at 31 July were Hong Kong $13.43 billion. It is not the policy of the Hong Kong Government to reveal the size or location of the assets of the exchange fund.

Mr. Parry

asked the Secretary of State for Foreign and Commonwealth Affairs whether any agreement on the ownership of the Hong Kong Government assets after 1997 was reached at the talks between Her Majesty's Government and China.

Mr. Luce

The draft Sino-British agreement on Hong Kong's future provides for the Government of the Hong Kong special administrative region to deal on its own with financial matters, including disposing of its financial resources and to manage and control the exchange fund. Matters relating to the smooth transfer of government in 1997 will be discussed in the Sino-British joint liaison group to be set up under the agreement.