Press Conference by the Minister for Financial Services

(Excerpt)

21 May, 2002

Q.

The monthly economic report last week indicated that the economy had bottomed out. What is your understanding of the business climate, and the impact on the financial sector assuming that the economy has bottomed out?

A.

The report that the economic environment will generally be taking a positive turn should be appreciated in all aspects, for the financial sector to dispose of non-performing loans (NPLs), avert emergence of new NPLs and further demonstrate its intermediary function actively.

In that sense, I appreciate the report of the economy being bottoming out, as the first sign of an upturn.