| 1. | The circular also warned them that the hkma might impose penal laf rates for repeated borrowers
金融管理局也在通函内提出警告，表示可能会对重复使用流动资金调节机制的银行徵收惩罚性利息。 |
| 2. | Subject to the provisions in the sixth measure , the restriction in which the hkma imposes penal interest rates on repeated borrowers through the repo of exchange fund paper will be removed as from monday 7 september 1998
因应金管局将会推出第六项技术性措施，有关对重复使用外汇基金债券票据订立回购协议的银行徵收惩罚性利息的规定会由年月日星期一起取消。 |
| 3. | The hkma issued a circular to remind banks that they should organize their hong kong dollar funding prudently and not be overly dependent on the laf for last resort liquidity support otherwise penal laf offer rates might be imposed on repeated borrowers
金融管理局发出通函提醒银行要谨慎安排它们的港元资金，不要过度倚赖流动资金调节机制提供最后的流动资金支持，否则便会对重复使用流动资金调节机制的银行收取惩罚性利息。 |
| 4. | Compared with october 1997 , the interest rate hike in january 1998 was much more moderate , helped by the clarification of the definition of repeated borrowers in the use of laf , which prevented an over - reaction by the banks in response to sudden tightening in money market conditions
虽然一九九八年一月利率也曾上升至高位，但是与一九九七年十月比较，上升幅度相当轻微，这是因为金融管理局澄清了重复使用流动资金调节机制的定义，因此，即使货币市场突然出现紧张状况，银行也没有作出过度反应。 |
| 5. | To remove market uncertainty , the hkma clarified the definition of repeated borrowers in respect of laf borrowing on 12 november . repeated borrowers are defined as those which have borrowed through laf on eight occasions in any period of 25 days or on four consecutive days . if a repeated borrower fails to provide a satisfactory explanation of his repeated use of laf and continues to borrow , a penal rate may be charged on his future borrowing
为了消除市场的不明朗情况，金融管理局在十一月十二日澄清重复使用流动资金调节机制的定义，也就是在任何二十五日期间内透过流动资金调节机制借取资金八次，或连续四日使用流动资金调节机制，即被视为重复使用流动资金调节机制。 |
| 6. | In order to discourage licensed banks from repeated borrowings from laf , penal laf offer rates different from the advertised laf offer rate will be determined on a case by case basis and at the absolute discretion of the hkma for repeated borrowers . these will be communicated to the individual licensed banks concerned . hong kong monetary authority
为减少持牌银行重覆使用调节机制借取资金，金管局将会向多次使用机制的持牌银行，收取惩罚性的拆出息率，有关息率将会高于公布的标准息率，并会按照个别情况，由金管局在拥有绝对的酌情权下定出。 |
| 7. | Members also noted that institutional changes over time such as implementation of the real time gross settlement system in december 1996 , the restrictions on repeated borrowers from the liquidity adjustment facility between november 1997 and september 1998 , and the introduction of the discount window in september 1998 had had important influences on the ways in which banks developed their liquidity management strategies . 5
委员还了解到，过去一段时间内推行制度改革例如1996年12月实行即时支付结算系统1997年11月至1998年9月期间对重覆使用流动资金调节机制的银行实施限制，以及1998年9月设立贴现窗，对银行制订管理流动资金的策略都带来重大的影响。 |
