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Following is the transcript (English portion) of the media stand-up session by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, after attending a radio programme today (August 14):

Question: Could you just tell us what are the major factors the Government would consider after receiving the (merger) report from MTRC and KCRC?

Secretary for Financial Services and the Treasury: We will consider all aspects of the merger, including the fare mechanism, how it will affect the staff, how it will affect the overall transportation network as well as the financial arrangement, which were clearly laid out to the public in February when we announced our request to the two railway companies to discuss the merger.

Question: Mr Ma, when will the decision be made?

Secretary for Financial Services and the Treasury: Upon the receipt of the report, of course, we will consider.

Question: Could you also tell us what sort of an impact you think the record high oil prices will have on our economy?

Secretary for Financial Services and the Treasury: Hong Kong being a service-based economy, I don't think that the hike in oil price will negatively impact Hong Kong to a great extent. Having said that, you know, obviously the higher oil prices will have an impact on Hong Kong in a negative sense but I don't want to exaggerate the negative impact.

(Please also refer to the Chinese portion)

Ends/Saturday, August 14, 2004

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