Our Ref: B1/15C

11 January 1999

The Chief Executive
All Authorized Institutions

Dear Sir/Madam,

Merger of the Land Fund with the Exchange Fund

I would like to draw your attention to the fact that the merger of the Land Fund assets into the Exchange Fund became effective on 1 November 1998. For the purposes of reporting of statistical returns to the Monetary Authority by authorized institutions, all deposits placed by the Land Fund and/or credit facilities provided to the Land Fund should, as from that date, be treated as those of the Exchange Fund.

Authorized institutions with which the Land Fund had placed deposits and/or provided credit facilities to the Land Fund during the months of November and December 1998 are requested to submit relevant amendments, where applicable, to the following returns which have been affected by the above change. Returns which are not yet due for submission should also take into account the above change.

• Assets and liabilities (MA(BS)1& 1B)
• Liquidity (MA(BS)1E)
• Weekly statement of certain assets and liabilities (MA(BS)10)
• Return of (Abbreviated) Assets and Liabilities and Liquidity Ratio

Should you have any queries on the above, please feel free to contact Miss Maggie Leong (2878 1381) or Miss Helena Liu (2878 1660) of our Banking Policy Division.

Yours faithfully,

Raymond Li
Executive Director
(Banking Policy)