Following is the transcript of a media session given by the Chief Executive, Mr Tung Chee Hwa, after the ExCo meeting this (Tuesday) morning:

Reporter: How do you expect the public to trust the Hong Kong Government once again when some years ago, the BCCI...?

Mr Tung: As I said earlier on, the banking system in Hong Kong is fine and this particular bank (the International Bank of Asia ) is fine and that because of rumours there are uncertainties among ordinary people which is understandable but they are more driven by rumours. The bank itself is fine, financial position is very fine. This is why the Exchange Fund has come out with a statement which the Financial Secretary just made that the Exchange Fund will totally support the bank or the requirement of the bank.

Reporter: (follow-up question on IBA)

Mr Tung: No, we are not afraid this will spread because the HKMA has really been on top of the situation all the times and that our assessment is that all the banks in Hong Kong, the fundamentals are good and only last week or ten days ago the International Monetary Fund has reaffirmed this. Now there are these rumours which have caused some of our citizens who feel unsettled, but unfortunately this has happened. These are just rumours and I think it is important for me to say again our banking system is sound, we are right on top of the situation, we are going to be fine.