New formula for home loan interest rate

THE formula to calculate the interest rate for the repayment of downpayment loans under the Home Purchase Scheme and the Home Financing Scheme, house loans under the Housing Loan Scheme and loans granted under CSR 633 has recently been revised. In the past, the interest rate was determined by the time-weighted average return of the Exchange Fund over a period of 18 months, and was subject to adjustments at an interval of six months. However, the interest rate to be determined by this method could fluctuate widely and could produce an interest rate which was out of line with the rate movements in the lending market. With effect from April 1, 1999, the calculation formula has been revised and simplified. Given that the interest rates charged on the aforementioned loans in the past 10 years have on average been two per cent below the best lending rate, it has been decided that the interest rate on the loans should be set at two per cent below the average best lending rate of the note-issuing banks. The new formula helps ensure that the interest rate will move in tandem with the market lending rate. The interest under the new formula is reasonable, transparent and fair to the Government and the borrowers. The Treasury will review the interest rate at the end of each month and adjust it when the difference between the updated rate and the prevailing rate is one percentage point or more, or when the prevailing rate has remained stationary for six months. Changes will be announced by the Director of Accounting Services in due course. The average best lending rate of the note-issuing banks was 8.75 per cent per annum at the end of February 1999. Using the new formula, the interest rate to be charged on the above loans will therefore be 6.75 per cent per annum with effect from April 1, 1999. For enquiries, please call the Staff Relations Hotline or Mr Lo of the Quartering Division at 2804-1430.

POLICE OFFICERS' CLUB Mum's the One on Sunday! MAY 9 is MOTHERS' DAY, a chance to celebrate all the hard work mums do for the family throughout the year, and here at the Club there will be something to keep everyone entertained. Not only will there be some great lunch and dinner offers (see below), but also a free "Aromatherapy" seminar in the Gallery between 2.30 pm and 5.30 pm. Each participant will be presented with a gift set and a 20 per cent discount voucher for a leading beauty products company, so book now on 2591-1911. For the children there will be a super Drawing and Colouring Competition in the Reading Room all afternoon with some fantastic prizes. And for the Dads? Well, why not get your racket repaired at the Club sports shop and receive a complimentary set of POC head bands and sweat bands! Cyber clubbing! You can catch us on the information superhighway at http://www.poc.org.hk or email our Assistant Manager at robbie@cyberec.com. Wine Shop Have you visited our Club Wine Shop recently? Back under Club management we think you'll be pleasantly astonished by our range and prices. Here are a few comments from recent customers: "I was very impressed by the customer service" (John Lam, BORDIST), "They have wines that suit my taste and my wallet" (Paul Stripp, P&D). There will be a free "Wine Tasting" at 6 pm on Friday May 14 in the Reading Room, with an interesting selection of Australian reds and whites on offer. Book now on 2591-1911. Beat Cafe Mothers' Day Festive Wagon Buffet Lunch on Sunday May 9 from midday to 2.30 pm, $88 for adults, $58 for kids aged 4-11. Each reservation of two to five people will receive one free Set Dinner Coupon, a group of six to 10 will receive two coupons, and groups of over 10 will get three coupons. Mothers' Day Festive Dinner Buffet in the Grill Room from 6.30 pm to 10 pm, $138 per adult, $98 for kids, includes Lucky Draw, Complimentary Photo and Karaoke Competition. TSK Hall Chef's Recommendations - "O.K. Duck" now reduced from $78 to only $48. Monday to Saturday, new Daily Speciality Dishes still just $25 per dish. Mothers' Day Special Set Menus - three to choose from, all with complimentary photos and table souvenirs. Verandah Bar New "Owl Time Happy Hour" from 8 pm onwards. Spend over $100 in the Bar and receive a Daily Speciality Dish Coupon for use in the TSK Hall (valid for one month). For all catering bookings, please call 2591-1924.

Leave Homes FORCE holiday bungalow accommodation is available from May 5 - May 30, 1999 for Gazetted and Inspectorate officers and their civilian counterparts as follows: Hellen Garden in Macau, May 5-19, 26-30 Ham Tin No.10, 1/F in Pui O, May 5-7, 9-14, 16-21, 23-30 Tung Tsz A4, May 7, 10-14, 17-20, 23-30 Tong Fuk No.149A, 1/F, May 5-7, 12-14, 17-21, 24-28, 30 Pegasus Villa in Cheung Chau, May 25 Accommodation after May 31, 1999 will be allocated by ballot. For reservations, apply to Personnel Services Branch Holiday Facilities Unit at 2804-1135. Applicants please use the new application forms (Rev 98). You cannot apply for more than one bungalow during the same period. The following hotels are offering accommodation at reduced rates for Force members: Mandarin Oriental Macau (800-967338); Hotel Sintra Macau (800-969145); Forum Hotel Shenzhen (2866-7699); Shenzhen Century Plaza Hotel (2598-0363); Shenzhen Nanhai Hotel (2315-5388); Guangzhou Hai Tao Hotel (2311-2283); Zhu Hai Holiday Resort Hotel (2838-7008); and Gold Coast Hotel (2452-8833). Interested colleagues should contact the hotels directly for reservations.

Essence of training

SINCE October 1998, the Training Development Bureau (TDB) of the Training Wing has produced and delivered three two-hour training packages for Formations at two-month intervals. The subjects of these packages are: i) Stop, Detain, Question and Search; ii) Child Abuse; and iii) Corruption Prevention. It was decided to name the packages CAB for cognition, affection and behaviour. CAB has a far reaching meaning. Training includes imparting knowledge, skills and attitude changes. For adult learners, the most difficult part is to change their attitudes, which involves three interrelated dimensions - cognition, affection and behaviour. Cognition Since birth, our five sensory organs have never ceased exploring the world around us. Through this cognitive process, we naturally store acquired knowledge and information in our short or long-term memory. An instructor teaches new working procedures to trainees, who absorb the messages by their visual and audio organs and store them in their memory system for future retrieval. This is the 'knowing' stage. Affection In the process of learning, learners' feelings and emotions will seriously affect their memory, degree of acceptance and attitude. For instance, when learning the subject of child abuse, if learners have built a strong sense of compassion and understanding to help abused children, they will be more positive and sensitive to these children's needs when dealing with them. However, apart from affection, we should also give attention to good reasoning. Good training depends on a combination of emotional equilibrium and rationale analysis. Behaviour Demonstrating the correct behaviour (the way of doing the job) and putting forward the advantages of right behaviour in a convincing manner will enhance the trainees' cognition and affection. It will assist them in forming a clear idea of the new behaviour expected of them. Ideally, trainers should let the trainees know how to actually apply the new way of doing the job in the latter's workplace. Role play, simulated exercises and demonstrations are effective methods in changing people's attitudes. We believe that training will be more effective and interesting if trainers can, at the appropriate stages, stimulate trainees' CAB. (Information provided by Patrick Kung Pak-sing, AgSP/FTO/TDB)

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