CERTIFICATE OF ENTITLEMENT (Details of bids above strike price)

Dr Wang Kai Yuen asked the Minister for Communications whether he will make public the details of Certificate of Entitlement bids above the strike price in each vehicle category for June, July and August 1994.

Mr Mah Bow Tan: Sir, a list of all the successful bids each month is available for public viewing at the Registry of Vehicles. Any member of the public can obtain this information at ROV's information counter. ROV has also made such information available to the media and I believe, from time to time, these have been carried in the press.

Dr Wang Kai Yuen (Bukit Timah): Sir, actually my question to the Minister is about "bids above the strike price", not the successful bids. In other words, everything that is above the strike price.

Mr Mah Bow Tan: Those are successful bids.

Dr Wang Kai Yuen: What I mean is the actual value.

Mr Mah Bow Tan: The actual values are made available. That is what my answer referred to. They are made available for public viewing and if anybody wishes to see them they can do so.

Dr Kanwaljit Soin: Would the Minister consider the non-transferability of COEs from motor traders to car buyers?

Mr Mah Bow Tan: Motor traders are not allowed to bid for COEs under our current regulations. I presume the Member is referring to the practice of some motor traders where I am told that there may be so-called proxy bids made in the names of somebody which are then transferred to their customers upon the sale of a car. This is the so-called double transfer. We are currently monitoring the situation and we will look at it and see what the impact of this is on the prices of COEs. But the fact is that double transfers are part and parcel of the current regulations, that is, it is a legitimate practice. It is a practice which we need to have in order to ensure that people who wish to dispose of their cars for whatever reason can do so without being inconvenienced or restricted.