ELECTED PRESIDENT (Protection of reserves)

[Mr Speaker in the Chair]

Mr Leong Horn Kee asked the Prime Minister whether he will give details of the list of problems with the Government encountered by the first Elected President during his term of office.

Mr Inderjit Singh asked the Prime Minister whether the Net Investment Income or income derived from past reserves is defined as earnings for past reserves or current reserves and whether there has been a change of definition since the Elected President's office was created.

Mr Inderjit Singh asked the Prime Minister whether all assets belonging to the state have been accurately identified, accounted for and recorded and whether a list of assets can be made available to Parliament.

Mrs Lim Hwee Hua asked the Prime Minister if he will direct all Ministries and key Statutory Boards to not only maintain a complete listing of Physical Assets, which are defined as Reserves, but also ensure that these land parcels and buildings are properly maintained so as to preserve and protect their value.

Mr Ahmad Mohd Magad asked the Prime Minister whether it will be possible for the Government to disclose annually, after the close of the fiscal year, (i) the amount of reserves, if any, accumulated during the year by the current Government; (ii) the portion transferred to the official reserves (guarded by the President); and (iii) the remaining amount of cumulative funds useable to fund deficits, wherever applicable.

Mr Shriniwas Rai asked the Prime Minister if he will respond to the President's comment that he suspects some Ministers may find him a nuisance and that public officers should change their mindsets and see it as their constitutional duty to help the Elected President protect the past reserves.

Dr Lee Tsao Yuan asked the Prime Minister, with regard to Net Investment Income (income earned from past reserves), if he will disclose (i) its magnitude in 1997 and 1998; (ii) the rationale for the recent change in its treatment from being considered as part of past reserves to being considered as part of current reserves; (iii) whether such a change is temporary or permanent; and (iv) why it is still an unresolved issue.

The Minister for Finance (Dr Richard Hu Tsu Tau) (for the Prime Minister): Mr Speaker, Sir, Questions 1 to 7 are all related to remarks made by the President at his press conference on 16th July 1999. The Government will make a Ministerial Statement addressing fully the issues raised by the President. It had planned to do so today, but in view of the demise of Mrs Ong Teng Cheong, it has postponed the Statement to a sitting of Parliament scheduled for later this month.

I therefore request the Speaker's permission to defer answering these questions until after the Ministerial Statement has been made, so that the issues can be seen in their proper context.

Mr Speaker: You have my permission.