FUTURE private operators of Hongkong's 13,000 parking meters will be forced to provide at least $30 million in bank guarantees to ensure the Government is paid regularly.
A special Government working party, which includes officials from the ICAC, is finalising contracts for private parking meter management.
However, the Automobile Association yesterday raised doubts about benefits of privatisation for consumers, and warned of the need to protect drivers from being penalised for faulty meters.
The tender operation for the three-year contract is due to start in March, with at least 10 local companies already expressing interest.
About 120 Transport Department staff and seven from the Electrical and Mechanical Services Department will be affected.
Assistant Commissioner for Transport, Mr Ernest Lee Shu-wing, said because of the volume of money involved, protection for the Government was vital.
''With revenue of $133 million from parking meters last year, we think it's reasonable to have bank guarantees,'' he said.