THE first of five reports examining whether Hong Kong's economy is free and fair will be published within three weeks, the Consumer Council said yesterday, and it is expecting a swift response from the Government. Consumer Council chairman Professor Edward Chen Kwan-yiu said the council's report into financial services could be made public soon. ''We are just waiting for comments from the Hong Kong Association of Banks, and as long as we have them by the middle of January the report will be published at the end of the month.'' Reports on gas supply and supermarkets are expected by March, and reports on telecommunication and broadcasting should be ready by the middle of the year, Mr Chen said. By September these would be followed by an overall report on competitionin Hong Kong's economy, which would say whether the territory needs a Monopolies and Mergers Commission or an Office of Fair Trading. Some of the recommendations are expected to be radical, and if adopted by the Government could result in far-reaching changes to everyday life. Mr Chen said the financial services report closely examined areas such as interest-rate agreements between banks, tie-in sales of financial products, disclosure of information by banks, and bank charges for services such as cash deposits and changing coins into notes. Grace Law Wai-chun, assistant secretary of the Hong Kong Association of Banks said the association's main committee, which includes permanent members the Hongkong Bank, Standard Chartered Bank and Bank of China, was still deciding how to respond to the report's conclusions. ''We are still discussing it, though we are working towards finishing by the middle of January,'' she said. Mr Chen said he expected the Government to respond to each report within six months. ''We will make sure that happens,'' he said.