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Financial results for the 11 months ended February 28, 2009
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     The Government announced today (March 31) its financial results for the 11 months ended February 28, 2009.

     There was a deficit of $6.6 billion in February, bringing the net surplus down to $43.2 billion up to end of February 2009. Expenditure for the period April 2008 to February 2009 amounted to $258.5 billion and revenue $301.7 billion.

     A government spokesman said that the February figures had not reflected the injection to Mandatory Provident Funds accounts and the Research Endowment Fund as well as payment for Sichuan Reconstruction which were made in March.

     The fiscal reserves stood at $536.1 billion as at February 28, 2009.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT

                   Month ended    Eleven months ended
                February 28, 2009   February 28, 2009
                -----------------   -----------------
                   HK$ million          HK$ million

Revenue             15,521.4             301,702.8
Expenditure        (22,133.2)           (258,492.3)
                ----------------    -----------------

(Deficit)/         (6,611.8)              43,210.5
Surplus         ----------------    -----------------

Financing
 Domestic
  Banking Sector    6,743.7              (42,955.2)
   (Note 1)
  Non-Banking Sector (131.9)                (255.3)
External               -                       -
                ----------------    -----------------
Total               6,611.8              (43,210.5)
                ----------------    -----------------

Government Debts as at February 28, 2009 (Note 2)
  HK$16,626.8 million
Debts Guaranteed by Government as at February 28, 2009 (Note 3)
  HK$6,558.0 million

TABLE 2.   FISCAL RESERVES

                  Month ended     Eleven months ended
               February 28, 2009    February 28, 2009
               -----------------  -------------------
                  HK$ million            HK$ million

Fiscal Reserves    542,736.8              492,914.5
at start of period

Consolidated        (6,611.8)              43,210.5
(Deficit)/Surplus  ----------             ---------

Fiscal Reserves    536,125.0              536,125.0
at end of period   ----------             ---------

Notes :

1. Includes transactions with the Exchange Fund and resident banks.

2. The total Government debts of $16,626.8 million as at February 28, 2009 comprise :

(i) Toll Revenue Bond of $1,932.4 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges.  The outstanding Toll Revenue Bond will mature by May 2016 but may be fully repaid before then; and

(ii) Institutional notes of $14,694.4 million (including US$1.25 billion denominated in United States dollars).  Of the outstanding amount, $3,500 million will mature in July 2009 and the rest will mature within the period August 2014 to July 2019.

3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises launched in 1998, the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the Film Guarantee Fund and commercial loan of the Ocean Park Corporation.

Ends/Tuesday, March 31, 2009
Issued at HKT 16:30

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