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Financial results for the three months ended June 30, 2011
**********************************************************

     The Government announced today (July 29) its financial results for the three months ended June 30, 2011.

     Expenditure for the period April to June 2011 amounted to HK$74.0 billion and revenue HK$64.6 billion, resulting in a deficit of HK$9.4 billion.

     A Government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received toward the end of a financial year.

     The fiscal reserves stood at HK$586.0 billion as at June 30, 2011.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended    Three months ended
                  June 30, 2011     June 30, 2011
                  -------------   ------------------
                   HK$ million        HK$ million

Revenue             21,175.2           64,615.0
Expenditure        (24,093.5)         (73,976.8)
                  -------------   ------------------
Deficit             (2,918.3)          (9,361.8)
                  -------------   ------------------

Financing
 Domestic
  Banking Sector     5,930.6           10,553.2
   (Note 2)
  Non-Banking Sector(3,012.3)          (1,191.4)
 External               -                -
                  -------------   ------------------
Total                2,918.3            9,361.8
                  -------------   ------------------

Government Debts as at June 30, 2011 (Note 3)
  HK$11,227.5 million
Debts Guaranteed by Government as at June 30, 2011 (Note 4)
  HK$77,060.8 million

TABLE 2.   FISCAL RESERVES

                   Month ended    Three months ended
                  June 30, 2011     June 30, 2011
                  -------------   ------------------
                   HK$ million        HK$ million

Fiscal Reserves     588,959.1         595,402.6
at start of period

Consolidated Deficit (2,918.3)         (9,361.8)
                  -------------   ------------------

Fiscal Reserves     586,040.8         586,040.8
at end of period
                  -------------   ------------------

Notes:

1. This Account consolidates the General Revenue Account and the following eight funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at June 30, 2011, is HK$30,872 million.

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

3. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at June 30, 2011, which will mature within the period August 2014 to July 2019. Bonds of HK$30,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of the outstanding bonds, HK$7,000 million will mature within the period September 2011 to June 2012 and the rest will mature within the period July 2012 to January 2020.

4. 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 the commercial loan of the Ocean Park Corporation.

Ends/Friday, July 29, 2011
Issued at HKT 16:36

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