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Financial results for the nine months ended December 31, 2011
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     The Government announced today (January 31) its financial results for the nine months ended December 31, 2011.

     There was a surplus of HK$38.3 billion in the month of December, thereby bringing a surplus of HK$59.5 billion up to end of December, 2011. Expenditure for the nine-month period amounted to HK$264.8 billion and revenue HK$324.3 billion.

     A Government spokesman said that the surplus in December was mainly due to the receipt of HK$37 billion in investment income on fiscal reserves. On the other hand, the HK$7 billion injection into the Elite Athletes Development Fund had not been reflected in the December figures. The revised estimates for the current financial year will be published along with the 2012-13 Budget tomorrow (February 1).

     The fiscal reserves stood at HK$654.9 billion as at December 31, 2011.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended      Nine months ended
                December 31, 2011   December 31, 2011
                -----------------   -----------------
                    HK$ million         HK$ million

Revenue              69,479.9           324,315.2
Expenditure         (31,212.3)         (264,848.0)
                -----------------   -----------------
Surplus              38,267.6            59,467.2
                -----------------   -----------------

Financing
 Domestic
  Banking Sector    (38,441.1)          (58,410.8)
   (Note 2)
  Non-Banking Sector    173.5            (1,056.4)
 External                -                   -
                -----------------   -----------------
Total               (38,267.6)          (59,467.2)
                -----------------   -----------------

Government Debts as at December 31, 2011 (Note 3)
  HK$11,208.4 million
Debts Guaranteed by Government as at December 31, 2011 (Note 4)
  HK$73,697.5 million

TABLE 2.   FISCAL RESERVES

                   Month ended      Nine months ended
                December 31, 2011   December 31, 2011
                -----------------   -----------------
                    HK$ million         HK$ million

Fiscal Reserves      616,602.2          595,402.6
at start of period

Consolidated          38,267.6           59,467.2
Surplus         -----------------   -----------------

Fiscal Reserves      654,869.8          654,869.8
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 December 31, 2011, was HK$50,944 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 December 31, 2011, which will mature within the period August 2014 to July 2019. The outstanding bonds of HK$48,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$7,000 million will mature within the period from January 2012 to December 2012 and the rest will mature within the period from January 2013 to August 2021.

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/Tuesday, January 31, 2012
Issued at HKT 16:30

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