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Financial results for the 11 months ended February 29, 2012
***********************************************************

     The Government announced today (March 30) its financial results for the 11 months ended February 29, 2012.

     There was a deficit of HK$18 billion in the month of February, thereby bringing the net surplus down to HK$84.5 billion up to end of February.  Expenditure for the 11-month period amounted to HK$328.7 billion and revenue HK$413.2 billion.

     A Government spokesperson said that, based on past experience, expenditure in March will exceed revenue, resulting in a deficit for the month and further reducing the cumulative surplus.

     The fiscal reserves stood at HK$679.9 billion as at February 29, 2012.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended       11 months ended
                February 29, 2012   February 29, 2012
                -----------------   -----------------
                   HK$ million         HK$ million

Revenue              17,530.1           413,241.8
Expenditure         (35,528.9)         (328,733.3)
                -----------------   -----------------
(Deficit)/Surplus   (17,998.8)           84,508.5
                -----------------   -----------------

Financing
 Domestic
  Banking Sector     17,847.0           (82,872.2)
   (Note 2)
  Non-Banking Sector    151.8            (1,636.3)
 External               -                  -
                -----------------   -----------------
Total                17,998.8           (84,508.5)
                -----------------   -----------------

Government Debts as at February 29, 2012 (Note 3)
  HK$11,194.4 million
Debts Guaranteed by Government as at February 29, 2012 (Note 4)
  HK$72,481.6 million

TABLE 2.   FISCAL RESERVES

                   Month ended       11 months ended
                February 29, 2012   February 29, 2012
                -----------------   -----------------
                   HK$ million         HK$ million

Fiscal Reserves      697,909.9          595,402.6
at start of period

Consolidated         (17,998.8)          84,508.5
(Deficit)/Surplus----------------   -----------------

Fiscal Reserves      679,911.1          679,911.1
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 February 29, 2012 is HK$52,062 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 February 29, 2012, which will mature within the period August 2014 to July 2019. The outstanding bonds of HK$49,500 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 March 2012 to February 2013 and the rest will mature within the period from March 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/Friday, March 30, 2012
Issued at HKT 16:33

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