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Financial results for the seven months ended October 31, 2012

     The Government announced today (November 30) its financial results for the seven months ended October 31, 2012.

     There was a surplus of HK$21.5 billion in the month of October, thereby reducing the deficit for the seven months ended October 31, 2012, to HK$36.5 billion. Expenditure for the period amounted to HK$222.6 billion and revenue HK$186.1 billion.

     A government spokesperson said that the improved financial results in October were mainly due to the collection of profits tax.

     The fiscal reserves stood at HK$632.6 billion as at October 31, 2012.

     More detailed figures are shown in Tables 1 and 2.


                 Month ended       Seven months ended
                 October 31, 2012  October 31, 2012
                 ----------------  ------------------
                    HK$ million       HK$ million

Revenue               53,445.0         186,071.0
Expenditure          (31,922.5)       (222,564.8)
                 ----------------  ------------------
Surplus/(Deficit)     21,522.5         (36,493.8)
                 ----------------  ------------------

  Banking Sector     (21,532.9)         36,762.1
   (Note 2)
  Non-Banking Sector      10.4            (268.3)
 External                -                 -
                 ----------------  ------------------
Total                (21,522.5)         36,493.8
                 ----------------  ------------------

Government Debts as at October 31, 2012 (Note 3)
  HK$11,188.1 million
Debts Guaranteed by Government as at October 31, 2012 (Note 4)
  HK$63,308.6 million


                    Month ended    Seven months ended
                 October 31, 2012   October 31, 2012
                 ----------------  ------------------
                    HK$ million        HK$ million

Fiscal Reserves       611,072.3        669,088.6
at start of period

Consolidated           21,522.5        (36,493.8)
Surplus/(Deficit)----------------  ------------------

Fiscal Reserves       632,594.8        632,594.8
at end of period
                 ----------------  ------------------


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 October 31, 2012, is HK$66,057 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 October 31, 2012, which will mature within the period from August 2014 to July 2019. The outstanding bonds of HK$64,000 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 November 2012 to October 2013 and the rest within the period from November 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, November 30, 2012
Issued at HKT 16:30


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