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Financial results for the 10 months ended January 31, 2013

     The Government announced today (February 28) its financial results for the 10 months ended January 31, 2013.

     There was a surplus of HK$41.9 billion in the month of January, thereby bringing a surplus of HK$81.9 billion up to end of January, 2013. Expenditure for the 10-month period amounted to HK$311.4 billion and revenue HK$393.3 billion.

     A government spokesperson said that the surplus in January was mainly due to the receipt of salaries tax and profits tax. He added that the bulk of the income for the year from key revenue sources such as profits tax, salaries tax and investment income had already been received. He expected that, for the months of February and March, expenditure would be higher than revenue. The surplus for the year would decrease to HK$64.9 billion (Note 1).

     The fiscal reserves stood at HK$751 billion as at January 31, 2013.

     More detailed figures are shown in Tables 1 and 2.


                   Month ended       10 months ended
                January 31, 2013     January 31, 2013
                ----------------     ----------------
                   HK$ million          HK$ million

Revenue               71,993.0            393,350.1
Expenditure          (30,064.3)          (311,445.6)
                ----------------     ----------------
Surplus               41,928.7             81,904.5
                ----------------     ----------------

  Banking Sector     (41,263.2)           (80,814.8)
   (Note 3)
  Non-Banking Sector    (665.5)            (1,089.7)
 External                -                    -
               -----------------    -----------------
Total                (41,928.7)           (81,904.5)
               -----------------    -----------------

Government Debts as at January 31, 2013 (Note 4)
  HK$11,197.7 million
Debts Guaranteed by Government as at January 31, 2013 (Note 5)
  HK$79,382.1 million


                   Month ended       10 months ended
                January 31, 2013     January 31, 2013
                ----------------     ----------------
                    HK$ million          HK$ million

Fiscal Reserves       709,064.4            669,088.6
at start of period

Consolidated           41,928.7             81,904.5
               -----------------    -----------------

Fiscal Reserves       750,993.1            750,993.1
at end of period
               -----------------    -----------------


1. In 2011-12, the surplus up to January 2012 was HK$102.5 billion and the surplus for the year was HK$73.7 billion.

2. 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 January 31, 2013 is HK$73,390 million.

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

4. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at January 31, 2013, which will mature within the period from August 2014 to July 2019. The outstanding bonds of HK$68,500 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 February 2013 to January 2014 and the rest within the period from February 2014 to January 2023.

5. 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 Special Concessionary Measures under the SME Financing Guarantee Scheme launched in 2012, the Film Guarantee Fund and the commercial loan of the Ocean Park Corporation.

Ends/Thursday, February 28, 2013
Issued at HKT 18:48


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