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Provisional financial results for the year ended March 31, 2013

     The Government announced today (April 30) its provisional financial results for the year ended March 31, 2013.

     Expenditure for the year ended March 31, 2013, amounted to HK$377.3 billion and revenue HK$442.1 billion, resulting in a surplus of HK$64.8 billion.

     "The provisional surplus of HK$64.8 billion is almost the same as the revised estimate of HK$64.9 billion," the government spokesperson said.

     The fiscal reserves stood at HK$733.9 billion as at March 31, 2013.

     The spokesperson added that these were provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures would unlikely be significant.

     More detailed figures are shown in Tables 1 and 2.


                   Month ended       Year ended
                 March 31, 2013    March 31, 2013
                 --------------    --------------
                   HK$ million       HK$ million

Revenue             27,758.7          442,147.7
Expenditure        (38,667.1)        (377,320.9)
                 --------------    --------------
(Deficit)/Surplus  (10,908.4)          64,826.8
                 --------------    --------------

  Banking Sector    10,783.7          (64,070.6)
   (Note 2)
  Non-Banking Sector   124.7             (756.2)
 External               -                 -
                 --------------    --------------
Total               10,908.4          (64,826.8)
                 --------------    --------------

Government Debts as at March 31, 2013 (Note 3)
  HK$11,203.7 million
Debts Guaranteed by Government as at March 31, 2013 (Note 4)
  HK$80,735.9 million


                     Month ended      Year ended
                   March 31, 2013   March 31, 2013
                   --------------   --------------
                     HK$ million      HK$ million

Fiscal Reserves        744,823.8       669,088.6
at start of period

Consolidated (Deficit)/(10,908.4)       64,826.8
Surplus            --------------   --------------

Fiscal Reserves        733,915.4       733,915.4
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 March 31, 2013, is HK$75,293 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 March 31, 2013, which will mature within the period from August 2014 to July 2019. The outstanding bonds of HK$70,500 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 April 2013 to March 2014 and the rest within the period from April 2014 to January 2023.

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 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/Tuesday, April 30, 2013
Issued at HKT 16:30


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