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Financial results for the seven months ended October 31, 2013
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     The Government announced today (November 29) its financial results for the seven months ended October 31, 2013.

     There was a surplus of HK$20.8 billion in the month of October, thereby reducing the deficit for the seven months ended October 31, 2013, to HK$39.3 billion. Expenditure for the period amounted to HK$233.1 billion and revenue HK$193.8 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$694.6 billion as at October 31, 2013.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended     Seven months
                   October 31,     ended October 31,
                   2013            2013
                   ------------    -----------------
                    HK$ million       HK$ million

Revenue               52,301.0            193,767.0
Expenditure          (31,456.3)          (233,042.5)
                  ---------------  ------------------
Surplus/(Deficit)     20,844.7            (39,275.5)
                  ---------------  ------------------

Financing
 Domestic
  Banking Sector     (20,628.0)            38,453.6
   (Note 2)
  Non-Banking Sector    (216.7)               821.9
 External                -                   -
                  ---------------   -----------------
Total                (20,844.7)            39,275.5
                  ---------------   -----------------

Government Debts as at October 31, 2013 (Note 3)
  HK$11,191.4 million
Debts Guaranteed by Government as at October 31, 2013 (Note 4)
  HK$79,127.6 million

TABLE 2.   FISCAL RESERVES

                   Month ended     Seven months
                   October 31,     ended October 31,
                   2013            2013
                   ------------    -----------------
                    HK$ million        HK$ million

Fiscal Reserves      673,793.9           733,914.1
at start of period

Consolidated Surplus/ 20,844.7           (39,275.5)
(Deficit)          --------------  ------------------

Fiscal Reserves      694,638.6           694,638.6
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 October 31, 2013, was HK$90,790 million.

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

3. These are the outstanding institutional notes as at October 31, 2013. Of these notes, US$1,250 million, equivalent to HK$9,691.4 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019. The outstanding bonds of HK$87,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$13,500 million will mature within the period from November 2013 to October 2014 and the rest within the period from November 2014 to January 2023.

4. Includes guarantees provided under 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/Friday, November 29, 2013
Issued at HKT 16:31

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