Financial results for the eight months ended November 30, 2013

     The Government announced today (December 31) its financial results for the eight months ended November 30, 2013.

     There was a surplus of HK$15.6 billion in the month of November, thereby reducing the deficit for the eight months ended November 30, 2013, to HK$23.7 billion. Expenditure for the period amounted to HK$264 billion and revenue HK$240.3 billion.

     A government spokesperson said that the improved financial results in November were mainly due to the collection of profits tax. The revised estimates for the current financial year will be published along with the 2014-15 Budget on February 26, 2014.

     The fiscal reserves stood at HK$710.2 billion as at November 30, 2013.

     More detailed figures are shown in Tables 1 and 2.


                   Month ended     Eight months ended
                November 30, 2013  November 30, 2013
                -----------------  ------------------
                    HK$ million        HK$ million

Revenue               46,512.9          240,279.9
Expenditure          (30,943.7)        (263,986.2)
                -----------------  ------------------
Surplus/(Deficit)     15,569.2          (23,706.3)
               -----------------   ------------------

  Banking Sector     (15,519.2)          22,934.4
   (Note 2)
  Non-Banking Sector     (50.0)             771.9
 External                -                   -
               ----------------    ------------------
Total                (15,569.2)          23,706.3
               ----------------    ------------------

Government Debts as at November 30, 2013 (Note 3)
  HK$11,190.7 million
Debts Guaranteed by Government as at November 30, 2013 (Note 4)
  HK$78,752.2 million


                   Month ended     Eight months ended
               November 30, 2013    November 30, 2013
               -----------------   ------------------
                    HK$ million        HK$ million

Fiscal Reserves      694,638.6         733,914.1
at start of period

Consolidated Surplus/ 15,569.2         (23,706.3)
(Deficit)      -----------------   ------------------

Fiscal Reserves      710,207.8         710,207.8
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 November 30, 2013, is HK$93,681 million.

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

3. These are the outstanding institutional notes as at November 30, 2013. Of these notes, US$1,250 million, equivalent to HK$9,690.7 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019. The outstanding bonds of HK$90,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$23,500 million will mature within the period from December 2013 to November 2014 and the rest within the period from December 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/Tuesday, December 31, 2013
Issued at HKT 16:30