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Financial results for the 11 months ended February 28, 2014

     The Government announced today (March 31) its financial results for the 11 months ended February 28, 2014.

     There was a deficit of HK$38 billion in the month of February, thereby bringing the net surplus down to HK$31.8 billion up to end of February 2014. Expenditure for the 11-month period amounted to HK$388.3 billion and revenue HK$420.1 billion.

     A government spokesperson said that expenditure in March is expected to exceed revenue, resulting in a deficit for the month and further reducing the cumulative surplus.

     The fiscal reserves stood at HK$765.7 billion as at February 28, 2014.

     More detailed figures are shown in Tables 1 and 2.


                    Month ended      11 months ended
                 February 28, 2014  February 28, 2014
                 -----------------  -----------------
                    HK$ million        HK$ million

Revenue               22,065.7          420,120.5
Expenditure          (60,069.6)        (388,297.1)
                 -----------------  -----------------
(Deficit)/Surplus    (38,003.9)          31,823.4
                 -----------------  -----------------

  Banking Sector      38,147.0          (31,529.3)
   (Note 2)
  Non-Banking Sector    (143.1)            (294.1)
 External                -                  -
                 ----------------   -----------------
Total                 38,003.9          (31,823.4)
                 ----------------   -----------------

Government Debts as at February 28, 2014 (Note 3)
  HK$11,200.9 million
Debts Guaranteed by Government as at February 28, 2014 (Note 4)
  HK$77,495.2 million


                    Month ended      11 months ended
                 February 28, 2014  February 28, 2014
                 -----------------  -----------------
                    HK$ million        HK$ million

Fiscal Reserves        803,741.4        733,914.1
at start of period

Consolidated           (38,003.9)        31,823.4
                 -----------------  -----------------

Fiscal Reserves        765,737.5        765,737.5
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 February 28, 2014, is HK$100,710 million.

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

3. These are the outstanding institutional notes as at February 28, 2014. Of these notes, repayment of US$1,250 million, equivalent to HK$9,700.9 million, will be made in July 2014 and the rest denominated in Hong Kong dollars will mature in July 2019. The outstanding bonds of HK$94,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$3,500 million has already been repaid on March 10, 2014; HK$20,000 million will mature within the period from April 2014 to February 2015 and the rest within the period from March 2015 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/Monday, March 31, 2014
Issued at HKT 16:30


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