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Financial results for the two months ended May 31, 2014
*******************************************************

     The Government announced today (June 30) its financial results for the two months ended May 31, 2014.

     Expenditure for the period April to May 2014 amounted to HK$57.9 billion and revenue HK$47.4 billion, resulting in a deficit of HK$10.5 billion.

     A government spokesperson said that the deficit for the period was mainly because some major types of revenue, including salaries and profits tax, are mostly received towards the end of a financial year.

     The fiscal reserves stood at HK$745.2 billion as at May 31, 2014.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended    Two months ended
                  May 31, 2014      May 31, 2014
                  ------------    ----------------
                   HK$ million       HK$ million

Revenue             12,911.4          47,343.9
Expenditure        (28,289.1)        (57,889.6)
                  ------------    ----------------
Deficit            (15,377.7)        (10,545.7)
                  ------------    ----------------

Financing
 Domestic
  Banking Sector    14,957.5           9,544.6
   (Note 2)
  Non-Banking Sector   420.2           1,001.1
 External                -                   -
                  ------------    ----------------
Total               15,377.7          10,545.7
                  ------------    ----------------

Government Debts as at May 31, 2014 (Note 3)
  HK$11,190.9 million
Debts Guaranteed by Government as at May 31, 2014 (Note 4)
  HK$75,807.0 million

TABLE 2.   FISCAL RESERVES

                    Month ended    Two months ended
                   May 31, 2014      May 31, 2014
                   ------------    ----------------
                    HK$ million       HK$ million

Fiscal Reserves      760,548.7        755,716.7
at start of period

Consolidated Deficit (15,377.7)       (10,545.7)
                   ------------    ---------------

Fiscal Reserves      745,171.0        745,171.0
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 May 31, 2014 was HK$103,410 million.

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

3. These were the outstanding institutional notes as at May 31, 2014. Of these notes, repayment of US$1,250 million, equivalent to HK$9,690.9 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$97,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$26,500 million will mature within the period from June 2014 to May 2015 and the rest within the period from June 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 and the commercial loan of the Ocean Park Corporation.

Ends/Monday, June 30, 2014
Issued at HKT 16:30

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