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Financial results for the 10 months ended January 31, 2015
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     The Government announced today (February 27) its financial results for the 10 months ended January 31, 2015.

     There was a surplus of HK$57 billion in the month of January, thereby bringing a cumulative year-to-date surplus of HK$92.2 billion before or HK$82.5 billion after repayment of bonds and notes. The HK$9.7 billion repayment of institutional notes was made in July 2014. Expenditure for the 10-month period amounted to HK$322.5 billion and revenue HK$414.7 billion.

     The fiscal reserves stood at HK$838.2 billion as at January 31, 2015.

     A government spokesperson said that the surplus in January was mainly due to the collection of salaries tax and profits tax. The bulk of the key revenue sources such as profits tax, salaries tax and stamp duties have already been received. He expected that, for the months of February and March, expenditure would be higher than revenue. The surplus for the year is expected to decrease to HK$63.8 billion (the revised estimate for 2014-15) and the fiscal reserves are estimated to be HK$819.5 billion as at end March 2015.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                  Month ended       10 months ended
               January 31, 2015     January 31, 2015
               ----------------     ----------------
                   HK$ million        HK$ million

Revenue (Note 2)    94,876.9          414,750.7
Expenditure        (37,832.5)        (322,543.0)
                  -------------   ------------------
Surplus before      57,044.4           92,207.7
Repayment of
Bonds and Notes
Repayment of            -              (9,687.8)
Bonds and Notes
                  -------------   ------------------
Surplus after       57,044.4           82,519.9
Repayment of
Bonds and Notes
                  -------------   ------------------
Financing
 Domestic
  Banking Sector    (55,808.8)         (81,913.0)
   (Note 3)
  Non-Banking Sector (1,235.6)            (606.9)
 External                -                   -
                  -------------   ------------------
Total               (57,044.4)         (82,519.9)
                  -------------   ------------------

Government Debts as at January 31, 2015 (Note 4)
  HK$1,500 million
Debts Guaranteed by Government as at January 31, 2015 (Note 5)
  HK$63,775.1 million

TABLE 2.   FISCAL RESERVES

                  Month ended       10 months ended
               January 31, 2015     January 31, 2015
               ----------------     ----------------
                   HK$ million        HK$ million

Fiscal Reserves      781,192.2         755,716.7
at start of period

Surplus after         57,044.4          82,519.9
Repayment of
Bonds and Notes
                  -------------   ------------------
Fiscal Reserves      838,236.6         838,236.6
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 January 31, 2015 was HK$114,663 million.

2. In accordance with a directive made by the Financial Secretary, the investment income in respect of the fiscal reserves for 2014 of HK$27,487 million was retained within the Exchange Fund, as provision for a Housing Reserve, and not paid on December 31, 2014.

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

4. These were the outstanding institutional notes as at January 31, 2015, which were denominated in Hong Kong dollars and will mature in July 2019. They do not include the outstanding bonds with nominal value of HK$98,500 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,752.5 million as at January 31, 2015) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme, bonds with nominal value of HK$28,000 million will mature within the period from February 2015 to January 2016 and the rest within the period from February 2016 to August 2024.

5. 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, a commercial loan of the Ocean Park Corporation and a commercial loan of the Hong Kong Science and Technology Parks Corporation.

Ends/Friday, February 27, 2015
Issued at HKT 16:52

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