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Financial results for the five months ended August 31, 2015

     The Government announced today (September 30) its financial results for the five months ended August 31, 2015.

     Expenditure for the period April to August 2015 amounted to HK$175.4 billion and revenue HK$125.6 billion, resulting in a cumulative year-to-date deficit of HK$49.8 billion.

     A government spokesperson said that the cumulative year-to-date deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received towards the end of a financial year.

     The fiscal reserves stood at HK$778.7 billion as at August 31, 2015.

     More detailed figures are shown in Tables 1 and 2.


                 Month ended     Five months ended
               August 31, 2015    August 31, 2015
               ---------------   -----------------
                 HK$ million        HK$ million

Revenue           16,163.9          125,628.2
Expenditure      (34,309.2)        (175,434.7)
                -------------   ------------------
Deficit          (18,145.3)         (49,806.5)
                -------------   ------------------

  Banking Sector   18,236.2           48,733.7
   (Note 2)
  Non-Banking Sector (90.9)            1,072.8
 External              -                 -
                -------------   ------------------
Total              18,145.3           49,806.5
                -------------   ------------------

Government Debts as at August 31, 2015 (Note 3)
  HK$1,500 million
Debts Guaranteed by Government as at August 31, 2015 (Note 4)
  HK$46,120 million


                  Month ended    Five months ended
                August 31, 2015   August 31, 2015
                ---------------  -----------------
                  HK$ million       HK$ million

Fiscal Reserves      796,852.9         828,514.1
at start of period

Consolidated Deficit (18,145.3)        (49,806.5)
                 --------------  -----------------
Fiscal Reserves      778,707.6         778,707.6
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 August 31, 2015, was HK$125,541 million.

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

3. These were the outstanding institutional notes as at August 31, 2015, which were denominated in Hong Kong dollars with maturity in July 2019. They do not include the outstanding bonds with nominal value of HK$103,200 million and alternative bonds with nominal value of US$2,000 million (equivalent to HK$15,500 million as at August 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 September 2015 to August 2016 and the rest within the period from September 2016 to July 2030.

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

Ends/Wednesday, September 30, 2015
Issued at HKT 16:30


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