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Financial results for the seven months ended October 31, 2015
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     The Government announced today (November 30) its financial results for the seven months ended October 31, 2015.

     There was a surplus of HK$34.9 billion in the month of October, thereby bringing the cumulative year-to-date deficit down to HK$33 billion. Expenditure for the seven-month period amounted to HK$246.5 billion and revenue HK$213.5 billion.

     A government spokesperson said that the improved financial results in October were mainly due to the collection of profits tax.

     The fiscal reserves stood at HK$795.5 billion as at October 31, 2015.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                   Month ended    Seven months ended
               October 31, 2015    October 31, 2015
              ------------------  ------------------
                   HK$ million        HK$ million

Revenue             70,782.4          213,487.1
Expenditure        (35,882.3)        (246,509.4)
                  -------------   ---------------
Surplus/(Deficit)   34,900.1          (33,022.3)
                  -------------   ---------------

Financing
 Domestic
  Banking Sector    (34,838.8)         32,274.1
   (Note 2)
  Non-Banking Sector   (61.3)           748.2
 External                -                 -
                  -------------   ---------------
Total                (34,900.1)        33,022.3
                  -------------   ---------------

Government Debts as at October 31, 2015 (Note 3)
  HK$1,500 million
Debts Guaranteed by Government as at October 31, 2015 (Note 4)
  HK$43,088 million

TABLE 2.   FISCAL RESERVES

                   Month ended    Seven months ended
               October 31, 2015    October 31, 2015
              ------------------  ------------------
                   HK$ million        HK$ million

Fiscal Reserves       760,591.7        828,514.1
at start of period

Consolidated Surplus/  34,900.1        (33,022.3)
(Deficit)
                  -------------   ---------------
Fiscal Reserves       795,491.8        795,491.8
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 October 31, 2015, was HK$129,718 million.

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

3. These were the outstanding institutional notes as at October 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$107,400 million and alternative bonds with nominal value of US$2,000 million (equivalent to HK$15,502 million as at October 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 November 2015 to October 2016 and the rest within the period from November 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/Monday, November 30, 2015
Issued at HKT 16:31

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