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

     There was a surplus of HK$25.4 billion in the month of November, thereby bringing the cumulative year-to-date deficit down to HK$7.6 billion. Expenditure for the eight-month period amounted to HK$279.3 billion and revenue HK$271.7 billion.

     A government spokesperson said that the improved financial results in November were mainly due to the collection of profits tax. The revised estimates for the current financial year will be published along with the 2016-17 Budget on February 24, 2016.

     The fiscal reserves stood at HK$820.9 billion as at November 30, 2015.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT (Note 1)

                Month ended    Eight months ended
            November 30, 2015   November 30, 2015
            -----------------  ------------------
                   HK$ million        HK$ million

Revenue             58,197.8          271,684.9
Expenditure        (32,766.7)        (279,276.1)
                  -------------   ---------------
Surplus/(Deficit)   25,431.1           (7,591.2)
                  -------------   ---------------

Financing
 Domestic
  Banking Sector    (25,469.9)         6,804.2
   (Note 2)
  Non-Banking Sector    38.8            787.0
 External                -                 -
                  -------------   ---------------
Total               (25,431.1)         7,591.2
                  -------------   ---------------

Government Debts as at November 30, 2015 (Note 3)
  HK$1,500 million
Debts Guaranteed by Government as at November 30, 2015 (Note 4)
  HK$41,676.9 million

TABLE 2.   FISCAL RESERVES

                Month ended    Eight months ended
            November 30, 2015   November 30, 2015
            -----------------  ------------------
                   HK$ million        HK$ million

Fiscal Reserves       795,491.8        828,514.1
at start of period

Consolidated Surplus/  25,431.1         (7,591.2)
(Deficit)
                  -------------   ---------------
Fiscal Reserves       820,922.9        820,922.9
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 November 30, 2015 was HK$132,640 million.

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

3. These were the outstanding institutional notes as at November 30, 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$110,400 million and alternative bonds with nominal value of US$2,000 million (equivalent to HK$15,501 million as at November 30, 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$11,500 million were repaid on December 2, 2015; bonds with nominal value of HK$16,500 million will mature within the period from January 2016 to November 2016, and the rest within the period from December 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/Thursday, December 31, 2015
Issued at HKT 16:30

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