Financial results for the 11 months ended February 29, 2020
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There was a deficit of HK$5.9 billion in the month of February. Expenditure for the 11-month period amounted to HK$535.1 billion and revenue HK$548 billion, with the cumulative year-to-date surplus at HK$19.2 billion after receipt of net proceeds of HK$7.8 billion from issuance of green bonds under the Government Green Bond Programme (Green Bond) and repayment of institutional notes of HK$1.5 billion.
The fiscal reserves stood at HK$1,190.1 billion as at February 29, 2020.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended February 29, 2020 HK$ million |
11 months ended February 29, 2020 HK$ million |
|
| Revenue | 67,385.0 | 547,997.6 |
| Expenditure | (73,236.7) | (535,128.0) |
| (Deficit) / Surplus before issuance and repayment of government bonds and notes |
(5,851.7) | 12,869.6 |
| Net proceeds from issuance of Green Bond |
- | 7,828.7 |
| Repayment of government bonds and notes |
- | (1,500.0) |
| (Deficit) / Surplus after issuance and repayment of government bonds and notes |
(5,851.7) | 19,198.3 |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) |
5,612.0 | (18,579.1) |
| Non-Banking Sector |
239.7 | (619.2) |
| External | - | - |
| Total | 5,851.7 | (19,198.3) |
Government Debts as at February 29, 2020 (Note 3)
HK$7,795 million
Debts Guaranteed by Government as at February 29, 2020 (Note 4)
HK$29,440.7 million
TABLE 2. FISCAL RESERVES
| Month ended February 29, 2020 HK$ million |
11 months ended February 29, 2020 HK$ million |
|
| Fiscal Reserves at start of period |
1,195,932.5 |
1,170,882.5 |
| Consolidated (Deficit) / Surplus after issuance and repayment of government bonds and notes |
(5,851.7) |
19,198.3 |
| Fiscal Reserves at end of period (Note 5) |
1,190,080.8 | 1,190,080.8 |
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 February 29, 2020, was HK$120,191 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the green bonds of US$1,000 million (equivalent to HK$7,795 million as at February 29, 2020) which were denominated in US dollars with maturity in May 2024. They do not include the outstanding bonds with nominal value of HK$82,420 million and alternative bonds with nominal value of US$2,000 million (equivalent to HK$15,591 million as at February 29, 2020) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$8,820 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$12,363 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,795 million as at February 29, 2020) will mature within the period from March 2020 to February 2021 and the rest within the period from March 2021 to March 2034.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012 and a commercial loan of the Hong Kong Science and Technology Parks Corporation.
5. Includes HK$219,730 million being the balance of the Land Fund held in the name of "Future Fund" as from January 1, 2016, for long-term investments initially up to December 31, 2025. As from July 1, 2016, the Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Ends/Tuesday, March 31, 2020
Issued at HKT 16:30
Issued at HKT 16:30
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