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Financial results for the six months ended September 30, 2013

     The Government announced today (October 31) its financial results for the six months ended September 30, 2013.

     Expenditure for the period April to September 2013 amounted to HK$201.6 billion and revenue HK$141.5 billion, resulting in a deficit of HK$60.1 billion.

     A government spokesperson said that the 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$673.8 billion as at September 30, 2013.

     More detailed figures are shown in Tables 1 and 2.


                     Month ended     Six months ended
                    September 30,      September 30,
                        2013               2013                   
                   ----------------  ----------------
                     HK$ million         HK$ million

Revenue               15,173.3            141,466.0
Expenditure          (31,258.8)          (201,586.2)
                   ----------------  ----------------
Deficit              (16,085.5)           (60,120.2)
                   ----------------  ----------------

  Banking Sector      16,115.5             59,081.6
   (Note 2)
  Non-Banking Sector     (30.0)             1,038.6
 External                -                   -
                   ----------------  ----------------
Total                 16,085.5             60,120.2
                   ----------------  ----------------

Government Debts as at September 30, 2013 (Note 3)
  HK$11,192.7 million
Debts Guaranteed by Government as at September 30, 2013 (Note 4)
  HK$79,225.8 million


                     Month ended    Six months ended
                    September 30,     September 30,
                        2013               2013
                   ----------------  ----------------
                     HK$ million         HK$ million

Fiscal Reserves      689,879.4           733,914.1
at start of period

Consolidated Deficit (16,085.5)          (60,120.2)
                   ----------------  ----------------

Fiscal Reserves      673,793.9           673,793.9
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 September 30, 2013 is HK$90,790 million.

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

3. These are the outstanding institutional notes as at September 30, 2013. Of these notes, US$1,250 million, equivalent to HK$9,692.7 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019.  The outstanding bonds of HK$87,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded.  Of these bonds, HK$13,500 million will mature within the period from October 2013 to September 2014 and the rest within the period from October 2014 to January 2023.

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, the Film Guarantee Fund and the commercial loan of the Ocean Park Corporation.

Ends/Thursday, October 31, 2013
Issued at HKT 16:31


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