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Independent Auditor’s Report and Audited Financial Statements

獨立核數師報告及經審查的財務報表

Notes to the Financial Statements 財務報表附註

3. Financial risk management (Continued) 3. （續）

(a) Financial risk factors (Continued) (a) 財務風險因素（續）

With regard to investments, in accordance with the Group’s policies and 就投資方面，根據集團有關政策及指引，其主要目標
guidelines, the primary objectives are to meet liquidity requirements, to 是符合流動資金的需要、保障資金及提供合理回報。
protect capital and to provide a reasonable return. The investment 截至二零一五年三月三十一日的投資組合（「組合」），
portfolio (“Portfolio”) as at 31 March 2015 consisted of bank deposits, 包括銀行存款、固定入息工具及外匯基金存款。根據
fixed income instruments and placement with the Exchange Fund. Based 下文所列的風險控制措施，有關銀行的拖欠風險應可
on the risk control measures as summarised below, the risk of default by 減至最低，而組合亦沒有重大的信貸集中風險。此
the counterparties is considered minimal and the Portfolio has no 外，由於組合的資產及負債大體上都以港元為單位，
significant concentration of credit risk. Besides, the Group has no 即集團的功能及呈列貨幣，故無重大的貨幣風險。集
significant currency risk because substantially all assets and liabilities are 團對流動現金需要及風險的管理，於附註 3(c) 披露。
denominated in Hong Kong dollar, the Group’s functional and
presentation currency. The Group manages its cash flow requirements
and risk as disclosed in note 3(c).

(i) Credit risk (i) 信貸風險

The Group’s credit risk is the risk that counterparties may default on 集團的信貸風險是交易對手可能拖欠其銀行存
its bank deposits, fixed income instruments and placement with 款、固定入息工具及外匯基金存款。
the Exchange Fund.

Bank deposits are placed with the Group’s approved banks which 銀行存款均存放於集團的認可銀行，銀行乃根
are of investment grade as determined by Standard and Poor’s and 據標準普爾及穆迪釐定的投資評級。就銀行存
Moody’s. For bank deposits, banks must meet the minimum credit 款 而 言， 銀 行 的 最 低 信 貸 評 級 須 不 低 於 穆 迪
rating not lower than Moody’s Baa3 or equivalent. Baa3 或同等級別。

All transactions in fixed income instruments are settled or paid for 所有固定入息工具的交易是在交收後透過認可
upon delivery through approved banks. The credit risks of the 銀行結算╱支付。固定入息工具發行商的信貸
issuers are assessed based on the credit rating determined by 風險乃根據標準普爾及穆迪釐定的信貸評級。
Standard and Poor’s or Moody’s. Investments in fixed income 若投資於固定入息工具（即存款證），有關發行
instruments (i.e. certificates of deposits) are with issuers of credit 商的最低信貸評級須不低於穆迪 A3 或同等級
rating not lower than Moody’s A3 or equivalent. Where the maturity 別。至於到期日超過三年的投資，有關發行商
is over three years, the credit rating should not be lower than 的信貸評級在投資時須不低於穆迪 Aa3 或同等級
Moody’s Aa3 or equivalent at the time of investments. 別。

The placement with the Exchange Fund is entered into between 外匯基金存款是醫管局與香港金融管理局（「金
HA and the Hong Kong Monetary Authority (“HKMA”) and it is 管局」）訂定的安排，預計金管局就這筆存款可
expected that the HKMA can fulfill its contractual obligations to HA 履行對醫管局的合約責任。
in respect of the placement.

(ii) Interest rate risk (ii) 利率風險

The Portfolio’s interest rate risk arises from interest bearing cash at 組合的利率風險來自所獲利息的銀行現金、銀
bank, bank deposits and fixed income instruments. Cash at bank, 行存款及固定入息工具。銀行現金賺取不同利
which earns interest at variable rates, gives rise to cash flow interest 率，會有流動現金利率風險；而賺取固定息率
rate risk. Fixed rate bank deposits and fixed income instruments 的銀行存款及固定入息工具，則有公允價值利
expose the Portfolio to fair value interest rate risk. Sensitivity 率風險。集團在二零一五年三月三十一日就利
analyses have been performed by the Group with regard to interest 率風險進行敏感度分析。當利率升降 50 點子（即
rate risk as at 31 March 2015. If interest rates had been increased or 管理層認為的合理可能之利率變動），而所有其
decreased by 50 basis points, which represent management’s 他變動因素維持不變，這對集團的盈餘及資產
assessment of a reasonably possible change in those rates, and all 淨值不會有重大影響。
other variables were held constant, the effect on the Group’s
surplus and net assets is insignificant.

112 Hospital Authority Annual Report 2014-2015