Page 114 - Hospital Authority Annual Report 2015-1016

Notes to the Financial Statements 財務報表附註

3. Financial risk management (Continued) 3. 財務風險管理（續）

Independent Auditor’s Report and (a) Financial risk factors (Continued) （a） 財務風險因素（續）
Audited Financial Statements
(i) Credit risk （i） 信貸風險

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

Bank deposits are placed with the Group’s approved banks 銀行存款均存放於集團的認可銀行，
which are of investment grade as determined by Moody’s or 銀行乃根據穆迪或標準普爾釐定的投
Standard and Poor’s. For bank deposits, banks must meet 資評級。就銀行存款而言，銀行的最
the minimum credit rating not lower than Moody’s Baa3 or 低信貸評級須不低於穆迪 Baa3 或同等
equivalent. 級別。

112 All transactions in fixed income instruments are settled

所有固定入息工具的交易是在交收後

or paid for upon delivery through approved banks and safe 透過認可銀行結算 / 支付，並由具良好

kept by the approved custodian with high credit ranking. 信貸評級的認可保管人妥為保管。固

Hospital Authority Annual Report 2015-2016 The credit risks of the issuers are assessed based on the 定入息工具發行商的信貸風險乃根據

credit rating determined by Moody’s or Standard and Poor’s. 穆迪或標準普爾釐定的信貸評級。若

Investments in fixed income instruments (i.e. certificates 投資於固定入息工具（即存款證），有

of deposits) are with issuers of credit rating not lower than 關發行商的最低信貸評級須不低於穆

Moody’s A3 or equivalent. Where the maturity is over three 迪 A3 或同等級別。至於到期日超過三

years, the credit rating is not lower than Moody’s Aa3 or 年的投資，有關發行商的信貸評級在

equivalent at the time of investments. 投資時須不低於穆迪 Aa3或同等級別。

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

(ii) Interest rate risk （ii） 利率風險

The Portfolio’s interest rate risk arises from interest 組合的利率風險來自所獲利息的銀行
bearing cash at bank, bank deposits and fixed income 現金、銀行存款及固定入息工具。銀
instruments. Cash at bank, which earns interest at variable 行現金賺取不同利率，會有流動現金
rates, gives rise to cash flow interest rate risk. Fixed rate 利率風險；而賺取固定息率的銀行存
bank deposits and fixed income instruments expose the 款 及 固 定 入 息 工 具， 則 有 公 允 價 值
Portfolio to fair value interest rate risk. Sensitivity analyses 利 率 風 險。 集 團 在 二 零 一 六 年 三 月
have been performed by the Group with regard to interest 三十一日就利率風險進行敏感度分
rate risk as at 31 March 2016. If interest rates had been 析。當利率升降 50 點子（即管理層認
increased or decreased by 50 basis points, which represent 為的合理可能之利率變動），而所有其
management’s assessment of a reasonably possible 他變動因素維持不變，這對集團的盈
change in those rates, and all other variables were held 餘及資產淨值不會有重大影響。
constant, the effect on the Group’s surplus and net assets is
insignificant.

(iii) Price risk （iii） 價格風險

Fixed income instruments are subject to the price risk 因 發 行 商 的 認 知 信 貸 風 險（附 註
caused by the changes in the perceived credit risks of the 3（a（）i））及市場利率（附註 3（a（）ii））的
issuers and market interest rates as disclosed in note 3(a)(i) 變動，固定入息工具受價格風險影響。
and note 3(a)(ii) respectively.