Page 93 - Hospital Authority Annual Report 2016-2017

Hospital Authority Annual Report 醫院管理局年報 2016-2017

Notes to the Financial Statements 財務報表附註

3. Financial risk management 3. 財務風險管理

(a) Financial risk factors （a） 財務風險因素

The Group’s activities of providing healthcare services to patients, 集團所進行的事務如為病人提供醫療服務、
the administration of drugs, the employment of a large workforce 管 理 藥 物、 僱 用 龐 大 職 員 隊 伍 及 投 資 活 動
and the investment activities are primary areas of financial risks 等，均是主要的財務風險來源，就這些風險
being mitigated by the Group’s financial risk management process. 進行財務管理可將風險減低。集團財務風險
The Group’s underlying principles of financial risk management 管理的主要原則，是透過向不同保險公司購
are to transfer the cost of financial risks of significant level 買保險及自行承保運作風險，將重大風險而
through insurance with a diversity of insurers, to self insure for 導致的財政費用轉移，以及作為僱主及擁有
the operational risks and to comply with regulatory insurance 車隊的機構遵守各項保險規管條文。
requirements as an employer and owner of a motor fleet.

With regard to investments, in accordance with the Group’s 就投資方面，根據集團有關政策及指引，其
policies and guidelines, the primary objectives are to meet liquidity 主 要 目 標 是 符 合 流 動 資 金 的 需 要、 保 障 資
requirements, to protect capital and to provide a reasonable 金 及 提 供 合 理 回 報。 截 至 二 零 一 七 年 三 月
return. The investment portfolio (“Portfolio”) as at 31 March 三十一日的投資組合（「組合」），包括銀行存
2017 consisted of bank deposits, fixed income instruments 款、固定入息工具及外匯基金存款。根據下
and placements with the Exchange Fund. Based on the risk 文所列的風險控制措施，有關銀行的拖欠風
control measures as summarised below, the risk of default by 險應可減至最低，而組合亦沒有重大的信貸
the counterparties is considered minimal and the Portfolio has 集中風險。此外，由於組合的資產及負債大
no significant concentration of credit risk. Besides, the Group 體上都以港元為單位，即集團的功能及呈列
has no significant currency risk because substantially all assets 貨幣，故無重大的貨幣風險。集團對流動現
and liabilities are denominated in Hong Kong dollar, the Group’s 金需要及風險的管理，於附註 3（c）披露。
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 集團的信貸風險是交易對手可能拖欠其
default on its bank deposits, fixed income instruments and 銀 行 存 款、 固 定 入 息 工 具 及 外 匯 基 金
placements with the Exchange Fund. 存款。

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，銀
which are of investment grade as determined by Moody’s or 行乃根據穆迪或標準普爾釐定的投資評
Standard and Poor’s. For bank deposits, banks must meet 級。就銀行存款而言，銀行的最低信貸
the minimum credit rating not lower than Moody’s Baa3 or 評級須不低於穆迪 Baa3 或同等級別。
equivalent.

All transactions in fixed income instruments are settled or paid 所有固定入息工具的交易是在交收後透
for upon delivery through approved banks and safe kept by 過認可銀行結算 / 支付，並由具良好信
the approved custodian with high credit ranking. The credit 貸評級的認可保管人妥為保管。固定入
risks of the issuers are assessed based on the credit rating 息工具發行商的信貸風險乃根據穆迪或
determined by Moody’s or Standard and Poor’s. Investments 標準普爾釐定的信貸評級。若投資於固
in fixed income instruments (i.e. certificates of deposits) are 定入息工具（即存款證），有關發行商的
with issuers of credit rating not lower than Moody’s A3 or 最低信貸評級須不低於穆迪 A3 或同等
equivalent. Where the maturity is over three years, the credit 級別。至於到期日超過三年的投資，有
rating is not lower than Moody’s Aa3 or equivalent at the 關發行商的信貸評級在投資時須不低於
time of investment. 穆迪 Aa3 或同等級別。

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

89