ৌਕజ
ڝڌ
ൗ
ᚃ
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
(Continued)
3. Financial riskmanagement
(Continued)
(a) Financial risk factors
(Continued)
With regard to investments, in accordance with the Group’s policies and
guidelines, the primary objectives are to meet liquidity requirements, to
protect capital and to provide a reasonable return. The investment
portfolio (“Portfolio”) as at 31 March 2014 consisted of bank deposits and
financial assets at fair value through profit or loss. Based on the risk
control measures as summarised below, the risk of default by the
counterparties is considered minimal and the Portfolio has no significant
concentration of credit risk. Besides, the Group has no significant
currency risk because substantially all assets and liabilities are
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
The Group’s credit risk is the risk that counterparties may default on
its bank deposits and placement with the Exchange Fund.
Bank deposits are placed with the Group’s approved banks which
are of investment grade as determined by Standard and Poor’s and
Moody’s. For bank deposits, banks must meet the minimum credit
rating not lower than Moody’s Baa3 or equivalent.
The placement with the Exchange Fund is entered into between
HA and the Hong Kong Monetary Authority (“HKMA”) for the
HK$6,000,000,000 not immediately required by the Samaritan Fund
(note 8). It is expected that the HKMA can fulfill its contractual
obligations to HA in respect of the placement.
(ii) Interest rate risk
The Portfolio’s interest rate risk arises from interest bearing cash at
bank and bank deposits. Cash at bank, which earns interest at
variable rates, gives rise to cash flow interest rate risk. Fixed rate
bank deposits expose the Portfolio to fair value interest rate risk.
Sensitivity analyses have been performed by the Group with regard
to interest rate risk as at 31 March 2014. If interest rates had been
increased or decreased by 50 basis points, which represent
management’s assessment of a reasonably possible change in
those rates, and all other variables were held constant, the effect on
the Group’s surplus and net assets is insignificant.
3.
ৌਕࠬᎈ၍ଣ
（續）
(a)
財務風險因素
（續）
就投資方面，根據集團有關政策及指引，其主要目標
是符合流動資金的需要、保障資金及提供合理回報。
截至二零一四年三月三十一日的投資組合
(
「組合」
)
，
包括銀行存款及按公允價值列賬及在損益處理之財務
資產。根據下文所列的風險控制措施，有關銀行的拖
欠風險應可減至最低，而組合亦沒有重大的信貸集中
風險。此外，由於組合的資產及負債大體上都以港元
為單位，即集團的功能及呈列貨幣，故無重大的貨幣
風險。集團對流動現金需要及風險的管理，於附註
3(c)
披露。
(i)
信貸風險
集團的信貸風險是交易對手可能拖欠其銀行存
款及外匯基金存款。
銀行存款均存放於集團的認可銀行，銀行乃根
據標準普爾及穆迪釐定的投資評級。就銀行存
款而言，銀行的最低信貸評級須不低於穆迪
Baa3
或同等級別。
醫管局與香港金融管理局（「金管局」）訂定安
排， 將 撒 瑪 利 亞 基 金 未 即 時 需 要 的 港 幣
6,000,000,000
元存放於外匯基金（附註
8
），預計
金管局就這筆存款可履行對醫管局的合約責任。
(ii)
利率風險
組合的利率風險來自所獲利息的銀行現金及銀
行存款。銀行現金賺取不同利率，會有流動現
金利率風險；而賺取固定息率的銀行存款，則
有公允價值利率風險。集團在二零一四年三月
三十一日就利率風險進行敏感度分析。當利率
升降
50
點子（即管理層認為的合理可能之利率變
動），而所有其他變動因素維持不變，這對集團
的盈餘及資產淨值不會有重大影響。
112
Hospital Authority Annual Report 2013-2014
