Annual Report 2013-14
年報
101
財務報表附註
（續）
Notes to the Financial Statements
(continued)
22.
金融風險管理
Financial risk management
(i)
投資政策
Investment policy
土地註冊處營運基金以審慎保守的方式來投資包括外匯基金存款、債務證劵及銀行存款的金融資
產。投資的決定是按照由財經事務及庫務局局長、香港金融管理局所發出的指引，並符合其他有
關規例。投資的債務證劵是由政府或由信貸評級可靠的香港半官方機構發出。一般來說，投資的
債務證劵會持至期滿。
The LRTF maintains a conservative approach on investments in financial assets including
placement with the Exchange Fund, debt securities and bank deposits. Investment decisions are
made according to the guidelines from the Secretary for Financial Services and the Treasury, Hong
Kong Monetary Authority and other relevant regulations. Invested debt securities are issued by
the Government or quasi-government bodies in Hong Kong with sound credit ratings and are in
general held to maturity.
(ii)
信貸風險
Credit risk
信貸風險指金融工具的一方將不能履行責任而且會引致另一方蒙受財務損失的風險。
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and
cause the other party to incur a financial loss.
土地註冊處營運基金的信貸風險，主要取決於應收帳款、銀行存款、外匯基金存款及債務證劵的
投資。土地註冊處營運基金訂有風險政策，並持續監察須承擔的信貸風險。
The LRTF’s credit risk is primarily attributable to debtors, bank deposits, placement with the
Exchange Fund and investments in debt securities. The LRTF has a credit policy in place and the
exposure to these credit risks is monitored on an ongoing basis.
關於應收帳款，網上服務登記用戶須繳付按金。
In respect of debtors, deposits are required from the LRTF’s online services subscribers.
為盡量減低信貸風險，所有定期存款均存於香港的持牌銀行。
To minimise credit risks, all fixed deposits are placed with licensed banks in Hong Kong.
至於外匯基金存款，其相關信貸風險偏低。
For the placement with the Exchange Fund, the credit risk is considered to be low.
