香港土地註冊處營運基金
The Land Registry Trading Fund Hong Kong
102
財務報表附註
（續）
Notes to the Financial Statements
(continued)
22.
金融風險管理
（續）
Financial risk management
(continued)
(ii)
信貸風險
（續）
Credit risk
(continued)
債務證券投資方面，只考慮獲穆迪或標準普爾評為投資級別的債務證券。在報告期結束日，債務
證券投資的信貸質素（以穆迪或標準普爾的評級中的較低者分析）如下：
For investments in debt securities, only those classified under the investment grade by Moody’s or
Standard & Poor’s are considered. At the end of the reporting period, the credit quality of
investments in debt securities, analysed by the lower of ratings designated by Moody’s or
Standard & Poor’s, is as follows:
2014
2013
持至期滿的證劵
（按信貸級別排列）
Held-to-maturity securities by
credit rating
Aa1
至
Aa3/AA+
至
AA– Aa1 to Aa3/AA+ to AA–
55,431
101,452
在報告期結束日土地註冊處營運基金的金融資產所須承擔的最高信貸風險數額相當於其帳面值。
The maximum exposure to credit risk of the financial assets of the LRTF at the end of the reporting
period is equal to their carrying values.
(iii)
流動資金風險
Liquidity risk
流動資金風險指某一實體將難以履行與金融負債相關的責任的風險。
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated
with financial liabilities.
根據《營運基金條例》，土地註冊處營運基金須負責其現金管理，包括盈餘現金的長短期投資，惟須
獲財政司司長批准。土地註冊處營運基金的政策是定期監察即時及預期的流動資金需要，確保能
維持足夠的現金儲備，以符合長短期的流動資金需要。土地註冊處營運基金的流動資金狀況穩健，
故其面對的流動資金風險甚低。
Under the Trading Funds Ordinance, the LRTF is responsible for its own cash management,
including short-term and long-term investment of cash surpluses, subject to approval by the
Financial Secretary. The LRTF’s policy is to regularly monitor current and expected liquidity
requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity
requirements in the short and longer term. As the LRTF has a strong liquidity position, it has a very
low level of liquidity risk.
