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| SFC FINANCIAL STATEMENTS |
| ................................................ |
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| Securities and Futures Commission |
| Notes to the Financial Statements |
| (Expressed in HK$'000) |
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| l.................................................................................................................................................... |
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Dated securities |
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|
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Maturing after one year |
|
|
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|
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- unlisted |
$ 710,829 |
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$ 315,436 |
|
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- listed in Hong Kong |
52,525 |
|
64,218 |
|
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- listed outside Hong Kong |
-- |
|
15,036 |
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|
|
|
|
|
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|
$ 763,354 |
|
$ 394,690 |
|
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|
......................... |
|
......................... |
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Maturing within one year |
|
|
|
|
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- unlisted |
$ 141,847 |
|
$ 245,005 |
|
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- listed in Hong Kong |
11,487 |
|
-- |
|
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- listed outside Hong Kong |
15,017 |
|
-- |
|
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|
|
|
|
|
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|
$ 168,351 |
|
$ 245,005 |
|
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|
......................... |
|
......................... |
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$ 931,705 |
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$ 639,695 |
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|
=========== |
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=========== |
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Market value at 31st March |
|
|
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|
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- unlisted |
$ 833,103 |
|
$ 559,891 |
|
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- listed in Hong Kong |
62,973 |
|
63,682 |
|
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- listed outside Hong Kong |
14,864 |
|
15,090 |
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|
|
|
|
|
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|
$ 910,940 |
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$ 638,663 |
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=========== |
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| 9 |
LOANS TO DIRECTORS AND EXECUTIVES |
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There are no outstanding loans to directors and executives as at the balance sheet date (1997 : $202). The maximum balance of outstanding loans to executives during the year was $333 (1997 : $303). |
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| I0 |
INITIAL FUNDING BY GOVERNMENT |
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This represents funds provided by Government to pay for the SFC's non-recurrent and capital expenditure when it was established. These funds are not repayable to Government. |
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| II |
CAPITAL COMMITMENTS |
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Capital commitments outstanding at 31st March 1998 not provided for in the financial statements were as follows: |
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| l.................................................................................................................................................... |
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Contracted for |
$ 4,622 |
|
$ 3,575 |
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=========== |
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=========== |
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Authorised but not contracted for |
$ 18,159 |
|
$ 20,745 |
|
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|
=========== |
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=========== |
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| I2 |
OPERATING LEASE COMMITMENTS |
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At 31st March 1998 the SFC had commitments under an operating lease in respect of its premises to make payments in the next year as follows: |
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|
| l.................................................................................................................................................... |
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Lease expiring over 5 years |
$ 36,850 |
|
$ 35,669 |
|
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| I3 |
FUNDS HELD IN ESCROW |
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At 31st March 1998 the SFC held $132,476 in escrow (1997 : $124,956). These funds are not included in the financial statements as they are not beneficially owned by the SFC. |
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| I4 |
COMMITMENT AND CONTINGENCIES |
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As a result of the turmoil in the Asian markets in late 1997, and the subsequent failure of certain institutions connected with the securities markets, the Government, the SFC and the Stock Exchange of Hong Kong Limited ("the Exchange") announced on 26th January 1998 that they would review the statutory limit of the Unified Exchange Compensation Fund ("the Fund") in the case of CA Pacific Securities Limited and that the SFC and the Exchange would make a contribution of up to $300 million each to the Fund as soon as on-going action to put the SFC into a position to make this contribution is complete. |
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No provision has been made in these accounts in respect of the above. Due provision will be made when the SFC is in a position to make the contribution, and the amount thereof has been duly determined. |
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