CONFIDENTIAL
39 -
Bills purchased from the market and held by the Exchange Fund at
the year end have been included in Investments. This is different
to the accounting treatment in the 1990 Accounts where they were
excluded from the liability under the Bills programme. However,
the unissued reserves of Bills withheld for dealing purposes at the
time of allotment and held by the Exchange Fund at the year end
continue to be excluded from the liability under the Bills
programme.
To reflect the change in the accounting treatment of the Exchange
Fund Bills, the restated position in respect of the Balance Sheet
as at 31 December 1990 is as follows:-
EXCHANGE FUND BILLS
Total issue
1990
Nominal Value
HK$ 000
Amortised
Value HK$'000
91-day Bills
182-day Bills
6,240,000
6,183,654
1,300,000
1,260,327
7,540,000
7,443,981
Unissued reserves held by
Exchange Fund
91-day Bills
(210,000)
(206,132)
182-day Bills
(140,000)
(134,892)
(350,000)
(341,024)
7,190,000
7,102,957
CASH, SHORT-TERM FUNDS AND CURRENCY OPTIONS
Cash at banks
Money at call and short notice
1990 HK$ '000
401,589
18,245,562
Treasury bills, bankers' acceptances,
promissory notes, repurchase
agreements and central bank facility
5,864,323
Exchange Fund Bills
432,316
Negotiable certificates of deposits
2,631,787
Currency options
CONFIDENTIAL
27,575,577