TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 69

Type of Assets

(a) cash, bank deposits and

investments maturing within 6 months

CONFIDENTIAL

- 56 --

THE EXCHANGE FUND

STATEMENT OF THE DISTRIBUTION OF THE FUND'S ASSETS AS REQUIRED UNDER PARAGRAPH 4 OF THE INVESTMENT POLICY AND ACTUAL DISTRIBUTION AS AT 31 DECEMBER 1991

Appendix IV

(b)

investments with a maturity

exceeding 5 years but

not exceeding 10 years

(c)

investments having a maturity exceeding 10 years

Notes:

Required under investment policy

(HK$ million)

Actual (HK$ million)

Favourable/(unfavourable)

variance (HK$ million)

minimum 42,583.98

minimum 25 (Note 1)

101,350.00

59.50

58,766.02

34.50

maximum 17,033.59

maximum 10 (Note 1)

15,845.31

9.30

1,188.28

0.70

Not permitted

They

(1) The percentage is calculated on the funds directly managed by the Office of the Exchange Fund (1.e. HK$170,335.91 million).

exclude the loan to The Hong Kong Futures Guarantee Corporation Limited and investments in The Hong Kong Air Cargo Terminals Limited and Overseas Trust Bank Limited.

D

1

CONFIDENTIAL