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2014
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Notes to the Financial Statements
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F I NANC I A L S T A T EMENT S
財務報表
5 Financial risk management objectives and policies
(continued)
(a) Credit risk
The Housing Society is exposed to credit risk, which is the risk that
a counterparty may default on its bank deposits, fixed income
investments and accounts receivable or the Housing Society may
be required to pay if the financial guarantee is called on. The
Housing Society’s maximum exposure to credit risk which will
cause a financial loss to the Housing Society in the event of the
counterparty’s failure to perform their obligations at the end of the
reporting period in relation to each class of recognised financial
assets and the financial guarantees provided are the carrying
amounts of those assets as stated in the statement of financial
position and the amount of financial guarantee disclosed in
Note 19(b).
For bank deposits, the Housing Society limits its exposure by
placing funds only with investment grade licensed banks as
approved by Hong Kong Monetary Authority. To ensure there is no
significant concentration of credit risk to a single counterparty,
procedures are in place to ensure diversification and the bank
deposits placed with each counterparty are subject to a maximum
limit and this limit is monitored on an on-going basis and revised
according to the counterparty’s latest credit rating and financial
information.
For fixed income investments, the Housing Society reduces its
exposure by investing in investment grades securities only. There
are further restrictions on the holding limit of BBB rated bonds and
corporate bonds.
The Housing Society has no significant concentration of credit risk,
with exposure spread over a number of counterparties.
(b) Liquidity risk
Liquidity risk is the risk that the Housing Society is not able to meet
its obligations and commitments as they fall due. All the Housing
Society’s investments are kept sufficiently liquid and readily
realisable to meet operation needs and any unexpected cash
demands. In addition, the Housing Society also monitors the
liquidity risk by performing cash flow analysis on a regular basis.
5
財務風險管理目標及政策
（續）
(a)
信貸風險
房屋協會面對的信貸風險是來自交
易對手在銀行存款、固定收益組合
投資及應收賬項上的違約，或房屋
協會在財務保證合約中就保證持有
人所須要償付的保證金額。倘於報
告期末，若交易對手未能履行彼等
於各類別已確認財務資產之責任及
有關財務保證準備，房屋協會所須
承受之最大信貸風險及其可引致的
財務損失，為該等資產於財務狀況
表中所列之財務保證賬面值及附註
十九
(b)
所提呈的財務保證準備。
在限制銀行存款風險，房屋協會只
存款於由香港金融管理局發牌的投
資級別銀行。為確保在單一交易對
手中並無過度集中的信貸風險，一
些程序已定立以確保分散投資，而
每一交易對手的存款量亦已設有上
限，該上限亦定時就其交易對手的
最新信貸評級及財務資料作出檢討
及修訂。
在固定收益組合投資方面，房屋協
會只投資在投資級別的證券來減低
其風險，在
BBB
評級債券及公司債
券上更有進一 的限制。
因房屋協會的信貸風險分散於眾多
交易對手中，所以風險並不集中。
(b)
流通風險
流通風險是指房屋協會未能償付到
期清繳的責任及承擔的風險。所有
房屋協會的投資是會保持足夠的流
通性及能即時變現的，以配合營運
需要及償付非預期的現金需求。此
外，房屋協會亦定期編製現金流量
分析用來監控其流通風險。
