Hong Kong Housing Society Annual Report 2014
124
Notes to the Financial Statements
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5 Financial risk management objectives and policies
(continued)
(b) Liquidity risk
(continued)
Apart from certain accounts payable and loans from government
which are not expected to be settled within one year after the end
of the reporting period as disclosed in Notes 18 and 20, all other
financial liabilities, which are non-interest bearing, are expected to
be settled within one year.
(c) Market risk
Market risk is the risk of loss arising from the movement of foreign
exchange rates, interest rates and market price of securities. The
Housing Society is exposed to market risk through its investments
in equities and fixed income investments.
(i) Foreign exchange risk
The Housing Society’s foreign currency positions arise mainly
from its financial assets/liabilities denominated in currencies
other than Hong Kong dollar and United States dollar. The
exchange risk between Hong Kong dollar and United States
dollar is considered insignificant since Hong Kong dollar is
pegged to United States dollar.
The Housing Society is exposed to foreign currency risk
through its fixed deposits, equity investments and fixed income
investments. The foreign exchange risk on fixed deposits is
controlled and monitored by allocation limits. The equity and
fixed income investments, which are managed by fund
managers, are denominated in a basket of currencies. The
fund managers are encouraged to hedge their foreign currency
exposures to Hong Kong dollar or United States dollar in
accordance with the strategic asset allocation.
Sensitivity analysis
The following table indicates the instantaneous change in the
Housing Society’s surplus that would arise if foreign exchange
rates to which the Housing Society has significant exposure at
the end of the reporting period had changed at that date,
assuming all other risk variables remained constant.
5
財務風險管理目標及政策
（續）
(b)
流通風險
（續）
除在附註十八以及二十披露某部分
的應付賬項及政府貸款將於一年以
後到期外，其他無利息負債將於一
年內到期償還。
(c)
市場風險
市場風險是因外幣對換價、利率及
證券入市價的變動所產生的損失。
房屋協會因透過股票及固定收益組
合投資而須面對此等市場風險。
(i)
外幣對換風險
房屋協會的外幣持倉主要來自
其非港元及美元的外幣財務資
產及財務負債。而因港元及美
元的對換已是掛鉤，所以對換
風險不大。
房屋協會面對外幣對換風險主
要是來自定期存款、股票及固
定收益組合。外幣定期存款的
風險是以分配限額來控制及監
察。以一藍子貨幣列賬的股票
及固定收益組合則由基金經理
管理，並根據資產分配策略將
外幣對冲為港元或美元。
敏感度分析
下表顯示於報告期末及於當日
發生之外幣匯率變動對房屋協
會之盈餘之可能合理變動（假設
其他風險因素維持不變）。
