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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 20(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
二十
(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
券上更有進一步的限制。
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，房屋協會亦定期擬備現金流量
分析用來監控其流通風險。
129
香港房屋協會
2016
年年報
Notes to the Financial Statements
財務報表附註