HONG KONG MONETARY AUTHORITY Annual Report 1996
NOTES ON THE ACCOUNTS*
4. EXPENDITURE
| (a) | Note and coin expenses represent reimbursements to the note-issuing banks in respect of note issue expenses, and expenses incurred directly by the Exchange Fund in issuing coins. |
| (b) | Operating expenses |
| 1996 HK$ million | 1995 HK$ million |
||||
|---|---|---|---|---|---|
| Staff costs |
303
|
250
|
|||
| Premises and equipment expenses |
69
|
65
|
|||
| Depreciation charges |
6
|
1
|
|||
| Loss on disposal of fixed assets |
1
|
-
|
|||
| Other operating expenses |
139
|
124
|
|||
| Total | 518 | 440 |
The number of senior staff (Executive Directors and above) whose emoluments fell within the following bands were :
| HK$ | 1996 | 1995 | |||
|---|---|---|---|---|---|
| 1,000,000 or below |
1
|
-
|
|||
| 1,000,001 to 1,500,000 |
1
|
1
|
|||
| 1,500,001 to 2,000,000 |
-
|
1
|
|||
| 2,500,001 to 3,000,000 |
4
|
3
|
|||
| 3,000,001 to 3,500,000 |
1
|
1
|
|||
| 3,500,001 to 4,000,000 |
-
|
1
|
|||
| 4,000,001 to 4,500,000 |
1
|
-
|
|||
| 4,500,001 to 5,000,000 |
-
|
2
|
|||
| 5,000,001 to 5,500,000 |
2
|
-
|
|||
| 6,500,001 to 7,000,000 |
-
|
1
|
|||
| 7,000,001 to 7,500,000 |
1
|
-
|
|||
| 11 | 10 |
| (c) | Interest comprises the interest cost of Exchange Fund Bills and Notes, balances due to the Fiscal Reserves Account and placements by other institutions. |