HONG KONG MONETARY AUTHORITY Annual Report 1996
NOTES ON THE ACCOUNTS*
Investment in the associated company, Hong Kong Interbank Clearing Limited (HKICL) comprises 5,000 common shares of $1 each representing a 50% holding. The investment cost amounts to $5,000 as at 31 December 1996 (1995 - $5,000). HKICL was incorporated in Hong Kong to provide clearing services to the banking system. The financial information relating to HKICL as at 31 December is:
1996
HK$ million1995
HK$ millionShare of Loss for the year Taxation Loss after taxation Share of deficit (7) (4)
Loans to subsidiary and associated companies, HKNPL and HKICL amounted to $255 million and $37.3 million respectively as at 31 December 1996 (1995 - nil and $34.6 million respectively). The loans are not repayable within one year. The loan to HKNPL was converted into share capital subsequent to the balance sheet date (see note 22).
Investment in Bank for International Settlements comprises unlisted shares with a nominal value of 2,500 Swiss gold francs each (25% paid).
Staff housing loans amounted to $73.1 million as at 31 December 1996 (1995 - $55.8 million). The portion of the loans repayable within one year amounted to $5.7 million (1995 - $1.8 million).
Others comprise interest receivable, prepaid expenses and the difference between the Hong Kong dollar face value of the Certificates of Indebtedness and the market value of the US dollars required for their redemption.