Page 202 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

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HONG KONG HOUSING SOCIETY ANNUAL REPORT 2020/21
5. Financial risk management objectives and policies (continued)
(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.
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 20 and 23 to the financial statements, 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 equities and fixed income investments.
(i) Foreign exchange risk
The Housing Society’s foreign currency positions arise mainly from its financial assets and liabilities denominated in currencies other than Hong Kong (“HK”) dollar and United States (“US”) dollar. The exchange risk between HK dollar and US dollar is considered insignificant since HK dollar is pegged to US 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 HK dollar or US dollar in accordance with the investment guidelines.
5. 財務風險管理目標及政策(續)
(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。
除財務報表附註二十以及二十三 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 及固定收益組合投資。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 益組合投資則由基金經理管 理，並根據投資守則將外幣 對冲為港元或美元。