Government reserve funds in selected places - 立法會
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Government reserve funds in selected places
RT07/20-21
4 March 2021
1. Introduction
1.1 In Hong Kong, the Government is estimated to record the largest ever fiscal
deficit of HK$257.6 billion for the Financial Year 2020-2021. Reflecting the strain on
public coffers, the Government's fiscal reserves is expected to fall from HK$1,160.3 billion
in 2019-2020 to HK$902.7 billion in 2020-2021. Such reserve level – equivalent to
around 13 months of government expenditure – is very close to that in 2003 after the
Severe Acute Respiratory Syndrome epidemic.
1.2 In 1976, the Government began to transfer its fiscal reserves to the
Exchange Fund ("EF")1. EF is currently managed by the Hong Kong Monetary Authority
("HKMA"), and is subject to scrutiny by the Financial Secretary and audit by the Director of
Audit. The Government's Operating and Capital Reserves2, comprising around 75% of
fiscal reserves, is invested as part of EF's Investment Portfolio3. The investment income
generated is payable to the Government each year, based on the average annual rate of
return of the Investment Portfolio for the past six years.4 The Future Fund5, which
roughly accounts for the remaining 25% of fiscal reserves, aims for higher return by linking
its interest rate to both the Investment Portfolio and Long-Term Growth Portfolio6.7
1
Established since 1935, EF's statutory purpose is primarily to affect, either directly or indirectly, the exchange
value of the currency of Hong Kong. See Hong Kong e-legislation (2019).
2
Placements by Operating and Capital Reserves consist of the accumulated balances of the General Revenue
Account and the following seven Funds: Capital Works Reserve Fund, Civil Service Pension Reserve Fund, Disaster
Relief Fund, Innovation and Technology Fund, Lotteries Fund, Capital Investment Fund, and Loan Fund.
3
The Investment Portfolio invests in the bond and equity markets in developed and emerging economies with a
view to preserving EF's value and long-term purchasing power.
4
There is also a guaranteed minimum return to ensure that annual investment return will not be lower than the
average annual yield of three-year Government Bond for the previous year subject to a minimum of zero percent.
5
Future Fund is part of the fiscal reserves which is set aside for longer-term investment with a view to securing
higher returns for the fiscal reserves. Placements by Future Fund comprise (a) an initial endowment from the
balance of the Land Fund; and (b) periodic top-ups from the General Revenue Account as directed by the Financial
Secretary.
6
The Long-Term Growth Portfolio was established in 2009 to invest in private equity and overseas real estate in a
prudent and incremental manner.
7
As at end-2019, the portfolio mix of the Future Fund between the Investment Portfolio and Long-Term Growth
Portfolio was about 40:60. In addition, the Government announced in February 2020 that it plans to establish a
new "Hong Kong Growth Portfolio" to invest in companies, projects and/or funds with a Hong Kong nexus that
could benefit the economy while generating reasonable risk-adjusted returns.
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組1.3 Similar to Hong Kong, the governments in some developed economies have also
set up reserve funds8 with specified purposes, investment mandates and strategies, and
rules on transfer of funds. At the request of Hon CHAN Chun-ying, the Research Office
has completed a research task on the operation of government reserve funds in
Singapore, Australia, Norway and Alberta of Canada. The relevant documents are set out
in an information pack with findings outlined below and in Table.
2. Government reserve funds in selected places
2.1 Among the places studied, the governments have set up reserve funds with the
purpose of (a) preserving the long-term purchasing power of fiscal reserves; and/or
(b) ensuring the equitable use of public monies for current and future generations.
In Singapore, Temasek and GIC9 are custodians10 that have adopted different investment
strategies to enhance the long-term value of Singapore's fiscal assets. On the other
hand, the Government Pension Fund Global in Norway and Heritage Savings Trust Fund in
Alberta were founded to ensure that the revenue from non-renewable resources11 could
also benefit future generations. As for the Future Fund in Australia, it was established
from the federal government's surpluses and assets to make provision for its public
pension liabilities.
2.2 In general, the investment mandate and strategy of reserve funds are
prescribed by the government and executed by arm's length entities or investment
companies.12 In Australia and Alberta, the reserve funds are required to generate a
prescribed rate of return over and above inflation. As for small and open economies
such as Singapore and Norway, their reserve funds by and large invest outside the local
economies to avoid inflating local asset prices. 13 Furthermore, most reserve funds
studied are required to observe long-term asset allocation rules,14 which limit their risk
exposure and provide guidance on the weight of equities, bonds and/or alternatives to be
8
A government reserve fund is a government- or state-owned investment fund or entity that is commonly
established from balance of payment surpluses, official foreign currency operations, proceeds of privatizations,
governmental transfer payments, fiscal surpluses, and/or receipts from resource exports. See Sovereign
Wealth Fund Institute (2021).
9
GIC was formerly known as the Government of Singapore Investment Corporation.
10
A part of Singapore's reserves is also managed by the Monetary Authority of Singapore ("MAS").
11
Both funds are fuelled by revenue from oil and gas resources.
12
External fund managers may also be utilized to manage part of the portfolio for the reserve funds.
13
GIC invests outside Singapore and Temasek only has around 24% of its assets invested in the city state.
14
For GIC in Singapore and the Heritage Savings Trust Fund in Alberta, fund managers are given some flexibility to
deviate from the reference portfolio where investment opportunities arise.
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組invested. A notable exception15 is Temasek, which is not bound by any asset allocation
rules and has a portfolio composed predominantly of equities16.
2.3 Predefined rules are also in place to ensure that reserve funds strike a balance
between financing present-day needs and preserving funds for the future. 17 For
instance, Norway and Alberta have imposed limits on the amount of annual withdrawals
by the government, which should not exceed the fund's real investment return. In
Australia, the federal government has committed not to draw on its reserves until at least
2026-2027. For Singapore, there is a more stringent requirement where the government
can only spend up to 50% of the expected long-term real returns on the net assets
invested by Temasek and GIC. This helps ensure that the remaining portion of
investment returns is re-invested, and that past reserves are used in a prudent manner.
2.4 Notwithstanding the above, there are also provisions to enable governments to
draw additional funds and weather the storm during economic downturns. In Norway,
the government may withdraw funds over and above the cap in times of economic
hardship and with the Parliament's approval. In Singapore, the government can only
draw from past reserves with the approval of the President of Singapore18. Additional
funds were withdrawn by both governments in response to the COVID-19 pandemic.19
2.5 Among the places studied, the reserve funds are subject to external oversight by
different bodies. In Alberta, the performance of the reserve fund is scrutinized by a
standing committee in the legislature. In Norway, supervisory bodies are appointed by
(a) the government to monitor fund management; and (b) by the legislature to ensure that
the fund invests in accordance with ethical guidelines20. In Singapore, the GIC portfolio is
audited by the Auditor-General, whereas Temasek operates on a commercial basis and is
scrutinized by bond rating agencies and an international audit firm.
15
The Future Fund in Australia is also not bound by any asset rules, but it has maintained a more traditional
portfolio mix.
16
Temasek adopts a more aggressive investment strategy as GIC positions itself as a relatively conservative
investor with a well-diversified portfolio of assets.
17
In Australia, the government may draw from the Fund to discharge unfunded pension liabilities.
18
The Singapore Constitution provides for a President as Head of State who may veto government budgets and
key public appointments. The office has been elected by Singapore citizens since 1991.
19
In 2020, the Singapore government obtained the President's approval to draw up to S$52 billion
(HK$292.8 billion) from past reserves to fund the measures in response to the COVID-19 pandemic. As for
Norway, the government announced in its 2021 budget the withdrawal of NKr395 billion (HK$326 billion) or
3.9% of its reserve fund to cope with the economic downturn. See Ministry of Finance (2020) & Royal
Norwegian Ministry of Finance (2020).
20
For instance, the Council on Ethics may recommend the Fund to exclude specific companies which have
contravened its ethical guidelines, such as those which cause serious violations of human rights, severe
environmental damage, or sales of military equipment to certain states. See Council on Ethics (2021).
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組Table – Government reserve funds in Hong Kong, Singapore, Australia, Norway and Alberta of Canada
Hong Kong Singapore Norway Australia Alberta of Canada
Fiscal reserves placed with the
Temasek GIC Government Pension Fund Global Future Fund Heritage Savings Trust Fund
Exchange Fund ("EF")
a. Background
Inception year 1976.1 1974. 1981. 1990. 2006. 1976.
Exchange Fund Ordinance (Cap. 66);
Constitution of the Republic of Singapore; and Alberta Heritage Savings Trust
Relevant legislation and Government Pension Fund Act. Future Fund Act 2006.
Companies Act. Fund Act.
Public Finance Ordinance (Cap. 2).
Norges Bank Investment Alberta Investment
Hong Kong Monetary Authority
Temasek, an investment GIC, a government- Management, the asset Future Fund Management Management Corporation, a
Managing body ("HKMA"), the central banking
holding company.2 owned company.2 management unit of the Agency, a statutory entity. Crown corporation owned by
institution of Hong Kong.
Norwegian central bank. the Province of Alberta.
To invest for long-term To facilitate spending of To provide prudent
To strengthen Australia's
to preserve and government petroleum revenues stewardship of the savings
To centralize the management of long-term financial position by
To deliver sustainable enhance the that reflects long-term from Alberta's non-renewable
the Government's financial assets making provision for unfunded
Purpose long-term value for its international purchasing considerations; and resources by providing the
and preserve their long-term pension liabilities that will
shareholders. power of the reserves To ensure that petroleum wealth greatest financial returns on
purchasing power. become payable during a
placed under its benefits both current and future those savings for current and
period of population ageing.
management. generations. future generations.
Shares in companies, Proceeds from the
Net cash flow from petroleum
start-ups and joint issuance of government
The Government's fiscal reserves activities transferred from the Budget surpluses and the Non-renewable resource
ventures previously held securities, budget
Source of funds including the (a) Operating and central government budget; and government's stakes in revenues and other injections
by the government; and surpluses, and proceeds
Capital Reserves; and (b) Future Fund. Net financial transactions relating Telstra3. from the government.
other capital injections from the government's
to petroleum activities.
from the government. land sales.
4
S$306 billion Undisclosed , but well NKr10,400 billion A$161.1 billion
HK$881.8 billion as at C$17.2 billion (HK$99.6 billion)
Fund value (HK$1,722.8 billion) as over US$100 billion (HK$8,581.8 billion) as at (HK$863.5 billion) as at
31 December 2020. as at 30 September 2020.
at 31 March 2020. (HK$775.7 billion). 30 June 2020. 30 June 2020.
Annualized rate of 5% (as at 5.2% (as at 8.8% (as at
2.9% (as at 2019). 7.6% (as at end-June 2020). 9.2% (as at end-June 2020).
return5 (10 years) end-March 2020). end-March 2020). end-September 2020).
4.8% for EF6, from 1994 to 2020.
Annualized rate of
return5 12.5% for the Long-Term Growth 7
14% (end-March 2020). 4.6% (end-March 2020). 5.8% (end-June 2020) . 7.5% (end-June 2020). 7.0% (end-September 2020).
Portfolio since its inception in 2009
(from inception)
to end-September 2020.
1
Although EF was established in 1935, the Government only began to transfer its fiscal reserves to the Fund in 1976. See Legislative Council Secretariat (2006).
2
Temasek and GIC are two of three reserves management entities in Singapore, alongside MAS which manages Singapore's foreign reserves.
3
Telstra is a communications company in Australia which was owned by the Commonwealth but has since been privatized.
4
According to Ministry of Finance (2020), revealing the full size of Singapore's financial reserves might make it easier to mount speculative attacks on the Singapore dollar during periods of vulnerability.
5
Rates of return are imputed in nominal terms.
6
EF is divided into a number of portfolios at the operational level: namely Backing, Investment, Long-term growth and Strategic Portfolios. Investment return calculation for EF herein excludes the holdings in the Strategic Portfolio.
7
Annualized return rate since 1 January 1998. See Norges Bank Investment Management (2020b).
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組Table – Government reserve funds in Hong Kong, Singapore, Australia, Norway and Alberta of Canada (cont'd)
Hong Kong Singapore Norway Australia Alberta of Canada
Fiscal reserves placed with the
Temasek GIC Government Pension Fund Global Future Fund Heritage Savings Trust Fund
Exchange Fund ("EF")
b. Investment mandate and strategy
To be a relatively
To be an active, value-
conservative investor with a To achieve the highest possible To adopt an average return of at
oriented equity investor that
To achieve an investment return well-diversified portfolio of return at an acceptable level of least 4% to 5% over the To earn a 4.5% real rate of
Investment aims to maximize
that will help preserve EF's assets, as well as a global risk, with investments made Consumer Price Index per return per annum over a
mandate shareholder value over the
long-term purchasing power.8 investor with assets in over outside Norway and in foreign annum over a 10-year rolling five-year rolling period.9
long term, with assets mainly
40 countries outside currencies. period.
in Singapore and Asia.
Singapore.
Fiscal reserves held by EF are The Fund adopts a whole-of-
invested in: The Fund leverages its long-term portfolio approach without a
Temasek has a long The Fund is invested for the
(a) bond and equities in both GIC builds a portfolio investment horizon and fixed strategic asset allocation12.
investment horizon with a long-term13. Return goals
developed and emerging comprising asset classes10 considerable size to generate the The mandate to invest
portfolio of mostly equities – and risk tolerances are
economies (i.e. Investment that generate good real highest possible return with long-term enables the Fund to
Investment including unlisted assets and established and a
Portfolio); and returns over the long term, acceptable risk. (a) take on greater levels of risk;
strategy private equity funds – corresponding asset allocation
(b) private equity and overseas while adhering to the risk Among others, its strategy is (b) accept capital being locked
designed to deliver higher is determined. Both active
real estate in a prudent and tolerance outlined by the characterized by broad up in assets in return for a
risk-adjusted returns over and passive management
incremental manner (i.e. government. diversification11 and harvesting higher premium; and (c) be
the long term. techniques are used.
Long-Term Growth risk premiums over time. counter-cyclical and patient in
Portfolio). realizing opportunities.
Yes. Yes.
Yes. Yes.
An acceptable range is prescribed The long-term target policy
EF is governed by the The government prescribes
for the investment portfolio asset mix prescribes allocation
investment benchmark, a No limits or targets for asset GIC's overall risk preference,
Any reference including equities (60-80%); to equities (50%), inflation
yardstick for directing the long- class, country, sector, theme which is characterized by a
portfolio bond (20-40%); unlisted real sensitive and alternative
term investment strategy of a or single name Reference Portfolio of
estate (up to 7%); and unlisted investments (30%), and
portfolio and evaluating its concentration. 65% global equities and 35%
infrastructure for renewable There is no fixed strategic asset money market and fixed
investment return.14 Temasek's portfolio global bonds.
energy (up to 2%). allocation and therefore the income (20%).
comprises listed and unlisted
No. portfolio is dynamic. Yes.
Yes. investments and other Yes.
Whether the In cases where the limits are The fund manager can make
In the short-to-medium term, assets, and around two- The Reference Portfolio is
fund may breached, the Norges Bank should opportunistic investments
assets can be tactically allocated thirds of its exposure is in only an indication of the
deviate from inform the Ministry of Finance, that are outside the
so that the actual return of EF Asia. overall risk that the
reference and assess how its investment prescribed asset classes, up to
can exceed that of its government is prepared to
portfolio management may be brought 2% of total market value of
benchmark. take in the long-term.
back into compliance. the Fund.
8
This is subject to the Fund's other investment objectives including (a) to preserve capital; (b) to ensure the entire monetary base, at all times, is fully backed by highly liquid US dollar-denominated assets; and (c) to ensure sufficient liquidity is
available for the purposes of maintaining monetary and financial stability. See Hong Kong Monetary Authority (2019b).
9
The real rate of return is measured by subtracting the Canadian Consumer Price Index from the total return of the Fund. See Alberta Finance and Enterprise (2011).
10
In 2020, the asset mix of GIC's portfolio comprises developed market equities (15%), emerging market equities (15%), bonds and cash (50%), private equity (17%) and real estate (3%).
11
As at 30 June 2020, the asset mix of Government Pension Fund Global was made up of equities (69.6%), fixed income (27.6%) and unlisted real estate (2.8%).
12
As at 31 December 2020, the Future Fund's portfolio mainly comprised equities (32.1%), cash (19.8%), alternatives (14.2%) and private equity (13.4%).
13
As at 31 December 2019, the portfolio of the Heritage Savings Trust Fund comprised equities (41%), illiquids (40%) and money market and fixed income (19%).
14
The investment benchmark, which is determined by the Financial Secretary in consultation with the Exchange Fund Advisory Committee, is a basket of assets with the long-term optimal asset allocation and currency mix that is appropriate
for the risk tolerance for a portfolio. In 2019, the asset mix was 73% bonds and 27% equities and related investment, whereas the currency mix was 89% US and Hong Kong dollars and 11% others.
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組Table – Government reserve funds in Hong Kong, Singapore, Australia, Norway and Alberta of Canada (cont'd)
Hong Kong Singapore Norway Australia Alberta of Canada
Fiscal reserves placed with the
Temasek GIC Government Pension Fund Global Future Fund Heritage Savings Trust Fund
Exchange Fund ("EF")
c. Oversight and use of funds
Investment income
receivable as a 15
8.2% in 2019-2020. 21.9% in 2020. 11.3% in 2019. Not applicable. 3.2% in 2019-2020.
percentage of
government revenue
Under the Net Investment Returns ("NIR")
framework, each year the government can only
For Operating and Capital Resources in the Fund can only be
spend up to 50% of the expected long-term real The net income of the Fund
Reserves, an annual interest is transferred to the government budget The government may draw
returns on the net assets invested by Temasek minus the amount for
Rules on transfer of payable based on the average pursuant to a decision by the legislature. from the Fund to discharge
and GIC. inflation-proofing18 is
funds annual rate of return of the The amount transferred each year should unfunded pension
The expected long-term real return is proposed transferred to the
Investment Portfolio for the past accord with the Fund's expected real return, liabilities.
by the Boards of Temasek and GIC, reviewed by government each year.
six years.16 currently set at 3% per year. Since 2017, the
the Ministry of Finance, and subject to the
approval of the President of Singapore.17 government has
maintained its decision to
defer drawing from the Yes.
Yes. Yes. Additional funds may also
Any limitations on Yes. Fund until at least
Additional funds may be The government may withdraw additional 2026-2027. be withdrawn for capital
withdrawing Withdrawals over and above the NIR framework
withdrawn by resolution of the funds during times of economic hardship and projects, but no such
additional funds require the approval of the President.
Legislative Council.19 subject to the legislature's approval. withdrawals have been
made since 1994-1995.
Temasek operates on The legislature appoints the
The Financial Secretary exercises a commercial basis. Supervisory Council to monitor the operation
Approval from the
control of the Fund in Its financial of Norges Bank, including the management A Standing Committee in
President is required The Fund reports on its
consultation with the performance is of the Fund. the Legislative Assembly
for appointments to performance to the Senate,
government-appointed Exchange scrutinized by bond
and removals from The government appoints the Council on reviews the performance of
and tables its annual report
External oversight Fund Advisory Committee. rating agencies, and Ethics to recommend the Fund to exclude the Fund, approves its
the Board. and audited financial
HKMA provides regular briefings its financial specific companies which have contravened annual report, and holds
The GIC portfolio is statements in both Houses
to the Legislative Council, and the statements are the ethical guidelines, such as those which public meetings on its
audited by the of Parliament.
financial statements of EF are audited by an cause serious violations of human rights, investment activities.
Auditor-General.
audited by the Director of Audit. international audit severe environmental damage, or sales of
firm. military equipment to certain states.
15
The percentage is a ballpark figure which includes the Net Investment Returns Contribution from Temasek, GIC, MAS and other government assets.
16
The Government announced in the latest budget that it will bring back the investment income of the Future Fund to the Government's accounts starting from 2021-2022.
17
In the event that the government and President cannot agree on the expected long-term real return, the 20-year historical average rates of return will be used instead. See Ministry of Finance (2020).
18
The amount for inflation-proofing is allocated after each fiscal year based on the percentage increase in the Canadian gross domestic product price index. If the percentage increase is a negative number, that number shall be treated as if
it were zero. See Province of Alberta (2019).
19
Section 8 of the Exchange Fund Ordinance also provides for the Financial Secretary to transfer funds from EF to the Government's general revenue fund, after consulting the Exchange Fund Advisory Council and with the prior approval of the
Chief Executive in Council. See Hong Kong e-Legislation (2019).
Research Office
Legislative Council Secretariat
立法會秘書處資料研究組Government reserve funds in selected places
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