Session No. 5 File name : cedb(cit)- doc
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- Examination of Estimates of Expenditure 2010-11
Question: Please provide details of the consultations on policy making and assessment under all programmes in the following format. Have resources been earmarked for holding consultations in 2010-11? If so, please provide the following details.
Asked by: Hon. EU Yuet-mee, Audrey Reply: The Trade and Industry Department has no plan to conduct consultation on policy making and assessment in 2010-11.
Question: (a) What are the latest figures for the amount of guarantee and applications approved under the Special Loan Guarantee Scheme (SpGS) launched to counter the financial tsunami? Could details be provided on applications submitted since the beginning of 2010, the corresponding application amount and business details of the applicants? According to the Government’s estimate ending 30 June 2010, a total of $76.9 billion loan guarantee will be granted, a far cry from the $100 billion approved by the Legislative Council. Basing on the current response, is there a need for the government to assess the demand on the Scheme and consider extending it? (b) The actual figures for application and approval under the SME Loan Guarantee Scheme (SGS) in 2009 and 2010 are lower that those of 2008, what are the main reasons? If the SpGS is not extended and ends at the end of June 2010 as scheduled, what will be the demand on the SGS? Is it necessary to further extend the coverage of the Scheme and increase the ceiling for the Government’s guarantee commitment? Asked by: Hon. FANG Kang, Vincent Reply: (a) The SpGS has come into operation since 15 December 2008. As at the end of February 2010, the Trade and Industry Department has approved 28 533 applications, involving a total guarantee amount of $53.3 billion and loan amount of over $69 billion. Among those applications, 2 919 were approved in January and February 2010 involving a total guarantee amount of $5.7 billion. The applying enterprises cover all major industries in Hong Kong. The Government has pledged a total guarantee commitment of $100 billion under the SpGS to ensure that the scheme has sufficient resources for operation. It also demonstrates the Government’s determination in supporting enterprises to tide over the financial crisis. The SpGS is market-driven. The actual number of applications and loan amount will depend on market demand. The total guarantee commitment is not meant to be a target. SpGS is an exceptional measure which aims to assist Hong Kong enterprises in coping with the global financial crisis. It is a time-limited scheme. The application period has been extended twice till the end of June this year. We will closely monitor the pace of economic recovery in the coming months and decide when to let the credit market resume normal operation. (b) The actual and estimated number of applications under SGS in 2009 and 2010 are both lower than that in 2008, mainly because most applicants have chosen to apply for SpGS after the latter was launched in December 2008. We expect the number of applications under SGS will increase after the application period of SpGS ends. The existing SGS is open to all types of SMEs in different industries. In June 2009, TID significantly increased SGS’ total guarantee commitment from $12.6 billion to $20 billion. As at the end of February 2010, the remaining guarantee commitment that may be granted is $6.5 billion, which should be sufficient to cater for the applications in 2010-11.
Directory: citb -> doc doc -> Replies to initial written questions raised by Finance Committee Members in examining the Estimates of Expenditure 2012-13 Director of Bureau : Secretary for Commerce and Economic Development Session No. 12 File name : cedb(cit)- doc Download 4.7 Mb. Share with your friends:
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