Sin Chung Kai's blog - Former Legislative Councillor (Information Technology)

Friday, April 28, 2006

金管局投資回報物有所值?

金管局總裁任志剛先生的年薪逼近千萬元成為某天報章頭條,但筆者認為,相對於由金管局管理的外匯基金帳目以億元為單位的膨脹速度,任先生加薪數十萬元至一百萬元,是「微不足道」。

外匯基金的資產約有一萬億元,每年開支接近百多二百億元,當中絕大部分是利息支出。而營運開支,即因金管局日常運作所需的費用,則只佔開支一小部分,以零五年為例,營運開支約為十四億元。


不過,自回歸後,金管局的營運開支卻是有增無減,九七年只花六億元,去年便突破十四億元,當中最令人吃驚的項目,是零三年以前叫「其他營運開支」,零三年則細分為兩大項,即「一般營運開支」和「投資管理及託管費」的項目。這個項目在九七年不過是1.86億元,至零二年,即分列細項之前,已達4.57億元;而到了零五年,「一般營運開支」和「投資管理及託管費」兩項的總和,更高達8.11億元。

這些數據分項列出,令金管局開支的透明度大增,我們有機會察看開支大增的端倪,原來是一項名為「投資管理及託管費」的開支。

筆者翻查金管局多年的年報,只找到零三年以後的資料。零三年,管理及託管費開支是4.8億元、零四年升至5.4億元,至零五年卻再次大幅增加至7.3億元,單一年度增幅高達34.6%!金管局的年報沒有詳細解釋「投資管理及託管費」包括的開支有哪些,但筆者根據名稱估計,可能是管理外匯基金過萬億元資產相關的費用,例如付予外聘基金經理的費用,又或是外匯基金持有的股票及債券的存倉費。假如筆者這個估計不錯的話,便不禁令人產生一大堆的疑問:為何三數年間,這項開支的增幅如此驚人?為何用於管理資產的費用不斷增加,但金管局的回報卻逐年下跌,至去年只有低至3.1%的回報率?到底金管局現時投資外匯基金的方法是否恰當……

金管局在筆者就此召開記者會翌日,表示這是誤解,但要留待下星期四立法會財經事務委員會才解釋。不過筆者想強調,這些數據全是在金管局的年報中找出來,但可惜,年報內沒有巨細無遺地列出細項,金管局又拒絕向立法會交代該局每年的預算,更莫說詳細帳目了。如果金管局認為這些是「誤解」,更應積極地增加透明度,例如仿傚證監會,在每個財政年度開始前,將其預算提交予立法會便可避免這些誤解。

香港人最實際,如果金管局的表現優秀的話,筆者相信坊間質疑先生薪酬過高的言論必會大減。

(本文已於2006年4月28日刊於文匯報"單刀直入"專欄。)

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