2月27日，周三。香港财政司司长曾俊华宣读了梁振英出任特首后首份预算案，一如所料，2012至2013财政年度由原先估计录得赤字34亿港元，变为出现巨额盈余649亿港元。财爷公布了十一项还富于民措施，合共涉资330亿港元。

On February 27,,On Wednesday,.After Hong Kong financial secretary John tsang announced Mr Leung as his first budget,As expected,2012-2013 fiscal year by previous estimates recorded a deficit of hk $3.4 billion,Into a huge surplus of hk $64.9 billion.Money ye announced measures for 11 items are full of people,Total assets of hk $33 billion.

　　“派糖”只嫌少不嫌多 "Send the sugar"Just too little it is never too much

　　不管直接派钱还是以其他形式还富于民，过去几年屡尝甜头的各阶层受惠者，对措施只会嫌少不会嫌多，财爷之所以“顾此失彼”，无法令所有人满意，皆因惯性低估经常性和非经常性收入。去年盈余超逾600亿港元，财政储备累计高达7340亿港元，足够应付政府23个月的开支。新预算案“派糖”规模不增反减，诸多“一次性”措施实际上虽已常规化，但在受惠者眼中跟库房“水浸”不成比例，不同阶层自不会错过针对政府“小恩小惠”大表不满的机会。

Whether directly to send money or other forms are full of people,Over the past few years has sweet taste from all walks of beneficiaries,To measure only have too little not too much,Money ye are"One sector",Can't make everyone satisfied,Because of the inertia underestimate recurring and non-recurring income.Surplus more than hk $60 billion last year,Fiscal reserves accumulated up to hk $734 billion,Enough for 23 months of government spending.The new budget"Send the sugar"Size does not increase the decreases,many"Once and for all"Measures has actually routinization,However, in the eyes of beneficiaries with warehouse"Water immersion"Out of proportion,Different classes for government since you can't miss it"Small mercies"Big table dissatisfaction.

　　有评论认为，财爷曾俊华年年算错数，原因有二：一为利得税收入远超预期，升幅与GDP 增长脱节；二为政府各部门用钱较拨款为少，耗剩的钱拨归库房，令财爷屡失“预算”，亏转盈已成为常态。如此说来，政府倒十分自律，拜各部门慎用公帑所赐，库房这个大水塘才有满溢之“苦”。

Critics think,Mistake number money ye tsang from year to year,There are two reasons:One is far in excess of the expected gains tax revenues,Increase with GDP growth;Secondly, government departments relatively less funding for with money,Consumption of money left in the warehouse,Make money ye repeatedly lost"The budget",Turn profit has become the norm.In this case,The government fell very disciplined,Thanks to all departments with public money,Warehouse this pond is full of"bitter".

　　这令老毕想起香港以外几个跟财政相关的热门话题，包括3月1日（本周五）生效的美国“强制削支”、英国失落AAA信贷评级，以及意大利选民群起向紧缩政策说不。

This makes old never put off till tomorrow what you can think of several hot topics related to finance outside Hong Kong,On March 1, including(This Friday)Effect of the United States"Forced to cut branch"/Britain lost its AAA credit rating,And the Italian voters to say no to austerity.

　　美国两党对经济倒退风险不闻不问，在财政悬崖边缘互不相让，但时不我与，强制削支看来已无可避免；英国自愿“瘦身”却无助改善财政，继续紧缩难，“止蚀”更难；意大利选民与市场对着干，两股高举反节约旗号的政治力量，得票率合共逾半，新一波欧债风云若隐若现。

The two parties of recession risk,On the edge of the fiscal cliff to outdo each other,But when I with,The forced cut seems to have been inevitable;The voluntary"Thin body"Is helpless to improve finances,Continue to squeeze hard,"Stop loss at"More difficult to;Italian voters and markets,Two shares held up the banner of political power saving,Combined vote of more than half,A new wave of Europe's debt storm.

　　三件事各有前因，当然不能混为一谈，但美国联邦财政沦为党争工具；英国押注紧缩，财政状况却益发不妙；意大利政客在“太上皇”欧盟与本国选民之间两面不讨好，政经前景殊不乐观。美英意所以落得今日田地，皆因数十年来入不敷出积重难反，病入膏肓始急谋对策，结果只能见步行步进退失据。财爷虽年年算错数，在库房水浸下，“派糖”已成例行公事；向公众力陈政府并非“守财奴”，对曾俊华而言就像驾轻车而行熟路，预算案虽是一年一度的公共理财“大事”，但难有新意遑论创意。然而，香港财政底子深厚，财政司司长面对的“烦恼”，比之美英意各自的难题，化解起来，是愉快得多了。

Three things have before for each,Of course can't confuse STH with STH else,But the federal fiscal partisan tools;British betting on austerity,Finances are increasingly at risk;Italy's politicians in"Emperor's father"With the European Union between the two sides not to please voters,Political and economic outlook is not optimistic.The us and the UK means so end up fields today,Because of living beyond its means to accumulate heavy difficult to reverse for decades,Ill start urgently seek solutions,Results can only see risk.however step foot in a dilemma.Although I calculate wrong the number year after year,In the warehouse under the water,"Send the sugar"Has become a routine;Urged the government not to the public"The miser",For Mr Tsang's like driving down and line,Although the budget is the annual public finance"Great things",But hard to have a creative new idea let alone.however,Hong Kong financial foundation is deep,The financial secretary"trouble",Than the beauty of the meaning of their respective problems,Settle up,Is much more enjoyable.

　美英意财政积重难返 The us and UK financial legacy

　　美联储主席伯南克周二出席参议院银行委员会听证会，坊间聚焦其为购债护航，不少人得出“退市”遥遥无期的结论。却其实，伯南克的话对美国何时结束量宽以至加息，并无明确指引，反而首次就利率一旦上升，美联储每年向财政部回拨的利息收入可能大减作出“温馨提示”，更有一谈价值。

Federal reserve chairman Ben bernanke attended the senate banking committee hearing on Tuesday,Anecdotal is focusing its bond buying the escort,Many people come"delisting"In sight of the conclusion.But in fact,Mr Bernanke's words when to the United States over wide amount to raise interest rates,There is no clear guidance,Instead, for the first time once interest rates rise,The fed a year to the Treasury callback of interest income may be made"Warm prompt",Have a talk about more valuable.

　　美联储过去几年多番QE，所持国债、机构债券和按揭抵押证券（MBS）激增，资产规模已在3万亿美元以上。央行所持资产会产生利息收入，但美联储要向商业银行存放于央行的剩余储备支付利息，一旦市场短期利率抽升，美联储为防剩余储备流失过速，向银行储备提供的利率（现为0.25厘）亦得相应上升，令美联储的利息开支增加。基于美联储从资产赚取的收入（票息）固定，利息开支上升意味央行从资产组合赚取的净收入减少。

In the past few years despite repeated QE the fed,National debt held by the/Agency debt and mortgage-backed securities(MBS)A surge in,Assets in more than $3 trillion.Assets held by the central bank interest income is produced,But the fed for the remainder of the deposit at the central bank to commercial Banks pay interest on reserves,Once the market short-term interest rates rise,The federal reserve to prevent rapid loss of remaining reserves,Interest rates for bank reserves(Now the 0.25 mile)May also rise accordingly,Increase in the fed's interest.Based on the fed to earn income from assets(The coupon)fixed,Rising interest costs means that the central bank from portfolio earns net income decrease.

　　美联储并非退休基金、保险公司或个人投资者，作为美国的中央银行，美联储在运作和决策上虽享有独立性和自主权，却难改其乃美国政府一个重要组成部分的本质。在听证会上，伯南克提及美联储向财政部拨款，所指正是央行所持债券产生的净利息收入。过去三年，这笔钱皆在700亿至800余亿美元之数，为美联储在扣除利息支出和营运开支后，拨归美国库房的收入余额。

The fed is not pension funds/The insurance company or individual investors,As the U.S. central bank,The fed is independence and autonomy in its operational and decision making,But cannot alter it is an important part of the nature of the U.S. government.At the hearing,He mentioned to fed the Treasury funds,Referring the central bank holdings of net interest income.In the past three years,The money is in 70 billion to more than $800,After the deduction of interest expenses and operating expenses for the federal reserve,Dial to U.S. Treasury income balance.

　　三藩市联储银行通过美联储2010年损益表，介绍了这个程序的具体运作情况。美联储所持资产于该年产生829亿美元的总利息收入，将之减去利息支出和营运开支，然后计进其他收入和沽售资产录得的盈/亏（已变现），余额便是美联储的净收入，2010年为817亿美元。这笔钱还得计入递延信贷变动，再减去提高资本金所需注资，最后扣除向成员银行派息，余额悉数拨归财政部，2010年这笔钱为793亿美元。换句话说，美联储在该年赚取的净利息收入（817亿美元），多达97%（793亿美元）拨归库房所有。

San Francisco federal reserve bank by the fed in 2010, the income statement,This program specific operation situation are introduced.Assets held by the fed in the $82.9 billion in total interest income,Will be minus the interest costs and operating expenses,Then meter into the other income and sell assets gains/losses(Have to liquidate),Balance is the fed's net income,In 2010 for $2010.The money is also included in deferred credit changes,Subtracting the higher capital injection required,The deduction of dividends to member Banks,Balance all belong to the ministry of finance,The money of $79.3 billion in 2010.In other words,The federal reserve in the years to earn net interest income(Us $81.7 billion),As much as 97%(Us $79.3 billion)Stir all belong to the warehouse.

　　在美联储资产中，国债占极大比重，发债的是美国财政部，利息自然亦由财政部支付。美联储把来自国债的利息收入拨归库房，不过左袋交右袋而已。伯南克以财政部从美联储收取的拨款今后可能减少，迂回隐晦地向市场发出“温馨提示”，虽不代表美国快将加息，但像财爷一样，伯南克亦不忘时刻提醒公众，利率不会长处目前低位。

In the fed's balance,Bonds account for great proportion,Is the U.S. Treasury debt,Interest on natural also paid by the Treasury.The fed's interest income from Treasury bonds to warehouse,But the left bag/bag just right.Bernanke to the Treasury collect money from the federal reserve may reduce in the future,Circuitous implicitly to the market"Warm prompt",Although not on behalf of the United States will raise interest rates soon,But as money ye,Bernanke also don't forget to remind the public,Interest rate advantage is low.

　　本文版权所有：香港信报财经新闻

In this paper, all rights reserved:Hong Kong daily news of finance and economics