URA

130 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 15. Cash and bank balances 2018 2017 $’000 $’000 Time deposits with banks  Original maturities of 3 months or less 4,197,146 1,357,604  Original maturities of more than 3 months 11,762,863 15,726,979 15,960,009 17,084,583 Less: Amounts held in trust for joint development projects (3,540) (3,521) 15,956,469 17,081,062 Cash at banks and in hand 279,179 169,039 Less: Amounts held in trust for joint development projects (2) (2) 279,177 169,037 16,235,646 17,250,099 Maximum exposure to credit risk 16,235,631 17,250,084 As at 31 March 2018, cash and bank balances of the Group are denominated in Hong Kong Dollars except for an amount of $2,665,842,000 (31 March 2017: $2,314,139,000) which is denominated in USD. The average effective interest rate of time deposits with banks was 1.59% per annum (2016/17: 1.32% per annum). These deposits have an average maturity of 148 days (2016/17: 183 days). The credit quality of the cash and bank balances, deposited with financial institutions, which are Hong Kong Dollars and USD, can be assessed by reference to external credit ratings of the financial institutions and are analysed as follows: Rating (Moody’s) 2018 2017 $’000 $’000 Aa1 – Aa3 5,563,960 6,252,485 A1 – A3 10,472,217 10,973,146 Others 199,454 24,453 16,235,631 17,250,084