Urban Renewal Authority 2018-19 Annual Report

155 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 13. Cash and bank balances 2019 2018 $’000 $’000 Bank deposits Original maturities of 3 months or less 749,085 4,197,146 Original maturities of more than 3 months 12,895,590 11,762,863 13,644,675 15,960,009 Less: Amounts held in trust for joint development projects (3,592) (3,540) 13,641,083 15,956,469 Cash at banks and in hand 55,044 279,179 Less: Amounts held in trust for joint development projects (2) (2) 55,042 279,177 13,696,125 16,235,646 Maximum exposure to credit risk 13,696,110 16,235,631 Representing: Non-current portion – Bank deposits 2,562,000 – Current portion – Cash at banks and in hand 55,042 279,177 – Bank deposits 11,079,083 15,956,469 11,134,125 16,235,646 As at 31 March 2019, cash and bank balances of the Group are denominated in Hong Kong Dollars except for an amount of $2,467,595,000 (31 March 2018: $2,665,842,000) which is denominated in USD. The average effective interest rate of time deposits with banks was 2.41% per annum (2017/18: 1.59% per annum). These deposits have an average maturity of 200 days (2017/18: 148 days).