HSBC considers that the incremental debt of HK$69bn to be near or at the estimation of the maximum level of debt that AAHK should include in the working case financial arrangement plan for 3RS in order to leave AAHK with the capacity to raise additional funding from debt to meet shortfalls in downside scenarios (if they arise) whilst complying with a reasonable interpretation of the principles of financial prudence and management standards set out in the AAO. 2015 報告Page 35
For the MP2030 financial projections, HSBC has applied a cost of borrowing of 6.5% as the AAHK’s average cost of borrowing based on the long construction period, the historical average long term interest rates and credit spreads for the AAHK and comparable borrowers.
HSBC 2015 Page 22
For the underlying benchmark rate, HSBC has used the average historical yield on 10-year US Treasury since 2000, which is at approximately 3.8%. For the spread, HSBC has used the assumption of 1.2%, being the average mid-market spread over the US Treasury yield of AAHK’s most recent bond for the last 8 years prior to its maturity in 2013. Based on this analysis, the cost of borrowing is assumed at 5% in the financial model.--
凈現值
2015 HSBC
Based on incremental cash flows, the 3RS project generates a financial internal rate of return IRR4 of around 8% on standalone basis before taking into account any economic benefit. This is materially higher than that under MP2030 principally because of the incremental revenue from the ACF and changes in other operating assumptions.
基於以上觀察,三跑的海空安全充滿未解之懸念,在人民生命安全未能保障的情況下,我別無選擇,必須向地政總署重申反對有關填海,並且強烈要求地政總署,為了公眾安全,必須立即履行盡職檢查 due diligence,委聘中立和有崇高地位的統計學家複核顧問評估海上安全風險的計算,在這個步驟完成之前不可以批准填海,否則有違良好管治 good governance 原則。
鄭重提醒貴署,漠視我的信件提出的種種事實和有關安全的提醒,貿然將填海項目提交行政長官會同行會議通過批准,明顯違反盡責審查 due process和合適施政 proper administration原則,有關決定必會面對司法複核,至於貴署主管此事的官員本身,以及參與其事的其他部門官員,則屬忽視市民生命安全的失職和蒙騙行政長官,慎思之。