Page 63 - 國合會2016電子書-英文

Administration

to maintain healthy finance and achieve balanced gains When factoring in foreign exchange gains (losses) and
and losses. Currently, such investments are focused on other income (expenses), aggregated revenue from
fixed-income financial instruments and supplemented by uncommitted fund was NT$190.11 million, registering an
risk-bearing asset in the form of exchange-traded funds increase of NT$23.51 million or 14 percent, compared to
by way of mid- to long-term holdings of equities. the annual budgeted income target for uncommitted fund
Fixed-income assets are primarily invested in of NT$166.6 million.
bonds, time deposits and short-term commercial paper Revenue from uncommitted fund in 2016 (excluding
denominated in NT dollars and foreign currencies that foreign exchange gains (losses) and other income
are held to maturity. In response to four-time interest rate (expenses)) increased by NT$15.88 million or 8.8
drops and delayed interest rate adjustment in the U.S., the percent, compared with revenue in 2015 at NT$181.12
overall market performance of interest-based investments million. However, the revenue dropped by approximately
was sluggish. Therefore, in 2016, we increased our bond NT$11.24 million or 5.4 percent compared with the
holding position to boost revenue. The average rate of 2014 income at NT$282.4 million (including disposed
return of bond rose from 2.45 percent in 2014 and 2.57 exchange-traded funds capital gains of NT$44.89 million).
percent in 2015 to 2.63 percent in 2016. In addition, the This decline can be attributed to the four-time interest
bond holding position as a percentage of the Fund rose rate cuts enforced by the Central Bank of the Republic of
from 16 percent last year to 19 percent this year. For risk- China (Taiwan) and sluggish performance of interest rates
bearing assets, the TaiwanICDF had a gain of NT$33.66 worldwide in 2016. The rate of return for uncommitted
million through the disposal of exchange-traded fund fund was 1.91 percent in 2016, 1.74 percent in 2015 and
investments. 2.11 percent in 2014. Fund asset allocation in 2016 is
With our strategy of raising the average return of bond shown in Figure 3.
investments and disposal of exchange-traded fund
investments in 2016, income from uncommitted fund Accounting Management
(excluding foreign exchange gains (losses) and other
income (expenses)) came to around NT$197 million, The TaiwanICDF’s total revenues are derived
registering an increase of NT$21.5 million or a budget predominantly from three main sources: interest and
performance rate of 112 percent, compared with the revenues from development lending and investment
annual budgeted income target of NT$175.49 million. projects, income from financial investment, and funding

Figure 3 Fund Asset Allocation (2016)

................... Bond 19%

................... ETF 1%
Time Deposits 41% ...................
................... Lending for Development
Projects 23%

Bank Deposits/ ................... ................... Investments for
Short-term Notes 5% Development
Projects 11%

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