Annual Report 2021

275 舜宇光學科技（集團）有限公司 • 2021 年報 FOR THE YEAR ENDED 31 DECEMBER 2021 截至二零二一年十二月三十一日止年度 Notes to the Consolidated Financial Statements 綜合財務報表附註 36. FINANCIAL INSTRUMENTS (Continued) b. Financial risk management objectives and policies (Continued) Interest rate benchmark reform (Continued) Risks arising from the interest rate benchmark reform (Continued) Interest rate related risks (Continued) There are fundamental differences between IBORs and the various alternative benchmark rates. IBORs are forward looking term rates published for a period (e.g. 3 months) at the beginning of that period and include an inter-bank credit spread, whereas alternative benchmark rates are typically risk-free overnight rates published at the end of the overnight period with no embedded credit spread. These differences will result in additional uncertainty regarding floating rate interest payments. Liquidity risk The additional uncertainty on various alternative rates which are typically published on overnight basis will require additional liquidity management. The Group’s liquidity risk management policy has been updated to ensure sufficient liquid resources to accommodate unexpected increases in overnight rates. Litigation risk If no agreement is reached to implement the interest rate benchmark reform on contracts which have not been transitioned to the relevant alternative benchmark rates (e.g. arising from differing interpretation of existing fallback terms), there is a risk of prolonged disputes with counterparties which could give rise to additional legal and other costs. The Group is working closely with all counterparties to avoid this from occurring. 36. 金融工具（續） b. 財務風險管理目標及政策（續） 利率基準改革（續） 利率基準改革產生的風險（續） 利率相關風險（續） 銀行同業拆息利率與各種替代基準利 率存在根本差異。銀行同業拆息利率 指在該期間開始時公佈的一段期間（即 3 個月）的前瞻性定期利率，包括銀行 間信貸息差，而替代基準利率通常為 在隔夜期末公佈的無風險隔夜利率， 並無嵌入信貸息差。該等差異將導致 浮動利率付款的額外不確定性。 流動資金風險 通常隔夜公佈的各種替代利率的額外 不確定性因素將需要額外的流動性管 理。本集團的流動性風險管理政策已 予以更新，以確保有足夠的流動性資 源來應對隔夜利率的意外增長。 訴訟風險 倘未就尚未轉換為相關替代基準利率 （如由於對現有備用條款的不同解釋而 產生）的合約實施利率基準改革達成協 議，與交易對手之間存在長期爭議的 風險，這可能會導致額外的法律及其 他成本。本集團正與所有交易對手密 切合作，以避免此類情況發生。