MCCU Annual Report - page 67

67
6. Provision for Loan Impairment:
(a)
2013
2012
$
$
Total Non-Performing Loans
452
338
Balance, January 1
33,082,998
55,394,381
Provision for the Year
17,821,954
7,170,385
50,904,952
62,564,766
Recoveries During the Year
1,009,302
820,780
Charged off during the year
( 6,389,843)
( 12,802,548)
Transfer to Other Reserves
-
( 17,500,000)
Balance, 31 December
45,524,411
33,082,998
Regulatory loan loss provision
29,051,290
18,871,891
Less: Provision based on IAS 39
( 45,524,411)
( 33,082,998)
( 16,473,121)
( 14,211,107)
(b)
2013
2012
DELINQUENT
PROVISION FOR PROVISION FOR
LOANS
RATE
LOAN LOSSES
LOAN LOSSES
$
%
$
$
1 Month
33,886,808
-
-
-
2 - 3 Months
14,477,219
10
1,447,722
979,758
3 - 6 Months
19,449,192
30
5,834,758
4,621,632
6 - 12 Months
19,200,218
60
11,520,131
6,081,835
Over 12 Months
10,248,680
100
10,248,680
7,188,666
97,262,117
29,051,290
18,871,891
The following is a summary of delinquent loans at 31st December determined under JCCUL regulatory
requirements:
Excess of IFRS Loan Impairment over JCCUL
regulatory requirement.
As the provision determined in accordance with the IFRS rules exceeds the JCCUL requirements, no adjustment to the
IFRS amount is deemed necessary.
YEAR ENDED 31ST DECEMBER 2013
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
The movement in the provision for loan impairment determined under the requirements of IFRS is as follows:
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,57,58,59,60,61,62,63,64,65,66 68,69,70,71,72,73,74,75,76,77,...126
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