REGULATIONS. on assets classification and loan loss provisioning. and 29 December 2015)

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1 Approved by the Central Bank of the Republic of Azerbaijan Order # 25/1 18 December 2013 REGULATIONS on assets classification and loan loss provisioning (with amendments of 10 December 2014, 26 February 2015, 28 September 2015 and 29 December 2015) 1. General provisions These Regulations have been developed in accordance with Article of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan and Article of the Law of the Republic of Azerbaijan on Banks, and determine procedures for creation of special reserves to classify assets and cover possible losses on assets in banks and local branches of foreign banks operating in Azerbaijan (hereinafter referred to as banks). 2. Definitions 2.0. The terms used herein shall bear the following meanings: 1

2 assets loans granted by a bank, other assets allocated to be repaid, prepaid funds by a bank, assets not used in banking, investments in participation share of legal entities capital, and off-balance sheet liabilities; outstanding amount unpaid portion of the loan s principal amount. The outstanding amount of the non-loan asset is its balance value; total amount total of outstanding amount of the asset and interests accrued on that outstanding amount, commission fees, and other unpaid amounts; market price price of a commodity (work, service) emerged from the interaction between demand and supply; liquid market a market with sufficient sale and purchase offers, which makes the sale possible in due course and at a market price; net market price- difference between the market price of an asset and all its sale related costs; consumer loan loans to individuals for purposes not related to entrepreneurship or professional activity, acquisition and construction of real estate; restructured assets debt obligation, contractual terms of which were changed, or which was documented as a new obligation with a view to implement the debt liability, due to variable economic and/or legal conditions, as well as debtor s financial difficulties; overdue loan a loan where payments against the principal amount or interest accrued thereupon, or the outstanding portion of either of the principal amount or accruals, are delinquent for more than 30 calendar days beyond the contractual maturity date; securitization a way to ensure implementation of obligations; special reserves (hereinafter reserves) funds allocated to cover possible asset losses; interbank claims - deposits placed by a bank with another bank, correspondent account balances and granted loans. 3. Asset classification 3.1. Banks shall classify and create reserves on their assets under these Regulations and their internal procedures. Internal procedures shall set regulation and recording of assets classification, analysis criteria of asset quality and control procedures, as well as procedures to write off loss assets from the balance. 2

3 3.2. Assets shall be classified by a responsible structural division, designated by bank s internal procedures based upon the principle of avoiding the conflict of interests Assets are divided into standard and non-standard assets. Standard assets include satisfactory and watch assets, non-standard assets include non-satisfactory, doubtful and loss assets Assets shall be classified given the delinquency period and quality criteria. Satisfactory assets shall be classified as high, while loss assets as low-quality assets If not otherwise specified herein, findings identified based upon the delinquency period and quality criteria shall be compared and the asset categorized in line with the table shown in Item 3.11 herein For the purposes of classification, assets shall be divided into assets delinquent up to 30 days, from 31 up to 90 days, from 91 up to 180 days, and from 181 up to 270 days. The delinquency period of assets (on the principal amount and accruals) shall be calculated from the date defined in the relevant contract for repayment of the principal amount and accruals Assets shall be divided into high, middle, and low quality assets in terms of quality criteria Assets shall be deemed to be high quality when: debtor s financial state and activity yield enable to cover contractual obligations in due course and fully no negative factors are in place to affect debtor s solvency (low growth rate of production, sharp rise in payables and receivables and other economic factors); the debtor does not have any overdue loans over the last six months (considered when an asset is placed) Assets shall be deemed middle quality when: the debtor does not submit financial statements, a business plan, or other documents confirming his/her creditworthiness (considered when an asset is placed); cash flows on debtor s activities are not adequate to debt servicing terms; trends, that might have a negative impact on debtor s solvency due to change in economic conditions, (e.g. low demand for a debtor s product, prices of raw materials used in production rise) are observed or the probability of such an influence emerges; 3

4 the debtor operates at a loss or does not make sufficient profit to meet his/her obligations; main payment sources of the debt do not suffice to repay the debt and additional payment sources (e.g. additional securitization, sale of property, attraction of extra funds by the debtor) are needed; the debtor has had overdue loans over the past six months. (considered when an asset is placed) Assets shall be deemed low-quality when: the debtor has been operating at a loss for over a year; the debtor fails to repay his/her debt and it is found that there are no additional sources to repay the debt; the debtor dies, is deemed dead or missing in the order specified in the Civil Code of the Republic of Azerbaijan, or the debtor who fails to meet his/her obligation cannot be found (if search activities are under way with respect to that person according to the Law Enforcement Operations Act of the Republic of Azerbaijan); there are no documents confirming the intended use of the loan Assets shall be classified based upon the following table: Delinquencies Quality criteria 0-30 days days days days over 270 days High Middle Low Watch Nonsatisfactory Doubtful Satisfactory Watch Nonsatisfactory Doubtful Loss Nonsatisfactory Loss Doubtful Loss Loss Loss Loss If the debtor is declared bankrupt or his/her employment or entrepreneurship activities are terminated for any reasons whatsoever, commercial loans shall be classified as loss assets Analysis of quality criteria shall be documented. 4. Creation of reserves and loss asset charge off 4

5 4.1. Reserves shall be created for possible asset loss provisioning. Reserves are divided into two categories: general reserves created to cover possible losses on bank's standard assets; specific reserves created to cover possible losses on bank's nonstandard assets Reserve rates on classification categories shall be defined as follows: satisfactory assets 1%; watch assets - those categorized as restructured watch assets - 2%, and non-restructured watch assets 1% from ; non-satisfactory assets - 25%; doubtful assets - 50%; loss assets - 100% Reserves shall be created on the total asset amount in the national currency of the Republic of Azerbaijan against the bank s expenses If the principal amount or interest payments on the asset are delinquent for over 90 days, reserves shall be created to 100% of accrued interests Reserves shall be created per asset or, through assessment of risks inherent to an assets group, on this group (loans, interbank claims, securities, payables, and other assets). Created reserves shall be used to cover possible losses on all assets of that group The loss asset shall be charged off from the balance sheet against created reserves (in the amount of the established reserve on that asset) The bank shall charge off loss assets from the balance sheet at the decision of the Supervisory Board based upon the petition of the Management Board. All assets charged off from the balance against reserves and outstanding interests on these assets shall be recorded and maintained in relevant off-balance sheet accounts (sub-accounts) for at least five years No reserves are created, if assets are secured by the following types of securitization: if funds in national and hard currencies in the debtor s deposit account are blocked by the bank in the amount equal to the asset and the bank is entitled to charge off these funds from the account without the account holder s order under the contract; Government securities of the Republic of Azerbaijan, securities issued by the Central Bank of the Republic of Azerbaijan (hereinafter the 5

6 CBA) and by the Azerbaijan Mortgage Fund Open Joint-Stock Company, a government guarantee or a guarantee issued by the CBA (warranty); Government securities and guarantees of the countries with A (sovereign) credit rating at a minimum issued by reputable international rating agencies (Standard&Poor`s, Fitch Ratings, Moody`s), and securities and guarantees (warranty) issued by central banks of these countries; Bank (vault) metals pledged as collateral to the bank; Guarantees (warranties) issued by banks with A (sovereign) credit rating at a minimum, issued by international rating agencies Reserves are not created on claims with no delinquencies due from the Central Bank of the Republic of Azerbaijan and banks with the minimum A credit rating issued by international rating agencies Created reserves shall be assessed in terms of adequacy to asset quality by the structural division, that carry out the classification, at least once a month, no later than the last business day of a month. When payments on the asset, classified as middle-quality under the criterion in sub-item herein at the time of placement, are made in a timely manner, this asset may be re-evaluated, at that that criterion is considered at the moment of reevaluation For the purposes of prudential reporting the following shall be taken into account: If monthly asset evaluation identifies quality improvements, reserves already created, and funds received by the bank later on repayment of assets previously charged off from the balance sheet shall be channeled to reduce the relevant expenses account, and charged to income if the expense account has no balance left; the amount of specific reserves created for any asset shall be deducted from that asset s amount. The amount of the general reserve created for an asset shall be recorded as a separate item under the Capital accounts the reserve account may not have a debit balance. If assets to be charged-off against reserves exceed the balance of the reserve account, the required amount shall be provided from the everyday operating cost account. Reserves may not be funded from the Retained Earnings or other capital accounts. 5. Consumer loan classification 5.1. Consumer loans shall be classified as follows: 6

7 loans, whose principal or interest payments are repaid in line with the contract or delinquent up to 30 days beyond the contractual maturity date satisfactory assets; loans, whose principal or interest payments are delinquent from 31 up to 60 days beyond the contractual maturity date watch assets; loans, whose principal or interest payments are delinquent from 61up to 90 days beyond the contractual maturity date non-satisfactory assets; loans, whose principal or interest payments are delinquent from 91 up to 120 days beyond the contractual maturity date doubtful assets; loans, whose principal or interest payments are delinquent for more than 120 days beyond the contractual maturity date loss assets; 5.2. In the absence of the documentation that enables to analyze the borrower s financial state, or if he/she has had delinquency on credit liabilities over the past 6 months, the loan granted to him/her shall be classified at a minimum as a watch asset at the time of issuance. If payments on the asset, classified as watch at the time of issuance due to availability of an overdue loan over recent 6 months, are made on a timely manner, the asset in question may be re-evaluated on that criterion. At that, the criterion in question shall be considered at the time of re-evaluation; 5.3. If documents confirming purposeful use of consumer loans over AZN 70 thousand are not submitted, they shall be classified as watch assets at a minimum If the debtor dies, is deemed dead or missing in the order specified in the Civil Code of the Republic of Azerbaijan, or the debtor who fails to meet his/her obligation cannot be found (if search activities are under way with respect to that person according to the Law Enforcement Operations Act of the Republic of Azerbaijan) the consumer loan shall be classified as loss. 6. Restructured assets classification 6.1. The asset s previous classification category may not be improved at the time of asset s restructuring Upon restructuring, the asset classification category shall be improved as follows: assets with payments to be made in monthly installments under terms of the agreement if there is no delay in installment payments within 6 months; 7

8 Consumer and interbank loans, as well as assets with payments to be made in quarterly, semi-annual and annual installments, and in other intervals under the terms of the agreement provided that at least 50% of the asset s principal amount is repaid and obligations on the principal amount and accrued interests are implemented in due time and fully. 6.3 Given the requirements of Items 6.1 and 6.2 herein, the classification category of the assets restructured until 23 February 2015 may be improved at most up to non-satisfactory, while assets restructured after 23 February 2015 at most up to watch assets When determining the asset s classification category upon restructuring, the asset s quality criteria should be considered along with the requirements of Items 6.2 and 6.3 herein. 7. Interbank claims classification 7.1. Interbank claims shall be classified as follows: interbank claims w/o delinquency as satisfactory assets; interbank claims which are delinquent up to 7 days as watch assets; interbank claims which are delinquent from 8 up to 30 days as non-satisfactory assets; interbank claims which are delinquent from 31 up to 60 days as doubtful assets; interbank claims which are delinquent for more than 60 days as loss assets; 7.2. If the bank license is revoked in a forced order or bankruptcy proceedings specified in the Law of the Republic of Azerbaijan on Banks are initiated with respect to the bank, interbank claims shall be classified as loss assets. 8. Classification of investments in securities and equity investments 8.1. For classification purposes, securities (except for foreclosed securities) shall be divided into three categories: highly, moderately and lowly liquid securities Highly liquid securities must have investment ratings by international rating agencies. For the purposes hereof, highly rated securities shall include government securities of the Republic of Azerbaijan, as well as securities issued by the Central Bank of the Republic of Azerbaijan and the Azerbaijan Mortgage Fund Open Joint-Stock Company. 8

9 8.3. No reserves are created, if investments are made to highly liquid securities Moderately liquid securities include securities entered to the first level quotation sheet or priced daily by the Baku Stock Exchange When investing to moderately liquid securities, they shall be classified as specified in Section 3 herein Lowly liquid securities include securities, rated by international rating agencies below investment rating or not rated at all and securities, about the financial state of the issuer of which the bank has no sufficient information to identify its value The portion of the carrying value of lowly liquid securities, which is below their market price shall be classified as an unsatisfactory asset, while the portion above their market price as a loss asset at a minimum Securities recorded in the bank s aggregate income statement (P&L statement) shall not require creation of reserves Equity investments shall be classified under the quality criteria prescribed in Section 3 herein. This type of assets classified as satisfactory do not require creation of reserves. If a legal entity's operations are suspended or terminated, the related equity investment is categorized as a loss asset. 9. Classification of assets (properties) not used in banking 9.1. OREO not used in banking shall be, from the date of foreclosure, classified and provisioned accordingly as follows: if the market price of the real estate is above its book value, it shall be carried in the first year at the book value as an unsatisfactory asset at a minimum; if the market value of the real estate is below its book value, it shall be carried in the first year at the market value as an unsatisfactory asset at a minimum, whereas the difference shall be recognized as a loss asset; After a one year period is completed, the OREO remaining on the bank's books shall be classified as doubtful assets at a minimum The OREO and fixed assets previously used by the bank may not be recorded in the balance sheet from the date they are not used for over three years. Upon completion of the relevant period the real estate shall be charged off from the balance and recorded in an off-balance sheet account Repossessed movable property, including securities, and movable property not used in banking shall, from the date of repossession, be classified and provisioned accordingly as follows: 9

10 if the market value of movable property is above its book value, it shall be classified at a minimum as an unsatisfactory asset at the book value within 60 days; if the market value of movable property is below its book value, it shall be classified at a minimum as an unsatisfactory asset at the market value within 60 days, whereas the difference shall be recognized as a loss asset; the repossessed movable property shall be classified at a minimum as a doubtful asset after the 60 day period is completed The repossessed movable property shall be classified as loss assets, charged-off, and recognized in a relevant off-balance sheet account after a 120 day period is completed. 10. Classification of off-balance sheet liabilities Off-balance sheet liabilities shall be divided into two groups for the purposes of classification: Group 1 entitles the bank to not fulfill its obligation fully or partially under the contract unilaterally; Group 2 the obligation shall be carried out unconditionally Off-balance sheet liabilities shall be classified on balance sheet assets, as defined herein, with the consideration of the following: Group 1 off-balance sheet liabilities from the date the offbalance sheet liability is transferred to balance sheet accounts; Group 2 off-balance sheet liabilities from the date the offbalance sheet liability is created; guarantees (warranties), and letters of credit issued by the bank shall be classified at a minimum as watch assets from the moment they are recognized on the balance sheet. 11. Role of securitization in creating reserves on loss assets When establishing reserves on loss assets, the bank shall consider the net market price of the securitization under the following conditions: net market price considered in the calculation shall not exceed total asset amount; all necessary documents should be in place to sell the security; there should be a liquid market to sell the security; the security s market price shall be set by independent appraisers. 10

11 11.2. If the terms in Item 11.1 herein are met, the reserves on loss assets shall be calculated as follows: E= (A-Ld) x 100%, where: E reserve amount, A total asset amount, Ld liquid value of the security considered Securitization on loans and other assets shall be classified into four groups in order to calculate the liquid value of an asset Group 1 securitization: precious (vault) metals pledged as collateral to the bank (except for bank metals); guarantees (warranties) issued by banks, operating under the license issued by the CBA; securities bought and sold in the Baku Stock Exchange, and issued by companies of Organization for Economic Cooperation and Development countries with A credit rating at a minimum, granted by international rating agencies Group 2 securitization includes real estate Group 3 securitization includes vehicles Group 4 securitization includes other securitization not included to the previous groups The liquid value of securitization shall be determined as follows: on Group 1 40% of the net market price; on Group 2 30% of the net market price; on Group 3 20% of the net market price; Group 4 securitization shall not be considered in creating reserves on the loss assets category. 11

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