Regulation on reporting of non-performing and other zero-interest assets

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1 Changes are underlined 1 (6) Concerns credit institutions and financial holding companies Regulation on reporting of non-performing and other zero-interest assets By virtue of section 4, point 2, section 11, paragraph 2, and section 14, paragraph 1 of the Act on the Financial Supervision Authority, the Financial Supervision Authority issues the following regulation on compliance with section 68 of the Act on Credit Institutions. 1 Scope The consolidated assets of a credit institution and a financial holding company shall be recorded and reported as non-performing in accordance with the provisions of this regulation. 2 Definition of non-performing assets 2.1 Lending If the interest payable on an asset has been in arrears for three months, the entire principal must be entered as non-performing. If the repayment of the principal of an asset or part thereof has been in arrears for three months, the entire principal must be recorded as non-performing, irrespective of whether interest has been paid or not. If the customer has paid interest as due, but has not been able to make repayments of principal, the asset shall not be entered as non-performing if the credit institution and the customer have agreed in writing on a new payment schedule. All capital assets deriving from lending shall be recorded as non-performing assets in accordance with the above principles, irrespective of the instrument that has given rise to the asset. Accordingly, for example, a bond, debenture or commercial paper which the borrower has defaulted on must be entered as a non-performing asset, irrespective of the item under which it has been entered in the balance sheet. The same applies to agreements on the repurchase or resale of securities (repos), entered as assets in the balance sheet, when a counterparty fails to sell (buy) back the securities.

2 Changes are underlined 2 (6) An asset may be recorded as non-performing before the three-month period has elapsed. In such case, however, the recording of interest income from non-performing assets must be in compliance with applicable accounting regulations. When a credit institution has chosen to extensively apply even more stringent accounting principles in recording assets as non-performing, the Financial Supervision Authority must be informed on said principles and their application. 2.2 Special cases Guarantees given by a credit institution A guarantee given by a credit institution shall be entered as a guarantee claim as soon as the credit institution has made a payment under the guarantee. If the credit institution has only had to pay part of the guarantee, the amount actually paid shall be recorded as a guarantee claim. Outstanding commissions payable to a credit institution shall not be entered as non-performing principal. If a credit institution has had to pay interest because of a guarantee, the interest shall be included in the guarantee claim Bankruptcy claims If the debtor has been declared bankrupt, the credit institution s claim on the debtor shall be entered as non-performing from the day bankruptcy was declared, unless it has already been entered as non-performing earlier. Further provisions on hire-purchase agreements financed by credit and on factoring are given in point 2.4 below Effects of corporate debt restructuring or personal debt reorganization Finnish legislation The initiation in a court of law of proceedings to restructure or reorganize the debts of a client of a credit institution shall not give rise to any departures from the provisions of this regulation. Thus, assets shall still be recorded as non-performing on an asset-by-asset basis when they have been in arrears for three months and guarantees shall be entered as nonperforming when a credit institution has made a payment under the guarantee. The mere fact that a credit institution learns that debt restructuring or reorganization proceedings have been initiated shall not constitute grounds for recording a well-serviced asset as non-performing. The basic provisions of this regulation shall also apply when the default in payment is caused by law.

3 Changes are underlined 3 (6) An asset entered as non-performing shall be removed from non-performing assets when a court of law has decided on the restructuring or reorganization of a customer s debts and the decision has become legally valid, or when the new payment schedule must be adhered to irrespective of appeal. If, however, the customer is unable to adhere to the schedule, the asset must again be recorded as non-performing as soon as the payment of interest or repayment of principal has been in arrears for a period of three months after the due date specified in the approved schedule. Default in the payment of interest or repayment of principal in respect of one loan shall not, however, automatically mean that all other loans shall also be entered as non-performing. Rather, each asset shall be reviewed separately. If the schedule approved by the court specifies that an interest rate of 0 % be applied to the entire asset, the asset must be reported to the Financial Supervision Authority as a zero-interest asset. If the approved schedule provides that the principal of the assets must be paid before the interest accruing on the principal, the asset shall not be classified as a zero-interest asset Foreign legislation Collection prohibited due to debt restructuring When foreign legislation is applicable, the above provisions shall be observed whenever relevant. An asset must not be recorded as non-performing unless the default has lasted for the period specified in this regulation. Where applicable, the provisions of point shall be complied with in removing an asset from the credit institution's nonperforming assets Losses from derivative contracts Losses from derivative contracts shall be treated in the accounts as interest expenses or as deductions under interest, foreign exchange or securities income. Because losses arising from derivative contracts may not be recorded as loan losses, they cannot become non-performing assets. 2.3 Loans to public sector entities and credit institutions A defaulted asset or a payment made in respect of a guarantee must be recorded as nonperforming even if the debtor is a public sector entity or a credit institution or a guarantee or counterobligation for the asset has been given by such an institution or public sector entity.

4 Changes are underlined 4 (6) If the unpaid interest on an asset guaranteed by a public sector entity can, by virtue of a legal provision, be added to the principal and the debtor has not broken the loan agreement, the asset shall not be entered as a non-performing or zero-interest asset. 2.4 Finance company products In the case of loan-type products and the financing of accounts payable and individual hire-purchase agreements, the outstanding asset must be entered as non-performing according to the same principles as applied by credit institutions in lending. In the financing of hire-purchase agreements based on credit, any sum in excess of the agreed credit limit must be entered as non-performing when it has exceeded the limit for three months. When the sum exceeding the credit limit is calculated, the relevant hirepurchase agreement must be removed from the agreements being financed at the latest when an instalment has been in arrears for three months. In the discount-based financing of hire-purchase agreements, an individual hirepurchase asset shall be entered as non-performing when an instalment has been in arrears for three months, calculated from the due date for the buyer. In factoring, any sum in excess of the credit limit agreed in the financing agreement must be entered as non-performing when it has exceeded the limit for three months. When the sum exceeding the credit limit is calculated, the invoice asset must be removed from the factoring agreements being financed at the latest when it has been in arrears for three months. If a seller company that has a credit-based hire-purchase limit or factoring limit in a finance company has been declared bankrupt, the sum exceeding the credit limit shall be entered as non-performing. When the sum exceeding the credit limit is calculated, the hirepurchase/factoring agreement or the invoice asset must be removed from the outstanding agreements at the latest when an instalment or an invoice has been in arrears for three months. In leasing, the acquisition cost of the leased asset, less planned depreciation, must be entered as non-performing when the rent has been in arrears for three months. The asset shall be considered non-performing until it has been paid or the leased asset has been sold. 2.5 Credit card credits The assets of any credit card company included in the credit institution s group must be reported in accordance with the above principles when they have been in arrears for three months. The assets must be listed under the relevant subsidiary and included in the total amount of non-performing assets.

5 Changes are underlined 5 (6) 3 Other zero-interest assets For the purposes of this regulation, zero-interest assets mean assets that yield no return whatsoever. A non-performing asset derives from a breach of contract, whereas zerointerest assets are based on agreements. Provisions on the treatment of zero-interest assets that have come about as a result of a corporate debt restructuring or personal debt reorganization are given in point Loan loss forecast An estimate of the loan losses that will arise within the group in the current year must be given in both gross and net amounts. The gross figure means the total amount of loan losses during the current year and the net figure the amount that is obtained when refunds and insurance indemnities that the credit institution is certain to receive are deducted from the estimated total loan loss figure. The report of the situation as at 31 December shall show the loan losses on the balance sheet date in both gross and net figures. 5 Recording interest income Rules on recording interest and other income from non-performing assets are found in Regulation No on the annual accounts of credit institutions. 6 Loan losses since the beginning of the financial year 6.1 Actual loan losses and specific loan loss provisions Actual loan losses and specific loan loss provisions comprise loan losses recorded in the profit and loss account as an expense during the financial year, irrespective of whether the asset has been non-performing earlier. Loan losses and specific loan loss provisions only affect the relevant balance sheet items defined in regulation on the annual accounts of credit institutions. Actual loan losses and specific loan loss provisions shall be shown in gross amounts. The gross figure shall include the above-mentioned actual loan losses and specific loan loss provisions as well as write-downs on and capital losses arising from the sale of assets acquired to safeguard a claim. Loan losses arising from debt securities held as financial fixed assets shall also be included, when the debt securities have been subscribed or otherwise acquired in order to finance a customer in a manner comparable to lending.

6 Changes are underlined 6 (6) These actual loan losses and specific loan loss provisions are no longer included under non-performing and other zero-interest assets. 6.2 Other specific loan loss provisions Other specific loan loss provisions, ie loan loss provisions pertaining to a certain customer and category of customers or assets, are provisions which have not been deducted from identified assets but which have been entered as an expense in the result during the financial year. These loan loss provisions are still included in the amount of nonperforming and other zero-interest assets. According to Regulation No , the Financial Supervision Authority must be informed of any specific loan loss provisions classified by category of customers or assets. 7 Reporting Credit institutions and holding companies shall submit information on non-performing and other zero-interest assets to the Financial Supervision Authority. The information shall be reported in accordance with Stage 2 (Virati 2) of the standardized data collection procedure of the authorities, and in the manner more closely specified in the data collection files. Statistics Finland, the Bank of Finland and the Financial Supervision Authority have jointly approved and provided credit institutions with Stage 2 data collection files. Savings banks and member cooperative banks of the central body referred to in the Cooperative Banks Act shall submit their reports to the Savings Bank Inspectorate and the central body respectively in accordance with instructions given by these, unless the Financial Supervision Authority decides otherwise in the case of an individual bank. The Savings Bank Inspectorate and the central body shall submit their data to the Financial Supervision Authority by the deadline given in the data collection files. The Financial Supervision Authority may grant an extension for filing of the December report, when necessary. The items reported shall not include interest and commission claims. A non-performing asset shall not be removed from its relevant balance sheet item, rather it shall be reported separately as laid down in this regulation.

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