Regulatory Alerts2013-05-15
CUA Requirement No. 1/2013: Classification of Loans and Other Assets
The Registrar of Credit Unions issued CUA Requirement No. 1/2013 to prescribe the methodology for evaluating and classifying loans and other assets held by credit unions in Belize. The regulation mandates that credit unions categorize assets into specific risk levels, including Doubtful and Loss, based on delinquency periods and credit weaknesses, while also defining criteria for Special Mention and Performing statuses. Furthermore, the requirement stipulates that delinquent loans may only be restructured after a three-month repayment track record and mandates quarterly reviews and reporting of classified facilities to the Registrar.
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