Regulatory Alerts2014-04-09
Added
Credit Risk by Industry
The Supervision of Banks Department updates public reporting instructions for credit risk by industry to align with the 2011 Standard Classification of Economic Activities, effective January 1, 2015. Financial institutions must revise definitions, controls, and internal procedures to classify credit risk according to the new classification, ensuring separate disclosure for mining and quarrying and updating disclosures for electricity, water, and information/communication sectors. Banks are required to reassess industry classifications for existing loans, particularly where changes in activity nature or significant shifts in classification impact impairment provisions, and may contact the Unit Manager for Cash Reporting for specific guidance.
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