Instruction No. 55 on Market Discipline for Credit Institutions and Financial Companies

BANQUE CENTRALE DU CONGO

THE GOVERNOR

INSTRUCTION N° 55 TO CREDIT INSTITUTIONS AND FINANCIAL COMPANIES ON MARKET DISCIPLINE

The Central Bank of Congo:

Having regard to Organic Law No. 18/027 of December 13, 2018, on the organization and functioning of the Central Bank of Congo, particularly Articles 10, 11, and 25;

Having regard to Law No. 22/069 of December 27, 2022, on the activity and supervision of Credit Institutions;

Having regard to Law No. 002/2002 of February 2, 2002, laying down provisions applicable to Savings and Credit Cooperatives;

Having regard to Law No. 11/020 of September 15, 2011, setting rules relating to the microfinance activity in the DRC;

Having regard to Law No. 15/003 of February 12, 2015, on leasing activity;

Decrees the following provisions on market discipline:

TITLE I: OBJECTIVE AND SCOPE OF APPLICATION

Article 1:

This Instruction aims to define the requirements for quantitative and qualitative information to be published by Credit Institutions and financial companies referred to in Article 2 of this Instruction, with a view to promoting market discipline in the financial sector.

This information is intended for the public, consisting of any operator wishing to know the activities or financial situation of a covered establishment and to assess the nature of the risks to which it is exposed as well as the methods for managing and controlling said risks.

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Article 2:

This Instruction applies to the Credit Institutions and financial companies listed below, hereinafter referred to as "covered establishments":

• banks;
• savings banks;
• microfinance companies;
• savings and credit cooperatives;
• leasing companies;
• factoring companies;
• guarantee companies;
• micro-credit enterprises;
• payment institutions, including electronic money institutions;
• specialized financial institutions.

TITLE II: REQUIREMENTS RELATING TO INFORMATION TO BE PUBLISHED

CHAPTER I: GENERAL FRAMEWORK

Article 3:

Covered establishments are required to communicate reliable and updated quantitative and qualitative information to the public in order to give their external stakeholders, namely customers, counterparties, and partners, the possibility of correctly assessing their situation, particularly regarding solvency, liquidity, financial results, operations and activities, risk profile, risk management arrangements, internal control, compliance, and governance.

This information must be aggregated, consolidated, and estimated based on all activities and units of the group carried out or established in the Democratic Republic of Congo and abroad.

Article 4:

The quantitative and qualitative information to be published by covered establishments under this Instruction must be contained in a specific report, called the "Pillar III Report".

This report may constitute an appendix or a separate part of the financial report of the covered establishment. In this case, it must be easily identifiable by the public.

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Article 5:

The prescriptions of this Instruction must be considered as minimum standards to be observed by covered establishments.

Covered establishments may go beyond the standards of this Instruction to ensure the dissemination to the public of sufficient, significant information corresponding to their risk profile and the complexity of their activities.

Article 6:

In exceptional cases, a covered establishment may decide not to make certain information required under this Instruction public if the disclosure of this information could reveal its position or contravene its legal obligations by making public confidential or proprietary information.

In these cases, covered establishments must provide general information on the subject matter and further explain why said information has not been published.

CHAPTER II: GUIDING PRINCIPLES

Article 7:

Information to be published under this Instruction must comply with the following principles:

• Principle 1 - Information must be clear

Information must be presented in a clear format, understandable by key stakeholders and communicated through accessible means.

Important messages must be highlighted and easily identifiable. Complex issues must be explained in simple language and important terms must be defined.

• Principle 2 - Information must be comprehensive

Information must describe the main activities and all major risks of the covered establishment.

The covered establishment must provide sufficient qualitative and quantitative elements on the procedures and processes put in place to identify, measure, and manage these risks. Their level of detail must be adapted to the complexity of the covered establishment.

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Significant variations in risk exposure from one period to another, as well as adequate measures taken by governance bodies to remedy them, must be disclosed.

• Principle 3 - Information must be relevant to users

Information must highlight the current and emerging major risks of the covered establishment and how they are managed, and must include information likely to interest the market.

Relevant links between these major risks and items in the balance sheet or income statement must be established where appropriate.

Information that is not significant or relevant must be removed, but qualitative observations explaining why this information is not useful to users must be included.

• Principle 4 - Information must be consistent over time

Information must be consistent over time to allow key stakeholders to grasp the evolution of the risk profile of the covered establishment across all major aspects of its activities.

Additions, deletions, and other significant changes related to information published in previous reports, including those resulting from changes in the particular situation of the covered establishment, regulations, or markets, must be highlighted and explained.

• Principle 5 - Information must be comparable between covered establishments

The level of detail and presentation format of information must allow key stakeholders to make useful comparisons between establishments and jurisdictions in terms of activities, prudential measures, risks, and management thereof.

TITLE III: NATURE OF FINANCIAL INFORMATION TO BE COMMUNICATED AND METHODS OF THEIR PUBLICATION

CHAPTER I: NATURE OF INFORMATION TO BE COMMUNICATED

Article 8:

Covered establishments are required to make available to all quantitative and qualitative information, according to the characteristics specified in this chapter.

This information must be free of material error or omission likely to alter the analysis of the situation of the covered establishment.

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The Central Bank of Congo may require a covered establishment, individually or as part of the group to which it belongs, to make public other information than that included in this chapter.

Section 1: Quantitative Information

Article 9:

Covered establishments must make public financial information (financial statements) according to the accounting standards in force applicable to them.

These financial information concern:

• the balance sheet (asset and liability items as well as off-balance-sheet commitments given and received);
• the income statement (net banking or financial income, gross operating result, net operating result, and net profit), the profitability structure (operating ratio, net exceptional charges, etc.), and profitability indicators such as return on assets (ROA) and return on equity (ROE);
• shareholders' equity.

Article 10:

Banks must also publish information on prudential standards and portfolio quality according to Tables I to V in the annex, in accordance with Instructions No. 14 and 16 of the Central Bank of Congo.

Article 11:

Savings and credit cooperatives, microfinance companies, and micro-credit enterprises must also publish information on prudential standards and portfolio quality according to Tables VI to VIII in the annex, in accordance with Instructions No. 002, 003, and 004 of the Central Bank of Congo.

Article 12:

Electronic money institutions must also publish information on own funds and transaction volume according to Tables IX and X in the annex, in accordance with Instruction No. 24 of the Central Bank of Congo.

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Article 13:

Other covered establishments carrying out credit operations, notably savings banks, leasing companies, factoring companies, guarantee companies, and specialized financial institutions, must also publish information on portfolio quality according to Table XI in the annex.

Savings banks must publish information on deposit structure according to Table V in the annex.

Article 14:

Covered establishments must complement quantitative information with explanatory notes.

Article 15:

The quantitative information of this section is published in the "Pillar III Report" for the first half-year and at the end of the accounting year.

Section 2: Qualitative Information

Article 16:

Covered establishments are required to also publish in a free format information relating to:

• their risk management strategies and methods;
• their corporate governance.

Article 17:

Covered establishments must publish in the "Pillar III Report" a global description of their objectives and policies on risk management for each category of risk to which they are exposed.

Information on risk management strategies and methods to be communicated must include at least the following elements:

• the structure of the risk management function and its integration into the consolidated steering of the group to which the covered establishment belongs, if applicable;
• sources, levels of exposure, and risk control;
• methods for determining risk tolerance and risk appetite;

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• risk monitoring methods: risk monitoring or control procedures, mechanisms used to mitigate risks, namely guarantees and securities, clearing agreements, and management of large exposures as well as limits for different types of risk (including credit, market, or exchange, operational, liquidity, and funding risks, etc.), periodic review of exposures, etc.;
• methods for conducting stress tests and crisis simulations, as well as ex post verification of model results;
• the overall crisis management process, including business continuity plans, crisis management and communication methods, IT backup plans, and recovery plans;
• risk management methods: risk steering and control strategy, including risk tolerance, risk appetite, and the limit system;
• management devices specific to each type of risk (credit, operational, market, liquidity, and funding);
• operational risk management methods and, where applicable, the nature of coverage in derivative products;
• the overall internal control device, with explicit and sufficient indications on first-level control, independent second-level control, and internal audit at the third level. Information published concerning internal control must present its organization, functioning, and added value, specifying the involvement of governance bodies and, where applicable, the group to which it belongs;
• the compliance control device, including the anti-money laundering and counter-terrorism financing and proliferation of weapons of mass destruction device. Information published concerning compliance control must include indications of internal rules (i) on ethics and deontology, (ii) on prevention of conflicts of interest, market abuse, and corruption, (iii) on the whistleblowing right. The anti-money laundering and counter-terrorism financing and proliferation device must be presented with a sufficient level of detail to provide the public with convincing information regarding the capacity of the covered establishment and the means deployed to ensure (i) identification and appropriate knowledge of business relationships and (ii) adequate monitoring of operations with customers, with a view to declaring suspicious transactions in accordance with legislation in force in the DRC.

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Article 18:

Information on corporate governance must include at least the following elements:

• the organization of the covered establishment, notably its legal form and management structure: the board of directors structure (notably the qualification and experience of its members and the composition of its specialized committees), that of the executive body (namely the qualifications and experience of its members, their powers and hierarchical responsibilities as well as the overall mode of organization), and the appointment process;
• shareholding structure and voting rights: information published by the covered establishment must allow understanding of the shareholding structure, clearly identifying the person effectively exercising ultimate control power over the establishment and assessing the financial situation of shareholders (notably the reference shareholder) and their subsequent ability to support the establishment in case of difficulty, in terms of solvency, liquidity, and operationally;
• a brief exposition of remuneration principles and policies for executives and staff, the role of the board of directors in determining remuneration;
• the nature and extent of operations carried out with affiliated companies and related counterparties;
• methods for exercising the whistleblowing right of heads of key internal control functions to the board of directors;
• intra-group governance organization and functioning, for covered establishments belonging to a banking or non-banking group, particularly the description of intra-group functional links (between governance bodies, business lines, and control functions).

Article 19:

Information concerning the development strategy and commercial policy of the covered establishment must include, without revealing trade secrets or confidential data:

• the major axes of strategic development of the establishment, both on geographic markets, activity sectors, and typology of products and customer services;
• general forward-looking information on annual or multi-annual commercial objectives;

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• information on the sustainability of strategic orientations, i.e., the ability of the establishment to continue developing its activity according to the adopted strategy while having appropriate resources (financial, human, and material), while reasonably controlling its risks and respecting prudential regulation;
• information on progress in achieving strategic objectives and on potential risks linked to the strategy implemented by the covered establishment.

Article 20:

Qualitative information of this section is published only in the "Pillar III Report" at the end of the accounting year.

CHAPTER II: METHODS OF PUBLISHING INFORMATION IN THE PILLAR III REPORT

Article 21:

Covered establishments are required to publish the "Pillar III Report" for information finalized at the first half-year of the accounting year and information at the end of the accounting year.

Covered establishments must ensure compliance with the publication of the "Pillar III Report" according to the following deadlines:

• the Pillar III Report at the end of the accounting year must be published no later than April 30 of the year following the closing year;
• the Pillar III Report for the first half-year must be published no later than three (3) months after the finalization date.

Article 22:

Financial information (financial statements) published by covered establishments at the end of the accounting year must be certified by an auditor in accordance with the provisions of Instruction No. 19 of the Central Bank of Congo.

Except for microfinance institutions (savings and credit cooperatives, microfinance companies, and micro-credit enterprises), financial information (financial statements) published by covered establishments in the Semi-Annual Pillar III Report must also be certified by an auditor in accordance with the provisions of Instruction No. 19 of the Central Bank of Congo.

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Article 23:

Financial information finalized at the end of the accounting year, both information relating to risk management strategies and methods as well as corporate governance, must be published in the Official Journal of the Democratic Republic of Congo, on the website of the covered establishment, as well as in the press as part of a formal conference.

Article 24:

In case of omission, inconsistency, or inaccuracy of already published information, the Central Bank of Congo may, in addition to sanctions, require the concerned covered establishment to proceed with the publication of corrections.

If the covered establishment wishes to correct already published financial information on its own, it is required, in this case, to transmit the details and reasons for these corrections to the Central Bank of Congo two weeks before their publication and to request its formal authorization.

TITLE IV: RESPONSIBILITY OF GOVERNANCE BODIES

Article 25:

Information to be published under this Instruction must be submitted, at a minimum, to the same level of examination and internal control as that communicated in financial statements. In this regard, the deliberative body must attest in writing that the "Pillar III Report" was established in accordance with internal control procedures.

Article 26:

The covered establishment must adopt a formal policy relating to the publication of information, approved by the deliberative body, which defines the controls and internal procedures put in place to ensure the completeness and quality of information provided to users on its risk profile.

TITLE V: TRANSITIONAL AND FINAL PROVISIONS

Article 27:

Covered establishments have a period of six (6) months from the date of publication of this Instruction to implement the policy referred to in Article 26.

They are required to publish their first Pillar III Report at the deadline referred to in Article 21 immediately following the implementation of the policy mentioned in the preceding paragraph.

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Article 28:

Non-compliance by covered establishments with the provisions of this Instruction exposes offenders to sanctions provided for by legal and regulatory provisions in this matter.

Article 29:

This Instruction enters into force on the date of its signature and repeals all prior provisions contrary to it.

Done in Kinshasa, on SEP. 07, 2023

MALANGU KABEDI MBUYI
Governor

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ANNEX: TABLES OF QUANTITATIVE INFORMATION TO BE COMMUNICATED BY CREDIT INSTITUTIONS AND FINANCIAL COMPANIES

TABLE I: REGULATORY OWN FUNDS OF BANKS

amount in millions of Congolese Francs

---

LIBELLE	Reference Number of Explanatory Note	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
Basic Own Funds (Basic TF) or Tier 1 (1) = (2) + (3)
Category 1 Own Funds (ordinary shares and T1 equivalents) (2)
Additional Category 1 Own Funds (other T1 elements) (3)
Supplementary Own Funds (Tier 2) (4)
Regulatory Own Funds (5) = (1) + (4)

Explanatory notes must describe the issued own fund instruments as well as the nature and amounts of all regulatory deductions in accordance with the provisions of Instruction No. 14 in force.

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TABLE II: PRUDENTIAL DATA OF BANKS

unless otherwise indicated, amount in millions of Congolese Francs

LIBELLE	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)	REGULATORY STANDARDS
1. SOLVENCY
Credit Risks (R1)
Operational Risk (R2)
Market Risk (R3)
Total Banking Risks R = R1+R2+R3
Tier 1 Solvency Ratio in %					≥ 6 %
Additional Category 1 Own Funds Solvency Ratio in %					≤ 1,5 %
Basic Own Funds Solvency Ratio in %					≥ 7,5 %
Supplementary Own Funds Solvency Ratio in %					≤ 2,5 %
Global Solvency Ratio in %					≥ 10 %
Capital Conservation Buffer (First Year) in %					≥ 0,75 %
Capital Conservation Buffer (Second Year) in %					[1% to 2%]
Capital Conservation Buffer (Third Year) in %					≥ 2,5 %
Countercyclical Buffers in %					[0% to 2,5%]
Systemic Buffer in %					≥ 1,5 %
Global Solvency Ratio + all buffers					≥ 11,25 %
2. LEVERAGE RATIO
3. GLOBAL FOREIGN EXCHANGE POSITION SURVEILLANCE RATIO (absolute value)					≥ 5 %
4. TRANSFORMATION COEFFICIENT					≤ 15 %
5. NATIONAL CURRENCY LIQUIDITY RATIO					≥ 80 %
6. FOREIGN CURRENCY LIQUIDITY RATIO					≥ 100 %
7. GLOBAL LIQUIDITY RATIO					≥ 100 %
8. Cash Balance (average over the period)
9. Refinancing with the BCC (average over the period)
11. RISK DIVISION RATIO (Large Risks)					≤ 800 %
12. Net Income of the Period/Total Assets (ROA)
13. Net Income of the Period/Basic Own Funds (ROE)
14. Personnel Costs/Structural Costs
15. Structural Costs/Net Banking Income

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TABLE III: QUALITY OF BANK PORTFOLIOS (A)

unless otherwise indicated, amount in millions of Congolese Francs

LIBELLE	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
net watchlist loans (1)
net doubtful loans (2)
net bad loans (3)
compromised loans (4)
provisions for non-performing loans (5)
Gross Non-Performing Loans (6) = (1)+(2)+(3)+(4)+(5)
Net Non-Performing Loans (7) = (1)+(2)+(3)+(4)
Provisioning Rate for Non-Performing Loans (8)=(5)/(6) in %
Total Net Loans (9)
Total Gross Loans (10)
Basic Own Funds (11)
Share of Gross Non-Performing Loans/Total Gross Loans (12)=(6)/(10) in %
Share of Net Non-Performing Loans/Total Net Loans (13)=(7)/(9) in %
Share of Net Non-Performing Loans/Basic Own Funds (14)=(7)/(11) in %
Net Non-Performing Loans (15)= (2)+(3)+(4)
Share of Net Non-Performing Loans/Total Net Loans (16) = (15)/(9) in %
Volume of Restructured or Rescheduled Loans
Total Write-offs and Off-Balance Sheet Loans

Explanatory notes must describe the process for identifying, classifying, provisioning, managing, monitoring, guaranteeing, and recovering unpaid customer loans.

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TABLE IV: QUALITY OF BANK PORTFOLIOS (B)

Information at period N (amount in millions of Congolese Francs)

Rubrics	net (1)	Provision (2)	watchlist (3)	Provision (4)	doubtful (5)	Provision (6)	compromised (7)	Provision (8)	Non-Performing Loans (9) = (3+5+7)	Total Net Loans (10)	Total Provision (11) = (2+4+6+8)	Total Gross Loans (12) = (10+11)	Total Provision (13) = (2+4+6+8)	Gross Credits (14) = (12+13)
4. Customer Credits by Sector of Activity
AGRICULTURE, FORESTRY AND RECREATIONAL ACTIVITIES
SALE, REPAIR, SPARE PARTS FOR VEHICLES
RETAIL TRADE
CONSTRUCTION, BUILDINGS AND PUBLIC WORKS
LIVESTOCK, FISHING AND FORESTRY
REAL ESTATE COMPANIES
ACCOMMODATION AND RESTAURATION
INDUSTRIAL PRODUCTION (MANUFACTURES)
INFORMATION AND COMMUNICATION
PRODUCTION OF BEER PRODUCTS
PRODUCTION OF PETROLEUM PRODUCTS
PRODUCTION OF PHARMACEUTICAL PRODUCTS
DISTRIBUTION AND WATER DISTRIBUTION
OTHER ENTERPRISE SERVICES ACTIVITIES
FORESTRY OPERATIONS
TEXTILE AND CONFECTION
TRANSPORT AND STORAGE
OTHER NON-SECTORIZED SECTORS
NON-RESIDENTS_TOTAL
1. TOTAL DISBURSEMENT CREDIT
2. DOCUMENTARY CREDITS FOR IMPORTS
3. OTHERS (GUARANTEE LETTERS AND OTHER GUARANTEES)

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TABLE V: BREAKDOWN OF DEPOSITS OF BANKS AND SAVINGS INSTITUTIONS

amount in millions of Congolese Francs

Rubrics	Reference Number of Explanatory Note	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF)	VALUE PREVIOUS PERIOD (N-1) COMPARABLE	VALUE PREVIOUS PERIOD (N-2) COMPARABLE
1. Deposits by type
Ordinary Accounts
Current Accounts
Cheque Accounts
Passbook Accounts
Provisions crédocs
Others
Time Deposits
Special Regime Deposits
2. Deposits by currency
National Currencies
Foreign Currencies
3. Deposits by institution
Central Public Administration
Local Public Administration
Public Enterprises/Establishments
Private Enterprises/Establishments
SMEs
Households
ISBLM

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TABLE VI: REGULATORY OWN FUNDS OF MICROFINANCE INSTITUTIONS

amount in millions of Congolese Francs

LIBELLE	Reference Number of Explanatory Note	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
Basic Own Funds (1)
Supplementary Own Funds (2)
Regulatory Own Funds (3) = (1)+(2)

Explanatory notes must describe the issued own fund instruments as well as the nature and amounts of all regulatory deductions in accordance with the provisions of Instruction No. 002.

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TABLE VII: QUALITY OF MICROFINANCE INSTITUTION PORTFOLIOS

unless otherwise indicated, amount in millions of Congolese Francs

LIBELLE	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
litigious credits ( ≤ 30 days late) (1)
litigious credits ( 31 to 60 days late) (2)
litigious credits ( 61 to 90 days late) (3)
litigious credits ( 91 to 180 days late) (4)
litigious credits ( more than 180 days late) (5)
provisions for litigious credits (5)
Gross Litigious Credits (7) = (1)+(2)+(3)+(4)+(5)
Net Litigious Credits (8) = (1)+(2)+(3)+(4)+(5)
Provisioning Rate for Litigious Credits (9)=(6)/(7) in %
Total Net Credits (10)
Total Gross Credits (11)
Basic Own Funds (12)
Share of Gross Litigious Credits/Total Gross Credits (13)=(7)/(11) in %
Share of Net Litigious Credits/Total Net Credits (14)=(8)/(10) in %
Share of Net Litigious Credits/Basic Own Funds (15)=(8)/(12) in %
Volume of Prolonged Credits
Total Credits Removed from Balance Sheet

Explanatory notes must describe the process for identifying, classifying, provisioning, managing, monitoring, guaranteeing, and recovering unpaid customer loans.

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TABLE VIII: PRUDENTIAL STANDARDS AND PERFORMANCE INDICATORS OF MICROFINANCE INSTITUTIONS

unless otherwise indicated, amount in millions of Congolese Francs

Prudential Ratios	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)	Standards
Solvency Ratio					≥10%
Immediate Liquidity					≥20%
Coverage of Medium and Long Term Assets by Stable Resources					≥100%
Coverage of Fixed Assets					≤50 %
Performance Indicators					Standards
PAR30					< 5 %
Loan Abandonment Ratio					< 2 %
Capitalization Rate					> 15 %
Credit Portfolio Rate					> 70 %
Fixed Asset Rate					< 10 %
Idle Cash Rate					< 20 %
Operational Self-Sufficiency					> 119,2 %
Return on Assets					> 3 %
Return on Equity					> 15 %
Portfolio Yield					> 15 %
Operating Coefficient					<60 %
Operational Efficiency					Between 13 % and 21 %

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TABLE IX: OWN FUNDS OF ELECTRONIC MONEY ESTABLISHMENTS

Rubrics	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)	Amounts of Financial Commitments Corresponding to Electronic Money Liabilities	Arithmetic Average of Daily Amounts of the Last Six (6) Months of Total Financial Commitments Corresponding to Electronic Money Liabilities	Minimum Capital
Own Funds

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TABLE X: ACTIVITY INDICATORS OF ELECTRONIC MONEY ESTABLISHMENTS

Rubrics	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
Registered Clients
Active Clients
Transaction Volumes
Transaction Values

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TABLE XI: QUALITY OF FINANCIAL COMPANY PORTFOLIOS

unless otherwise indicated, amount in millions of Congolese Francs

LIBELLE	VALUE FOR THE PERIOD IN QUESTION (FIRST HALF OR END OF ACCOUNTING YEAR)	VALUE OF PREVIOUS QUARTER (N-1)	VALUE OF PREVIOUS QUARTER (N-2)	VALUE OF PREVIOUS QUARTER (N-3)
late payment credits ( ≤ 30 days late) (1)
late payment credits ( 31 to 60 days late) (2)
late payment credits ( 61 to 90 days late) (3)
late payment credits ( 91 to 180 days late) (4)
late payment credits ( more than 180 days late) (5)
provisions for unrecoverable credits (5)
Gross Unrecoverable Credits (7) = (1)+(2)+(3)+(4)+(5)
Net Unrecoverable Credits (8) = (1)+(2)+(3)+(4)+(5)
Provisioning Rate for Unrecoverable Credits (9)=(6)/(7) in %
Total Net Credits (10)
Total Gross Credits (11)
Own Funds (12)
Share of Gross Unrecoverable Credits/Total Gross Credits (13)=(7)/(11) in %
Share of Net Unrecoverable Credits/Total Net Credits (14)=(8)/(10) in %
Share of Net Unrecoverable Credits/Own Funds (15)=(8)/(12) in %
Total Unrecoverable Credits Removed from Balance Sheet

Explanatory notes must describe the process for identifying, classifying, provisioning, managing, monitoring, guaranteeing, and recovering unpaid loans.

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