Page 130 - ICD AR21 EN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
30 RISK MANAGEMENT (Continued)
An analysis of changes in ECL allowances in relation to Corporation’s financial assets were as follows:
31 December 2021
Description
Stage 1 USD
Stage 2 USD
Stage 3 USD
Total USD
Provisions as at 1 Jan 2021
New assets originated or purchased Assets repaid
Writeoffs
Transfer from stage 1 to Stage 2
Transfer from stage 2 to Stage 3
Transfer from stage 2 to Stage 1
Transfer from stage 3 to Stage 1
New and increased provision (net of releases)
Provisions as at 1 Jan 2020
New assets originated or purchased
Assets repaid
Write offs
Transfer from stage 1 to Stage 2
Transfer from stage 2 to Stage 3
Transfer from stage 2 to Stage 1
Transfer from stage 3 to Stage 1
New and increased provision (net of releases)
9,210,635 292,959 (1,631,484)
7,455,634
3,760,876 (1,614,078) - (1,389,022)
- 198,391 28,069 (291,234)
6,850,636 1,559,612 (465,316) - (303,165) (1,191,196) - 35,588 969,475
123,160,974 - (59,704) - - 6,054,845 -
--
139,827,243 4,053,835 (3,305,266) 0 4,665,823
0 (975,420) (468,991) (8,084,615)
152,234,892 3,117,780 (1,208,093) (40,271,846) 32,810 13,456,327 (271,923) (142,370) 12,879,666
(1,173,811) - (3,514,900)
- (497,060) (4,278,481)
Provisions as at 31 December 2021
8,148,636
9,238,244
118,325,729
135,712,609
31 December 2020
Description
Stage 1 USD
Stage 2 USD
Stage 3 USD
Total USD
6,601,502 138,782,754 1,558,168 -
- (40,271,846) - 14,647,523 397,490 (177,958) 2,127,180 9,783,011
(742,777) - 335,975 - (669,413) -
Provisions as at 31 December 2020
7,455,634
9,210,635
123,160,974
139,827,243
The Corporation obtains adequate guarantees and employs other methods of credit enhancements that will protect the value of its investments. Guarantees and securities obtained by the Corporation include bank guarantees, corporate guarantees, pledge of assets, possession of title to the property being financed, etc. In general, the
value of guarantees or other credit enhancements held by the Corporation against these assets as of the reporting date were considered adequate to cover the outstanding exposures. Where the Corporation’s management and its provisioning committee assessed that value of the receivable may not be fully recovered, an appropriate impairment is recorded. The policy of the Corporation in respect of securities and guarantees for term finance operations is that the sum of the securities package will be equal to or greater than 125% of the value of the assets financed.
128 ICD ANNUAL REPORT 2021