Loan Impairment according to IFRS Solution Approaches. Bucharest, 11. April 2007
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1 Loan Impairment according to IFRS Solution Approaches Bucharest, 11. April 2007
2 Agenda The Challenge Starting Point of Banks (i.e. in Germany, Ukraine) Dependencies regarding selected Basle II Methodology Solution Approaches according to the Basic Conditions Solution Alternatives Data Requirements Discussion 2007 BearingPoint GmbH, Frankfurt Financial Services 2
3 Compared with local GAAP, IFRS impairment rules have enhanced requirements for calculation methods, posting rules and reporting Segmentation depending on a significance level and selection of an adequate calculation method: individually assessed impairment portfolio based impairment Triggering events for the indication of a possible impairment case Impairment test for individually assessed impairment applying the DCF-Method Calculation of impairment and unwinding for a reporting date Posting rules for interest payments Reporting of interest income for impaired loans 2007 BearingPoint GmbH, Frankfurt Financial Services 3
4 Therefore Banks have to cope with additional issues Determination of the optimal strategy for the segmentation of the loan portfolio General guidelines for the estimation of future cash flows Preparation of the required data (i.e. effective interest rate, collateral realization) Documentation of the calculation parameters and the achieved results Implementation of the new processes within the organization, i.e. for determination of an impairment case, estimation of the future cash flows 2007 BearingPoint GmbH, Frankfurt Financial Services 4
5 The starting point for the banks can be very different Local GAAP requires in Germany: simplified calculation of individually assessed impairment and portfolio based impairment no differentiation within portfolio based impairment method no calculation of unwinding effect in Ukraine: methodology given from national bank regarding segmentation and calculation impairment based on portfolio segmentation no differentiation within impairment method no calculation of unwinding effect 2007 BearingPoint GmbH, Frankfurt Financial Services 5
6 An essential influence on the solution approach and the expected effort is determined by the selected Basle II methodology Regarding portfolio based impairment the following versions have to be considered: Advanced Approach (IRBA) Standard or Foundation (IRBF) Approach No Basle II implementation so far Impairment according to IFRS applies the incurred loss method where Basle II operates with the expected loss method. A translation between these two methods and thereby a use of Basle II parameters is given by using the LIP-factor* *loss identification period For Individual Assessed Impairment the IFRS 39 regulations have to be used BearingPoint GmbH, Frankfurt Financial Services 6
7 Banks with an implemented Advanced Approach provide a good basis for the calculation of the portfolio based impairment Parameter calculation and estimation already in place Portfolio segmentation according to the established processes Historical data for LIP-factor estimation available Calculation models are similar: Expected Loss (EL) Approach according to Basle II: EL = Exposure at Default x Loss Given Default x Probability of Default Impairment requires an Incurred Loss (IL) Approach: IL = Current Exposure x Loss Identification Period x Loss Given Default x Probability of Default 2007 BearingPoint GmbH, Frankfurt Financial Services 7
8 Banks that have not implemented Basle II IRBA have to implement a methodology that fulfills the requirements An adequate methodology has to cover the following topics: Collection of historical data Portfolio segmentation into homogenous segments Development of a calculation model based on historical data (The calculation model has to consider the discount effect and is based on an incurred loss model.) There are two solution alternatives for banks: Bank specific implementation for the portfolio based impairment Application of a methodology provided by the regulator 2007 BearingPoint GmbH, Frankfurt Financial Services 8
9 To limit the implementation effort banks could use (if available) a specific methodology provided by the regulator Example Ukraine (Mapping local GAAP to Incurred Loss Model): Impairment (local G AAP) = (Prin - C * d(ct, LT( FS,LH))) * PD (LT(FS,LH)) Impairment (interim) t = CE LGD PD *LIP 0 t0 t0 t0 t0 Prin = Priciple outstanding C = Collateral value d = discount effect CT = Collateral type LT = Loan type FS = Financial state of customer LH = Quality of loan PD = Probability of default CE = Current exposure LGD = Loss given default PD = Probability of default LIP = Loss identification period 2007 BearingPoint GmbH, Frankfurt Financial Services 9
10 Depending on the basic conditions of the individual bank the solution approach for the implementation of impairment differs Individually assessed Impairment based on future cash flow estimation regarding Receivables Collateral realization (minus realization costs) Portfolio based Impairment on the Basis of Basle II Parameters (IRBA) or on the Basis of dedicated statistical data 2007 BearingPoint GmbH, Frankfurt Financial Services 10
11 Combinations of the solution approaches like a 2-step approach for portfolio impairment may apply Current Situation: Step 1: Interim solution: Step 2: Final solution: Individually assessed and/or portfolio based Impairment (local GAAP) Individually assessed Impairment (IFRS) Portfolio based Impairment (local GAAP) + Loss Identification Period Individually assessed Impairment (IFRS) Portfolio based Impairment (IFRS) 2007 BearingPoint GmbH, Frankfurt Financial Services 11
12 The implementation of the appropriate impairment application depends on the existing IT-architecture and the IT-strategy standard impairment application enhancement of existing applications Core banking systems Basle II (already implemented) development of an impairment application as part of a new risk management architecture 2007 BearingPoint GmbH, Frankfurt Financial Services 12
13 The implementation of a standard impairment application causes at least redundant data Standard Impairment Application Data: Business Partner Loans Collateral General Ledger Business Partner Loan Management Collateral Management Data: Business Partner Loans Collateral Basle II Functionalities e.g. Calculation Engine 2007 BearingPoint GmbH, Frankfurt Financial Services 13
14 The enhancement of existing systems reduces complexity but needs a flexible data structure and architecture Local GAAP Functionality Impairment Extension General Ledger Business Partner Loan Management Collateral Management Data: Business Partner Loans Collateral Basle II Functionalities e.g. Calculation engine 2007 BearingPoint GmbH, Frankfurt Financial Services 14
15 An integrated risk solution facilitates the use of common data for impairment and Basle II business requirements Impairment Application General Ledger Business Partner Loan Management Collateral Management Data: Business Partner Loans Collateral Basle II Functionalities e.g. Calculation Engine 2007 BearingPoint GmbH, Frankfurt Financial Services 15
16 The implementation of an impairment application requires the management of additional business data Effective interest rates Triggering Events Business Partner Loan Future expected cash flows receivables collateral Calculation results Documentation for auditors 2007 BearingPoint GmbH, Frankfurt Financial Services 16
17 Discussion Your questions? 2007 BearingPoint GmbH, Frankfurt Financial Services 17
18 Contact Alexander Beck Manager Roland Schoebel Senior Manager BearingPoint GmbH Speicherstrasse Frankfurt am Main Tel: +49 (69) Mobile: +49 (174) alexander.beck@bearingpoint.com BearingPoint GmbH Schwarzenbergplatz 16 A1010 Vienna Tel: +43 (1) Mobile: +43 (664) roland.schoebel@bearingpoint.com 2007 BearingPoint GmbH, Frankfurt Financial Services 18
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