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F27
schedules
forming part of the Accounts (Contd.)
9. Securitisation
The Bank sells loans through securitisation and direct assignment. The information on securitisation activity of the Bank as
an originator for the year ended March 31, 2008 and March 31, 2007 is given in the table below:
Rupees in million, except number of loans securitised
Year ended
March 31, 2008
Year ended
March 31, 2007
Total number of loan assets securitised ............................................................. 1,149,931 1,484,398
Total book value of loan assets securitised ........................................................ 140,852.0 116,012.5
Sale consideration received for the securitised assets ...................................... 142,470.4 116,500.6
Net gain/(loss) on account of securitisation1 ...................................................... 168.2 (65.5)
1. Excludes unamortized gain.
Rupees in million
As on
March 31, 2008
As on
March 31, 2007
Outstanding credit enhancement ....................................................................... 15,601.2 16,712.3
Outstanding liquidity facility ............................................................................... 7,740.8 4,361.0
Net outstanding servicing asset/(liability) ........................................................... 1,355.4 (371.4)
Outstanding subordinate contributions .............................................................. 11,459.5 8,225.8
The outstanding credit enhancement in the form of guarantees amounted to Rs. 29,155.6 million as on March 31, 2008
(March 31, 2007: Rs. 8,198.4 million).
The details of provision created at the time of securitisation are given below:
Rupees in million
Particulars Year ended March
31, 2008
Opening balance ................................................................................................. 6,885.1
Add: Additions during the year ........................................................................... 4,524.2
Less: Deductions during the year ....................................................................... 2,222.6
Closing balance ................................................................................................... 9,186.7
10. Staff retirement benefits
Reconciliation of opening and closing balance of the present value of the defined benefit obligation for pension benefits is
given below:
Rupees in million
Particulars Year ended
March 31, 2008
Year ended
March 31, 2007
Opening obligations .......................................................................................... 1,029.4 1,038.5
Add: Addition due to amalgamation ................................................................... 1,807.4 —
Service cost ......................................................................................................... 54.0 6.7
Interest cost ........................................................................................................ 230.7 78.0
Actuarial (gain)/loss ............................................................................................. (172.3) (28.2)
Liabilities extinguished on settlement ................................................................ (1,071.0) (2.3)
Benefits paid ....................................................................................................... (200.1) (63.3)
Obligations at end of year ................................................................................ 1,678.1 1,029.4
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