ICICI Bank 2008 Annual Report Download - page 156

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F82
18. Farm loan waiver
The Union Finance Minister, in his budget proposal for Financial Year 2008-09, announced a debt relief scheme for farmers,
which would cover agricultural loans disbursed by scheduled commercial banks, regional rural banks and co-operative
credit institutions up to March 31, 2007, overdue as on December 31, 2007 and which remained unpaid upto February 28,
2008. The Bank has not considered any expected receipts and has retained provisions on all eligible loans as per its current
provisioning norms, pending the quantification and acceptance of its claims as per guidelines of the debt relief scheme.
19. Change in estimate in the retail agriculture loan portfolios provisioning
During the year, the Bank has changed its basis of estimating provisions in respect of certain retail agriculture loan
portfolios. As a result of the change in the estimate, the impact on the profit after tax for the year ended March 31, 2008
is not significant.
20. Credit derivative instruments
The Group deals in credit derivative instruments including credit default swaps, credit linked notes, collateralised debt
obligations and principal protected structures. The notional principal amount of these credit derivatives outstanding at
March 31, 2008 was Rs. 27,067.6 million in funded instruments and Rs. 58,597.9 million in non-funded instruments which
includes Rs. 200.6 million of protection bought by the Bank. The mark- to- market loss as on March 31, 2008 on the above
portfolio was Rs. 7,914.2 million, which has been fully provided for through profit and loss account. The profit and loss
impact on the above portfolio on account of mark-to-market and realised losses during the year ended March 31, 2008 was
a net loss of Rs. 8,879.8 million.
21. Comparative figures
Previous period/year figures have been regrouped/reclassified, where necessary, to conform to current period
classification.
SIGNATURES TO SCHEDULES 1 TO 19 For and on behalf of the Board of Directors
N. VAGHUL K. V. KAMATH
Chairman Managing Director & CEO
CHANDA D. KOCHHAR V. VAIDYANATHAN
Joint Managing Director & CFO Executive Director
MADHABI PURI BUCH SONJOY CHATTERJEE
Executive Director Executive Director
SANDEEP BATRA RAKESH JHA CHARANJIT ATTRA
Place : Mumbai Group Compliance Officer & Deputy Chief General Manager &
Date : April 26, 2008 Company Secretary Financial Officer Chief Accountant
forming part of the Consolidated Accounts (Contd.)
schedules
ICICI_BK_AR_2008_(F47_F92).indd 82ICICI_BK_AR_2008_(F47_F92).indd 82 6/20/08 3:33:09 PM6/20/08 3:33:09 PM