ICICI Bank 2012 Annual Report Download - page 108
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F30
22. Securitisation
The Bank sells loans through securitisation and direct assignment. The following tables set forth, for the periods indicated,
the information on securitisation and direct assignment activity of the Bank as an originator.
` in million, except number of loans securitised
Year ended
March 31, 2012
Year ended
March 31, 2011
Total number of loan assets securitised ....................................................................... ——
Total book value of loan assets securitised ................................................................. ——
Sale consideration received for the securitised assets ........................................... ——
Net gain/(loss) on account of securitisation1............................................................... (2,016.2) (5,492.7)
1. Includes gain/(loss) on deal closures, gain amortised during the year and expenses relating to utilisation of credit enhancement.
` in million
At
March 31, 2012
At
March 31, 2011
Outstanding credit enhancement (funded) ................................................................. 5,228.0 5,266.2
Outstanding liquidity facility ............................................................................................ 327.1 1,246.6
Net outstanding servicing asset/(liability) .................................................................... (92.4) (17.4)
Outstanding subordinate contributions ........................................................................ 2,750.5 6,017.0
The outstanding credit enhancement in the form of guarantees amounted to ` 11,833.0 million at March 31, 2012 (March
31, 2011: ` 16,006.0 million).
Outstanding credit enhancement in the form of guarantees for third party originated securitisation transactions amounted
to ` 9,161.5 million at March 31, 2012 (March 31, 2011: ` 8,639.0 million) and outstanding liquidity facility for third party
originated securitisation transactions amounted to Nil at March 31, 2012 (March 31, 2011: Nil).
The following table sets forth, for the periods indicated, the movement of provision on securitisation and direct assignment
transactions.
` in million
Particulars Year ended March
31, 2012
Year ended March
31, 2011
Opening balance ..................................................................................................................... 2,363.8 2,253.8
Additions during the year .................................................................................................. 1,696.7 2,277.1
Deductions during the year ............................................................................................... (2,273.8) (2,167.1)
Closing balance ..................................................................................................................... 1,786.7 2,363.8
23. Financial assets transferred during the year to securitisation company (SC)/reconstruction company (RC)
The Bank has transferred certain assets to Asset Reconstruction Companies (ARCs) in terms of the guidelines issued by
RBI governing such transfer. For the purpose of the valuation of the underlying security receipts issued by the underlying
trusts managed by ARCs, the security receipts are valued at their respective NAVs as advised by the ARCs.
The following table sets forth, for the periods indicated, the details of the assets transferred.
` in million, except number of accounts
Year ended
March 31, 2012
Year ended
March 31, 2011
Number of accounts1 ........................................................................................................... 2—
Aggregate value (net of provisions) of accounts sold to SC/RC ............................ 44.4 —
Aggregate consideration .................................................................................................... 94.1 —
Additional consideration realised in respect of accounts transferred in earlier years2——
Aggregate gain/(loss) over net book value .................................................................. 49.7 —
1. Excludes accounts previously written-off.
2. During the year ended March 31, 2012, asset reconstruction companies have fully redeemed six security receipts. The Bank
incurred net loss of ` 950.6 million on such redemptions (March 31, 2011: ` 67.6 million).
forming part of the Accounts (Contd.)
schedules