UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315 UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
Loans to Non-Members The Bank has entered into agreements to commit funds supporting the online marketplace lending platforms of MoneyMe Ltd (formerly SocietyOne Australia Pty Ltd) and Plenti RE Ltd. Loans are made via MoneyMe and Plenti to non-members. The Bank has applied the same ECL methodology used for Loans to members for both MoneyMe and Plenti loans. (b) Credit quality – Security held against loans:
2022 $'000
2021 $'000
Secured by mortgage over business assets Secured by mortgage over real estate Partly secured by goods mortgage
36,492 993,119 15,685 67,678
1,244 941,379 21,323
The Board decided not to require disclosure of the fair value of collateral held, but to require disclosure of only a description of collateral held as security and other credit enhancements. The Board noted that such disclosure does not require an entity to establish fair value for all its collateral (in particular when the entity has determined that the fair value of some collateral exceeds the carrying amount of the loan) and, thus would be less onerous for entities to provide than fair values. 71,679 1,112,974 1,035,625 It is not practicable to value all collateral as at the balance date due to the variety of assets and condition. A breakdown of the quality of the residential mortgage security on a portfolio basis is as follows: Security held as mortgage against real estate is on the basis of: - loan to valuation ratio of less than 80% 819,584 770,147 - loan to valuation ratio of more than 80% but mortgage insured 100,067 106,318 - loan to valuation ratio of more than 80% and no mortgage insurance 73,468 64,914 Total 993,119 941,379 Wholly unsecured
(c) Concentration of Loans
The values discussed below include on statement of financial position values and off balance sheet undrawn facilities as described in Note 35. (i) Loans to individual or related groups of members which exceed 10% of reserves in aggregate
43,203
21,500
43,203
21,500
(ii) Loans to members are concentrated to individuals employed in the following industries - Maritime industry
245,443 138,850 728,681
240,791 130,223
- Mining and energy industry
- Other
664,611 1,112,974 1,035,625
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