NOTES TO THE FINANCIAL STATEMENTS
Altura Credit Union Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 15. LOANS TO MEMBERS - FINANCIAL ASSETS
2024
2023
€
€
Loans to members Provision for bad debts
16.1 16.2
73,340,538 (3,757,359) ─────── 69,583,179 ════════
78,549,429 ════════ 2,229,000 (3,679,571) ───────
15.1 LOANS TO MEMBERS
2024 €
2023
€
As at 1 October Advanced during the year Repaid during the year Loans written off against provision Loans written off Gross loans to members
66,483,727 34,971,041 (27,875,999) (205,225) (33,006) ─────── 73,340,538 ═══════
73,340,538 39,438,151 (30,240,434) (280,598) (28,657) ─────── 82,229,000 ═══════
15.2 LOAN PROVISION ACCOUNT FOR IMPAIRMENT LOSSES
2024 €
2023 €
3, 757 ,359 (280,598) ─────── 202,810 ─────── (7 7,788) ─────── 3,679,571 ═══════ (320,055) (186,774) 2,219 202,810 ─────── (301,800) 48 28,657 ─────── (273,095) ═══════ 2024 €
3,831,538 (205,225) ─────── 131,046 ─────── (74,179) ─────── ═══════ 3,757,359
As at 1 October
Loans written off against provision Allowances increased/(decreased) during the year Increase/(decrease) in loan provision during the year As at 30 September
15.3 NET RECOVERIES OR LOSSES RECOGNISED FOR THE YEAR
2023 € (318,938) - 2,626 131,046 ─────── (185,266) - 33,006 ─────── (152,260) ═══════
Bad debts recovered Impairment of loan interest re- classified as bad debt recoveries Increase/(reduction) in overdraft provisions during the year Increase/(reduction) in loan provisions during the year Overdrafts written off Loans written off Net (recoveries)/losses on lending to members recognised for the year
15.4 CREDIT RISK DISCLOSURES
The Credit Union complies with Section 12 of the Credit Union Act 1997, (Regulatory Requirements) Regulations 2016. This Regulation: - restricts the concentration of lending by the Credit Union within certain sectors or to connected persons or groups (concentration limits); - restricts the absolute amount of lending to certain sectors to a set percentage of the regulatory reserve (large exposure limit); - restricts the loan duration of certain loans to specified limits (maturity limits); and
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