Credit Union Annual Report 2022 - Flipbook - Page 67
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
5. Mortgages and personal loans (continued)
The most significant period-end assumptions used for the ECL estimate for the non-core loans portfolio are set out below.
Unemployment rate was not factored into the core loans portfolio, due to stability of the Government employment history.
Cayman Islands unemployment rate
Scenarios
Base
Upside
Downside
2020/2021
5.2%
2.8%
6.3%
2021/2022
4.32%
3.45%
5.19%
The scenario weightings assigned to each economic scenario were as follows.
Non-Core
Mortgage and Personal loans
Base
Upside
70%
Downside
20%
10%
Impact on ECL measured on collective basis
Collateral haircut
Change in threshold
Loans
(+ 5) %
Change in ECL
$
53,154
Set out above are the changes to the ECL as at July 31, 2022, that would result from reasonably possible variations in the
most significant assumption affecting the ECL allowance:
An estimate of the fair value of the collateral held against individually impaired loans is as follows:
2022
Mortgage loans
Personal loans
$
$
- 31 -
July 31
5,466,000
593,429
6,059,429
$
$
2021
651,373
228,581
879,954
