PET - Plain English Taxonomy

Attribute: BSAO13027
Label: Lending commitments not drawn at end of month
Concept Guidance:
This is the value of new lending commitments, or firm offers, other than those in the form of revolving credit loans, provided by the reporting party during the relevant period, and which remain undrawn as at the end of the period. New commitments will also include commitments for hire purchase agreements, commitments for debt participation in leveraged lease agreements, commitments that involve or make provision for the issue of bills of exchange to be accepted, discounted or drawn down, and commitment for standby agreements. Do not report commitments for lease agreements (other than hire purchase agreements and debt participation in leveraged lease agreements, the purchase of securities unless it involves a direct commitment to a client, bills of exchange and promissory notes purchased and held, commitments contingent on some specified eventuality (e.g. bill endorsement, guarantees, letter of credit) unless and until that eventuality occurs) and commitments for discounts which exists as options under acceptance commitments.A commitment is a firm offer to provide finance which has been accepted by the client. A commitment exists once the loan application has been approved, and a loan contract or letter of offer has been issued to the borrower. Revolving credit facilities involve a commitment for a credit or borrowing limit and where the extent of the borrowings used at any one time may be for any amount up to the authorised limit. Repayments (other than of changes and interest) reduce the borrowings thereby increasing the amount of unused credit available.With transactions involving a change of residence, you should treat the discharge of the existing loan and the commitment to a new loan as separate events, and report the total value of the new loan as a new commitment.. 
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