PET - Plain English Taxonomy

Attribute: BSAO13028
Label: New Commitments for Revolving Credit Loans
Concept Guidance:
This is the value of new lending commitments, or firm offers, in the form of revolving credit loans provided by the reporting party during the relevant period, regardless of whether or not they have subsequently been withdrawn, or cancelled, during or after the period.A commitment is a firm offer to provide finance which has been accepted by the client.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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