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Prudential requirements for credit co-ops

Written directions are in place for credit co-ops to strengthen their prudence and risk management. These requirements re-focus the credit co-ops towards their core business of thrift and loans, and ensure accountability to their members.

Written directions to date:

 Issue date Effective date Description
 18 Dec 2018 21 Dec 2018

Written direction – provisions for bad and doubtful

loans and impairment loss for investments

 24 Oct 2018 1 Nov 2018 Written direction – investments
 29 Jun 2016 1 Jul 2016

Written direction – capital adequacy and restriction

on dividend

 29 Jun 2016 1 Jul 2016 Written direction - minimum liquid assets
 29 Jun 2016 1 Jul 2016 Written direction – unsecured loans
 7 May 2013 10 May 2013

Written direction – submission of financial returns

  • Templates for Form 1 and Form 1A
 29 Aug 2011 1 Nov 2011 Written direction – secured loans

Submission of financial returns

Credit co-ops are required to submit these returns to the Registry annually:

Type of document

Submission date

  • Completed Form 1
    • To report the audited year-end financial position,
      capital adequacy ratio, minimum liquid assets,
      restricted investments and loans data
Due 6 months after the
close of the previous
financial year
  • Completed Form 1A
  • Mid-year unaudited Balance Sheet
  • Mid-year unaudited Income & Expenditure Statement
Due 2 months after end of
the current mid financial
year
Last updated on 30 September 2019