sl75
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Post by sl75 on Nov 6, 2019 17:28:33 GMT
Its probably fair to assume that there has been some change regarding 90D account as the total balance has more than doubled since the last update. It's totally unclear whether that change would be for the better (gradually building up a reserve from the wafer-thin contributions to the PF), or for the worse (even more of the initial £300k seed capital having been whittled away - even by the March figures, £71k of it had been used up, so if that trend continued, there'd be nothing left of the 90DAA PF by now!)
To me it seems fair to assume that AC's refusal to provide more up-to-date figures means that there's something bad they're trying to hide. For example it could be plausibly be the case that 90DAA PF has less than 100% coverage, and they're just trying to trade through it before anyone notices.
I'm personally astonished that the 90DAA has remained on its "introductory capped rate". At the time of launch they'd heavily hinted they'd be reducing the rate soon...
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Post by mrclondon on Nov 8, 2019 11:36:04 GMT
The website has recently been revised with 30th September 2019 data (or at least that is the date stated). However, the provision fund balance for each account (other than 90DAA) is identical to 31st March. Data for the expected loss & coverage ratio are no longer shown.
A note has been added to each page "In preparation for the introduction of new regulations in December 2019 we are in the process of reviewing our credit risk model. Once the model is finalised and our credit assessment of loans revised we will publish updated information."
| Account | Url | Balance | Expected
Loss | Coverage
Ratio | | Property Secured Account (PSA) |
| £393,000 |
|
| | Great British Business Account (GBBA) Series 2 |
| £518,000 |
|
| | Quick Access Account (QAA) | Link
| £1,780,000 |
|
| | 30-Day Access Account (30DAA) | Link
| £2,200,000 |
|
| 90-Day Access Account (90DAA)
| Link
| £346,000
|
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Links updated 14th Nov 19
For reference the previous data sets were
Account (31st March 2019)
| Url | Balance | Expected
Loss | Coverage
Ratio | | Property Secured Account (PSA) |
| £393,000 | 0.27% | 6.80x | | Great British Business Account (GBBA) Series 2 |
| £518,000 | 0.24% | 4.42x | | Quick Access Account (QAA) |
| £1,780,000 | 0.48% | 6.57x | | 30-Day Access Account (30DAA) |
| £2,200,000 | 0.48% | 5.32x | 90-Day Access Account (90DAA)
|
| £229,000
| 0.48%
| 1.72x
|
Account (31st Dec 2018)
| Url | Balance | Expected
Loss | Coverage
Ratio | | Property Secured Account (PSA) |
| £322,000 | 0.30% | 5.10x | | Great British Business Account (GBBA) Series 2 |
| £474,000 | 0.25% | 4.15x | | Quick Access Account (QAA) |
| £1,400,000 | 0.58% | 4.23x | | 30-Day Access Account (30DAA) |
| £2,500,000 | 0.58% | 4.23x |
Account (30th Sept 2018)
| Url | Balance | Expected
Loss | Coverage
Ratio | | Property Secured Account (PSA) |
| £240,000 | 0.30% | 3.76x | | Great British Business Account (GBBA) Series 2 |
| £334,000 | 0.25% | 3.27x | | Quick Access Account (QAA) |
| £1,100,000 | 0.66% | 3.22x | | 30-Day Access Account (30DAA) |
| £2,000,000 | 0.66% | 3.22x |
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sl75
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Post by sl75 on Nov 11, 2019 10:15:22 GMT
The website has recently been revised with 30th September 2019 data (or at least that is the date stated). However, the provision fund balance for each account (other than 90DAA) is identical to 31st March. That is as expected, given the other announcements about drawing off "excess cash" which "will not reduce provision fund balances below the amounts that we have published in the past".
I'm glad that, contrary to the implications of their response to my query on the matter, the 90DAA PF balance has increased; despite the balance of the underlying account increased by a larger factor, the coverage factor remains noticeably higher than 1 (if expected losses within access accounts remain at 0.48%, the £346k would provide 100% coverage for a 90DAA with a balance of £72M, which continues to provide some level of "safety margin" compared to its balance of just over £58M on 30 September, and even its current balance of less than £61M).
This implies that, despite the wafer-thin margin on that account, it's managed a net increase of £46k over and above the £300k of seed capital. Whilst AC don't directly confirm whether that has accumulated "naturally", or has in part been due to a further injection of seed capital, either way, the money is currently better protected. It's re-assuring that the failure to publish the more up-to-date figures was not merely a case of "hiding bad news" as my previous comment on this thread had speculated.
Implications for me personally are that as and when my own AC account starts to have some "excess cash" (over and above what I want to keep on standby in the QAA), I'll consider the 90DAA as an option for this, and will avoid expressing additional concern on the matter to a family member who I know is invested heavily in that account.
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jlend
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Post by jlend on Dec 9, 2019 7:51:13 GMT
Have the coverage ratios and expected losses been removed from all the Access accounts and GBBA, GEIA, PSA?
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alanh
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Post by alanh on Dec 9, 2019 8:28:20 GMT
For the access accounts if you click on "about" and then "key account information" you can see it.
The provision fund cash balances have been updated to Sept 30th (previous update was 31/3). The cash balances for the QAA and 30DAA remain at £1.78m and £2.2m respectively. The cash balance for the 90DAA has increased from £229k to £346k.
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jlend
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Post by jlend on Dec 9, 2019 8:56:25 GMT
For the access accounts if you click on "about" and then "key account information" you can see it. The provision fund cash balances have been updated to Sept 30th (previous update was 31/3). The cash balances for the QAA and 30DAA remain at £1.78m and £2.2m respectively. The cash balance for the 90DAA has increased from £229k to £346k. Thanks I saw that. I could see the cash balance. But could not see the expected losses and coverage ratio.
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r00lish67
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Post by r00lish67 on Mar 20, 2020 11:18:32 GMT
chris stuartassetzcapitalRegarding the various provision funds belonging to the access accounts. Can you confirm that the discrete PF's are going to remain separate across QAA/30d/90d, or are you considering any form of pooling here too? Secondly, regarding your intent on giving the investors the option to 'unwrap' their QAA holdings and still benefit from the provision fund - how is that going to work? Surely with the buying and selling that will take place, would we not end up with different loan parts of the same loan having varying levels of protection? Or, instead, will PF protection disappear upon purchase? Appreciate this may all still be being worked through. Just to add that in principle the idea of just owning the loan parts and receiving the normal interest rates alongside PF protection appeals to me.
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puddleduck
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Post by puddleduck on Mar 20, 2020 16:11:53 GMT
chris stuartassetzcapital Appreciate this may all still be being worked through. Just to add that in principle the idea of just owning the loan parts and receiving the normal interest rates alongside PF protection appeals to me. The idea appeals to me as well, but although this was written I am not sure this was what was meant. If we were to receive the underlying rate rather than the reduced Access account then there is going to be no margin to contribute to the PF. So I can't see how it's viable to pay MLA rates (assuming this is what you mean by 'normal rates') and also still give provision fund fund cover, I can't see how that cover would be paid for.
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r00lish67
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Post by r00lish67 on Mar 20, 2020 16:41:26 GMT
chris stuartassetzcapital Appreciate this may all still be being worked through. Just to add that in principle the idea of just owning the loan parts and receiving the normal interest rates alongside PF protection appeals to me. The idea appeals to me as well, but although this was written I am not sure this was what was meant. If we were to receive the underlying rate rather than the reduced Access account then there is going to be no margin to contribute to the PF. So I can't see how it's viable to pay MLA rates (assuming this is what you mean by 'normal rates') and also still give provision fund fund cover, I can't see how that cover would be paid for. I would guess that PF contributions would stop at this point. But, obviously everything is pretty fluid at the moment, best wait to see what Assetz say about it all. I don't see any reason why what they've written isn't what they intended at the time though. We'll see..!
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registerme
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Post by registerme on Mar 21, 2020 11:11:49 GMT
Just to add that in principle the idea of just owning the loan parts and receiving the normal interest rates alongside PF protection appeals to me. Having the four figure amount of DM I ostensibly own (thanks, "diversification" algorithm!) hung round my neck by such an approach does not appeal to me.
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Post by elephantrosie on Jun 8, 2020 1:09:03 GMT
Where could I check the provision funds value please?
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jlend
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Post by jlend on Jun 8, 2020 20:47:22 GMT
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jlend
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Post by jlend on Aug 11, 2020 13:21:03 GMT
PF figures for June have been updated.
You can see the change in the unallocated cash below.
QAA
Investment 59.2m
Unallocated PF 70k (previous quarters 0.4m, 0.71m, 1.16m)
Allocated PF 1.32m
30DAA
Investment 74.7m
Unallocated PF 60k (previous quarters 0.47m, 0.85m, 1.3m)
Allocated PF 1.67m
90DAA
Investment 73.8m
Unallocated PF 20k (previous quarters 0.11m, 0.23m, 0.49m)
Allocated PF 1.64m
Total investment across the access accounts 207.7m. Total unallocated PF cash balance 150k. Total allocated PF cash balance 4.63m
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jlend
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Post by jlend on Sept 28, 2020 10:38:28 GMT
PF figures for August have been updated.
You can see the change in the unallocated cash below.
QAA
Investment 60.1m
Unallocated PF 70k (previous quarters 70k, 0.4m, 0.71m, 1.16m)
Allocated PF 1.94m
30DAA
Investment 65.9m
Unallocated PF 170k (previous quarters 60k, 0.47m, 0.85m, 1.3m)
Allocated PF 2.12m
90DAA
Investment 69.3m
Unallocated PF 120k (previous quarters 20k, 0.11m, 0.23m, 0.49m)
Allocated PF 2.24m
Total investment across the access accounts 195.3m. Total unallocated PF cash balance 360k. Total allocated PF cash balance 6.3m.
Over the quarter the access account balance has gone from 207.7m to 195.3m, a reduction of 12.4m in 3 months. Reduction hasn't been huge due to the number of normal and forbearance tranche drawdowns which have all been funded via the Access accounts.
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Post by Ton ⓉⓞⓃ on Feb 16, 2021 14:22:38 GMT
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