picnicman
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Post by picnicman on Feb 16, 2021 14:32:21 GMT
Ton ⓉⓞⓃ - looks ok to me - as I understand things, the value of ring fenced amounts held in addition to provision fund value in each of the access accounts is a sum already set aside/committed generally to all loans in event of net losses arising from defaults rather than to specific loans per se - is that how you see it? Cheers P
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jlend
Member of DD Central
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Post by jlend on Feb 16, 2021 16:10:26 GMT
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picnicman
Member of DD Central
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Post by picnicman on Feb 16, 2021 20:45:33 GMT
jlend - thanks for this most helpful Cheers P
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jlend
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Post by jlend on Mar 4, 2021 15:37:03 GMT
jlend - thanks for this most helpful Cheers P At time of writing 111 of the 423 loans (26%) in the access accounts have a capital valuation of less than 100%. Although 67 of these loans have a capital valuation of 99.x% which always seemed a bit strange to me. You would have to make your own judgement call as to whether AC should perhaps be ring fencing more on some of the 111 loans and whether some of the other loans should perhaps be ring fenced based on what is already known.
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Post by Ton ⓉⓞⓃ on Mar 31, 2021 19:19:16 GMT
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p2pfan
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Full-Time Investor
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Post by p2pfan on May 9, 2021 21:37:17 GMT
Thank you for these invaluable insights.
These Provision Fund amounts are so ridiculously low that it's obvious they are nothing more than a marketing ploy?
For instance, the 90DAA which I predominantly lend through has a Provision Fund of "£0.17m" according to AC! That sum generally wouldn't even cover the capital invested into one loan nevermind the scores that are in these Access Accounts.
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Post by Ton ⓉⓞⓃ on May 26, 2021 21:33:46 GMT
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on May 27, 2021 21:45:46 GMT
Thank you! We do appreciate the time and trouble you go to in order to create these tables.
The "Value of Provision Fund £m" rows are showing the 30DAA and particularly 90DAA Provision Funds dwindling to almost zero.
What's going on?
Is AC killing off the provision funds?
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ceejay
Posts: 975
Likes: 1,149
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Post by ceejay on May 29, 2021 14:24:54 GMT
Thank you! We do appreciate the time and trouble you go to in order to create these tables. The "Value of Provision Fund £m" rows are showing the 30DAA and particularly 90DAA Provision Funds dwindling to almost zero. What's going on? Is AC killing off the provision funds? What strikes me is that the Ring-fenced amounts have been going up, by more than the reductions in the PF. So one possible interpretation is that as all of the loans get older the degree of uncertainty reduces: AC know whether they're going to come good or not. If not, they have ring-fenced funds allocated for the anticipated shortfall. (AC have to tell us if they don't have enough funds to do this, and so far they haven't). If they are going to be ok, they don't need PF coverage. You might expect the PF requirement to start to go up again as new (and therefore unknown) loans come on stream.
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Post by Ton ⓉⓞⓃ on Aug 19, 2021 19:32:51 GMT
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Post by Ton ⓉⓞⓃ on Nov 9, 2021 19:40:24 GMT
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Post by Ton ⓉⓞⓃ on Feb 28, 2022 20:45:08 GMT
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Post by Ton ⓉⓞⓃ on Mar 31, 2022 19:00:29 GMT
QAA www.assetzcapital.co.uk/invest/our-accounts/quick-access-account/key-account-information30DAA www.assetzcapital.co.uk/invest/our-accounts/30-day-account/key-account-information90DAA www.assetzcapital.co.uk/invest/our-accounts/90-day-access-account/key-account-information £m & %
| QAA KAI
| 30DAA KAI
| 90DAA KAI
| dates 2021
2022
| 28Feb)30Apr)30Jun)31Aug)
31Jan)28Feb)
| 28Feb)30Apr)30Jun)31Aug)
31Jan)28Feb)
| 28Feb)30Apr)30Jun)31Aug)
31Jan)28Feb
| Value of investment
outstanding
1
| Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 47.90
| 40.4
| 36.30
| 33.90
| 31.10
| 30.30
|
| | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 55.1
| 47.5
| 42.10
| 39.80
| 38.50
| 37.50
|
|
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 57.5
| 51.4
| 43.20
| 41.40
| 40.30
| 46.20
|
| Value of Provision
Fund £m
2
| Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.45
| 0.5
| .73
| .62
| .95
| .87
|
|
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| .22
| .2
| .48
| .31
| .51
| .42
|
|
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.17
| .05
| .46
| .24
| .42
| .34
|
| Value of ring-fenced
amounts held in addition
to Provision Fund value
3
| | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.0
| 2.11
| 1.99
| 2.17
| 2.09
| 1.70
|
|
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.31
| 2.48
| 2.31
| 2.53
| 2.59
| 2.10
|
|
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.41
| 2.69
| 2.38
| 2.65
| 2.71
| 2.20
|
| Proportion of outstanding
investments paid out of
Provision Fund
4
| | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.2
| .24
| .27
| .29
| .31
| 1.65
|
|
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.28
| .33
| .37
| .39
| .41
| 1.75
|
|
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.07
| 0.08
| .10
| .10
| .10
| 1.22
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|
New figures on AC site added to above, i.e. Feb's figures
Do say if I've made any mistakes above. Thanks There's too many trailing zeros for the "Outstanding Value" row when it's 4sig fig, I'm guessing they're an error or meaningless. I may delete them Small print copied from AC site: 1=Notes: In line with the Regulations we have added back amounts paid to Lenders by the Provision Fund 2=Notes: In line with the Regulations this is stated after the deduction of any amounts ring-fenced to cover expected losses of loans subject to a Credit Event (as described on the Credit Risk page). 3=These ring-fenced amounts provide Provision Fund coverage for specific loans within the Access Accounts - please see our Provision Fund Policy for a full explanation of how this works. These ring-fenced amounts are not counted as part of the main Provision Fund as they are no longer available for use against loans which may default in the future. 4=Notes: This is the value of payments to Lenders from the Provision Fund which have been added back to the value of investments outstanding divided by the total value of investments including those payments.
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Post by Ton ⓉⓞⓃ on Jun 9, 2022 20:27:52 GMT
QAA www.assetzcapital.co.uk/invest/our-accounts/quick-access-account/key-account-information30DAA www.assetzcapital.co.uk/invest/our-accounts/30-day-account/key-account-information90DAA www.assetzcapital.co.uk/invest/our-accounts/90-day-access-account/key-account-information £m & %
| QAA KAI
| 30DAA KAI
| 90DAA KAI
| dates 2021/22
2022
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)
| Value of investment
outstanding
1
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 47.90
| 40.4
| 36.30
| 33.90
| 31.10
| 30.30
|
2022
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 55.1
| 47.5
| 42.10
| 39.80
| 38.50
| 37.50
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 57.5
| 51.4
| 43.20
| 41.40
| 40.30
| 46.20
|
2022
| Value of Provision
Fund £m
2
| Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.45
| 0.5
| .73
| .62
| .95
| .87
|
2022
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| .22
| .2
| .48
| .31
| .51
| .42
|
2022
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.17
| .05
| .46
| .24
| .42
| .34
|
2022
| Value of ring-fenced
amounts held in addition
to Provision Fund value
3
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.0
| 2.11
| 1.99
| 2.17
| 2.09
| 1.70
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.31
| 2.48
| 2.31
| 2.53
| 2.59
| 2.10
|
2022
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.41
| 2.69
| 2.38
| 2.65
| 2.71
| 2.20
|
2022
| Proportion of outstanding
investments paid out of
Provision Fund
4
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.2
| .24
| .27
| .29
| .31
| 1.65
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.28
| .33
| .37
| .39
| .41
| 1.75
|
2022
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.07
| 0.08
| .10
| .10
| .10
| 1.22
|
2022
|
New figures on AC site added to above, i.e. March's figures, they are in a new row dated 2022, the opening figure in row, Feb, is exactly the same closing figure in the row above it. So Feb 2022's figure is repeated in both row. I may change this at some point.
Do say if I've made any mistakes above. Thanks There's too many trailing zeros for the "Outstanding Value" row when it's 4sig fig, I'm guessing they're an error or meaningless. I may delete them Small print copied from AC site: 1=Notes: In line with the Regulations we have added back amounts paid to Lenders by the Provision Fund 2=Notes: In line with the Regulations this is stated after the deduction of any amounts ring-fenced to cover expected losses of loans subject to a Credit Event (as described on the Credit Risk page). 3=These ring-fenced amounts provide Provision Fund coverage for specific loans within the Access Accounts - please see our Provision Fund Policy for a full explanation of how this works. These ring-fenced amounts are not counted as part of the main Provision Fund as they are no longer available for use against loans which may default in the future. 4=Notes: This is the value of payments to Lenders from the Provision Fund which have been added back to the value of investments outstanding divided by the total value of investments including those payments.
[/quote][/quote][/quote][/quote][/quote]
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Post by Ton ⓉⓞⓃ on Nov 28, 2022 21:47:51 GMT
QAA www.assetzcapital.co.uk/invest/our-accounts/quick-access-account/key-account-information30DAA www.assetzcapital.co.uk/invest/our-accounts/30-day-account/key-account-information90DAA www.assetzcapital.co.uk/invest/our-accounts/90-day-access-account/key-account-information £m & %
| QAA KAI
| 30DAA KAI
| 90DAA KAI
| dates 2021/22
2022
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)31Oct)
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)31Oct)
| 28Feb)30Apr)30Jun)31Aug)31Jan)28Feb)
28Feb)31Mar)31Oct)
| Value of investment
outstanding
1
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 47.90
| 40.4
| 36.30
| 33.90
| 31.10
| 30.30
|
2022
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 55.1
| 47.5
| 42.10
| 39.80
| 38.50
| 37.50
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 57.5
| 51.4
| 43.20
| 41.40
| 40.30
| 46.20
|
2022
| Value of Provision
Fund £m
2
| Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.45
| 0.5
| .73
| .62
| .95
| .87
|
2022
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| .22
| .2
| .48
| .31
| .51
| .42
|
2022
| 2021/22
Feb
| Apr
| Jun
| Aug
| Jan
| Feb
| 0.17
| .05
| .46
| .24
| .42
| .34
|
2022
| Value of ring-fenced
amounts held in addition
to Provision Fund value
3
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.0
| 2.11
| 1.99
| 2.17
| 2.09
| 1.70
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.31
| 2.48
| 2.31
| 2.53
| 2.59
| 2.10
|
2022
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 2.41
| 2.69
| 2.38
| 2.65
| 2.71
| 2.20
|
2022
| Proportion of outstanding
investments paid out of
Provision Fund
4
| 2021/22 | Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.2
| .24
| .27
| .29
| .31
| 1.65
|
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.28
| .33
| .37
| .39
| .41
| 1.75
|
2022
| 2021/22
| Feb | Apr
| Jun
| Aug
| Jan
| Feb
| 0.07
| 0.08
| .10
| .10
| .10
| 1.22
|
2022
|
New figures on AC site added to above, i.e. October's figures, these are the first figures following March's that I've seen on the AC site, they don't seem to have been updating them til now.
Do say if I've made any mistakes above. Thanks There's too many trailing zeros for the "Outstanding Value" row when it's 4sig fig, I'm guessing they're an error or meaningless. I may delete them Small print copied from AC site: 1=Notes: In line with the Regulations we have added back amounts paid to Lenders by the Provision Fund 2=Notes: In line with the Regulations this is stated after the deduction of any amounts ring-fenced to cover expected losses of loans subject to a Credit Event (as described on the Credit Risk page). 3=These ring-fenced amounts provide Provision Fund coverage for specific loans within the Access Accounts - please see our Provision Fund Policy for a full explanation of how this works. These ring-fenced amounts are not counted as part of the main Provision Fund as they are no longer available for use against loans which may default in the future. 4=Notes: This is the value of payments to Lenders from the Provision Fund which have been added back to the value of investments outstanding divided by the total value of investments including those payments.
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