03 Financial Statements NOTE 8: PROVISIONS

CEFC ANNUAL REPORT / 2014–15

Note 8: Provisions

 

2015

$’000

2014

$’000

Note 8A: Employee Provisions

 

Annual and long service leave

878

599

Total employee provisions

878

599

Employee provisions expected to be settled:

   

No more than 12 months

466

349

More than 12 months

412

250

Total employee provisions

878

599

Note 8B: Other Provisions

 

Provision for concessional loans

10,233

10,064

Provision for make good

129

249

Provision for impairment on irrevocable undrawn commitments

498

232

Total other provisions

10,860

10,545

Other provisions expected to be settled:

   

No more than 12 months

129

22

More than 12 months

10,731

10,523

Total other provisions

10,860

10,545

 

 

Provision for concessional loans

$’000

Provision for make good

$’000

Provision for irrevocable commitments

$’000

 Total

$’000

Opening balance 1 July 2014

10,064

249

232

10,545

Additional provisions made

1,854

14

266

2,134

Finance cost

-

6

-

6

Amounts reversed

(464)

(140)

-

(604)

Offset to loans and advances

(1,221)

-

-

(1,221)

Closing balance 30 June 2015

10,233

129

498

10,860

Opening balance 1 July 2013

5,890

-

-

5,890

Additional provisions made

5,665

118

232

6,015

Received from LCAL

2,085

125

-

2,210

Finance cost

-

6

-

6

Amounts reversed

(87)

-

-

(87)

Offset to loans and advances

(3,489)

-

-

(3,489)

Closing balance 30 June 2014

10,064

249

232

10,545