Australia and New Zealand Banking Group Ltd. — Audit Report / Information 2015

Feb 16, 2015

BASEL III PILLAR 3 DISCLOSURE 2014 AS AT 31 DECEMBER 2014 APS 330: PUBLIC DISCLOSURE

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Important notice

This document has been prepared by Australia and New Zealand Banking Group Limited (ANZ) to meet its disclosure obligations under the Australian Prudential Regulation Authority (APRA) ADI Prudential Standard (APS) 330: Public Disclosure.

This disclosure was prepared as at 31 December 2014. ANZ has a continuous disclosure policy, under which ANZ will immediately notify the market of any material price sensitive information concerning the Group, in accordance with legislative and regulatory disclosure requirements.

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 3 Capital adequacy - Capital ratios and Risk Weighted Assets

	Dec-14	Sep-14	Jun-14
Risk weighted assets(RWA)	**$M **	**$M **	**$M **
Subject to Advanced Internal Rating Based (IRB) approach
Corporate	136,776	129,087	124,835
Sovereign	5,216	4,923	4,681
Bank	21,893	20,329	20,846
Residential Mortgage	50,952	50,068	50,821
Qualifying Revolving Retail	7,595	7,546	7,036
Other Retail	30,866	26,858	26,711
Credit risk weighted assets subject to Advanced IRB approach	253,298	238,811	234,930
Credit risk Specialised Lending exposures subject to slotting approach 1	31,852	29,505	29,309
Subject to Standardised approach
Corporate	26,154	23,121	25,054
Residential Mortgage	2,463	2,344	1,996
Qualifying Revolving Retail	1,998	1,908	1,796
Other Retail	1,130	1,081	1,066
Credit risk weighted assets subject to Standardised approach	31,745	28,454	29,912
Credit Valuation Adjustment and Qualifying Central Counterparties	8,686	7,394	7,227
Credit risk weighted assets relating to securitisation exposures	1,011	1,030	1,116
Other assets	3,711	3,691	3,834
Total credit risk weighted assets	330,303	308,885	306,328
Market risk weighted assets	6,217	7,048	7,536
Operational risk weighted assets	32,862	31,969	31,797
Interest rate risk in the banking book (IRRBB) risk weighted assets	9,521	13,627	13,711
Total risk weighted assets	378,903	361,529	359,372
Capital ratios(%)
Level 2 Common Equity Tier 1 capital ratio	8.4%	8.8%	8.3%
Level 2 Tier 1 capital ratio	9.9%	10.7%	10.2%
Level 2 Total capital ratio	11.8%	12.7%	12.1%

Credit Risk Weighted Assets (CRWA)

Total CRWA increased $21.4 billion (6.9%) from September 2014 to $330.3 billion at December 2014, including $8.2 billion increase due to foreign currency movements. Growth in Institutional business contributed to the increase in AIRB Corporate, Standardised Corporate, Specialised Lending and AIRB Bank asset classes. Growth in the Australian mortgage portfolio added further to the growth in the IRB Residential Mortgage asset class. The increase in IRB Other Retail asset class includes a reclassification of exposures from IRB Residential Mortgage asset class.

Market Risk, Operational Risk and IRRBB Risk Weighted Assets (RWA)

The increase in Operation Risk RWA is reflective of ANZ’s risk profile and our business growth.

Traded Market Risk RWA for the December quarter was $6.22 billion, a decrease of 12% from the previous quarter, with lower levels of general market risk held over the quarter.

Decrease in IRRBB RWA was due to a reduction in repricing and yield curve risk combined with an improvement in embedded gains.

1 Specialised Lending exposures subject to supervisory slotting approach are those where the main servicing and repayment is from the asset being financed, and includes specified commercial property development/investment lending and project finance.

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 4 Credit risk exposures

Table 4(a) part (i): Period end and average Exposure at Default[ 2][3]

					Dec 14
					Average	Individual
					Exposure	provision
			Risk Weighted	Exposure	at Default for	charge for	Write-offs for
			Assets	at Default	three months	three months	three months
Advanced IRB approach			$M	$M	$M	$M	$M
Corporate			136,776	262,461	255,604	58	47
Sovereign			5,216	119,267	103,306	-	-
Bank			21,893	128,466	123,678	-	-
Residential Mortgage			50,952	300,724	297,565	4	10
Qualifying Revolving Retail			7,595	21,755	21,613	44	66
Other Retail			30,866	45,317	42,381	85	123
Total Advanced IRB approach			253,298	877,990	844,147	191	246
Specialised Lending			31,852	37,904	36,427	11	8
Standardised approach
Corporate			26,154	27,104	26,291	1	1
Residential Mortgage			2,463	6,889	6,724	-	-
Qualifying Revolving Retail			1,998	1,990	1,945	7	12
Other Retail			1,130	1,159	1,136	16	20
Total Standardised approach			31,745	37,142	36,096	24	33
Credit Valuation Adjustment and Qualifying Central Counterparties			8,686	17,805	14,125	-	-
Total			325,581	970,841	930,795	226	287

2 Exposure at Default in Table 4 includes Advanced IRB, Specialised Lending and Standardised exposures, however does not include Securitisation, Equities or Other Assets exposures. Exposure at Default in Table 4 is gross of credit risk mitigation such as guarantees, credit derivatives, netting and financial collateral.

3 Average Exposure at Default for quarter is calculated as the simple average of the balances at the start and the end of each three month period.

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ANZ Basel III Pillar 3 disclosure

December 2014

					Sep 14
					Average	Individual
					Exposure at	provision
			Risk Weighted	Exposure	Default for	charge for	Write-offs for
			Assets	at Default	three months	three months	three months
Advanced IRB approach			$M	$M	$M	$M	$M
Corporate			129,087	248,746	242,200	95	208
Sovereign			4,923	87,346	90,475	-	-
Bank			20,329	118,889	114,384	-	-
Residential Mortgage			50,068	294,407	293,189	11	20
Qualifying Revolving Retail			7,546	21,471	21,211	45	65
Other Retail			26,858	39,445	39,267	107	111
Total Advanced IRB approach			238,811	810,304	800,726	258	404
Specialised Lending			29,505	34,949	34,856	(8)	23
Standardised approach
Corporate			23,121	25,477	26,637	9	60
Residential Mortgage			2,344	6,559	6,055	3	2
Qualifying Revolving Retail			1,908	1,900	1,845	6	12
Other Retail			1,081	1,112	1,086	19	21
Total Standardised approach			28,454	35,048	35,623	37	95
Credit Valuation Adjustment and			7,394	10,444	11,387
Qualifying Central Counterparties						-	-
Total			304,164	890,745	882,592	287	522

				Jun 14
				Average	Individual
				Exposure at	provision
		Risk Weighted	Exposure at	Default for	charge for	Write-offs for
		Assets	Default	three months	three months	three months
Advanced IRB approach		$M	$M	$M	$M	$M
Corporate		124,835	235,653	233,045	61	168
Sovereign		4,681	93,603	84,122	-	-
Bank		20,846	109,879	108,077	-	-
Residential Mortgage		50,821	291,971	289,693	13	7
Qualifying Revolving Retail		7,036	20,950	21,037	55	74
Other Retail		26,711	39,089	38,815	104	100
Total Advanced IRB approach		234,930	791,145	774,789	233	349
Specialised Lending		29,309	34,762	34,366	2	10
Standardised approach
Corporate		25,054	27,797	28,463	(1)	1
Residential Mortgage		1,996	5,550	5,500	3	-
Qualifying Revolving Retail		1,796	1,789	1,789	5	11
Other Retail		1,066	1,060	1,063	13	18
Total Standardised approach		29,912	36,196	36,815	20	30
Credit Valuation Adjustment and Qualifying Central Counterparties		7,227	12,329	11,311	-	-
Total		301,378	874,432	857,281	255	389

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 4(a) part (ii): Exposure at Default by portfolio type

				Average for the
	Dec-14	Sep-14	Jun-14	quarter ended
	$M	$M	$M	Dec-14
Portfolio Type				$M
Cash	26,816	20,866	18,630	23,841
Contingents liabilities, commitments, and other off-balance sheet exposures	154,653	147,702	144,212	151,179
Derivatives	119,465	109,101	91,810	114,283
Settlement Balances	37,394	25,348	29,315	31,371
Investment Securities	30,306	25,671	25,166	27,989
Net Loans, Advances & Acceptances	544,800	519,327	517,238	532,064
Other assets	17,899	6,321	14,634	12,110
TradingSecurities	39,508	36,409	33,427	37,958
Total exposures	970,841	890,745	874,432	930,795

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 4(b): Impaired asset[4][5] , Past due loans[6] , Provisions and Write-offs

				Dec 14	Dec 14
						Individual
			Impaired	Past due	Individual	provision	Write-offs
		Impaired	loans/	loans ≥ 90	provision	charge for	for three
		derivatives	facilities	days	balance	three months	months
		$M	$M	$M	$M	$M	$M
Portfolios subject to Advanced IRB approach
Corporate		-	1,334	283	573	58	47
Sovereign		-	2	1	2	-	-
Bank		-	-	-	-	-	-
Residential Mortgage		-	317	1,194	112	4	10
Qualifying Revolving Retail		-	77	-	-	44	66
Other Retail		-	422	308	257	85	123
Total Advanced IRB approach		-	2,152	1,786	944	191	246
Specialised Lending		29	437	96	99	11	8
Portfolios subject to Standardised approach
Corporate		-	98	41	55	1	1
Residential Mortgage		-	48	10	17	-	-
Qualifying Revolving Retail		-	68	-	34	7	12
Other Retail		-	71	5	15	16	20
Total Standardised approach		-	285	56	121	24	33
Qualifying Central Counterparties		-	-	-	-	-	-
Total		29	2,874	1,938	1,164	226	287

4 Impaired derivatives is net of credit valuation adjustment (CVA) of $63 million, being a market value based assessment of the credit risk of the relevant counterparties (September 2014: $46 million; March 2014: $80 million).

5 Impaired loans / facilities include restructured items of $73 million for customer facilities in which the original contractual terms have been modified for reasons related to the financial difficulties of the customer. Restructuring may consist of reduction of interest, principal or other payments legally due, or an extension in maturity materially beyond those typically offered to new facilities with similar risk (September 2014: $67 million; March 2014: $60 million).

6 Not well secured portfolio managed retail exposures have been reclassified from past due loans > 90 days to impaired loans / facilities.

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ANZ Basel III Pillar 3 disclosure

December 2014

			**Sep **	14
					Individual
	Impaired	Impaired loans/	Past due loans ≥ 90	Individual provision	provision charge for	Write-offs for three
	derivatives	facilities	days	balance	three months	months
	$M	$M	$M	$M	$M	$M
Portfolios subject to Advanced IRB approach
Corporate	2	1,398	312	574	95	208
Sovereign	-	2	13	2	-	-
Bank	-	-	-	-	-	-
Residential Mortgage	-	356	1,127	116	11	20
Qualifying Revolving Retail	-	77	-	-	45	65
Other Retail	-	437	245	265	107	111
Total Advanced IRB approach	2	2,270	1,697	957	258	404
Specialised Lending	35	457	88	96	(8)	23
Portfolios subject to Standardised approach
Corporate	-	97	31	56	9	60
Residential Mortgage	-	43	9	16	3	2
Qualifying Revolving Retail	-	70	-	35	6	12
Other Retail	-	69	3	16	19	21
Total Standardised approach	-	279	43	123	37	95
Qualifying Central Counterparties	-	-	-	-	-	-
Total	37	3,006	1,828	1,176	287	522
			Jun	14
					Individual
		Impaired	Past	Individual	provision	Write-offs
	Impaired	loans/	dueloans ≥	provision	charge for	for three
	Derivatives	facilities	90 days	balance	three months	months
	$M	$M	$M	$M	$M	$M
Portfolios subject to Advanced IRB	approach
Corporate	10	1,617	339	691	61	168
Sovereign	-	-	-	-	-	-
Bank	-	-	-	-	-	-
Residential Mortgage	-	357	1,221	128	13	7
Qualifying Revolving Retail	-	85	-	-	55	74
Other Retail	-	438	234	255	104	100
Total Advanced IRB approach	10	2,497	1,794	1,074	233	349
Specialised Lending	57	572	113	124	2	10
Portfolios subject to Standardised approach
Corporate	-	142	43	93	(1)	1
Residential Mortgage	-	51	7	16	3	-
Qualifying Revolving Retail	-	68	-	36	5	11
Other Retail	-	66	3	21	13	18
Total Standardised approach	-	327	53	166	20	30
Total	67	3,396	1,960	1,364	255	389

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 4(c): Specific Provision Balance and General Reserve for Credit Losses[7]

			Dec 14
		Specific Provision	General Reserve
		Balance	for Credit Losses	Total
		$M	$M	$M
Collective Provision		286	2,535	2,821
Individual Provision		1,164	-	1,164
Total Provision for Credit Impairment				3,985
			Sep 14
		Specific Provision	General Reserve
		Balance	for Credit Losses	Total
		$M	$M	$M
Collective Provision		283	2,474	2,757
Individual Provision		1,176	-	1,176
Total Provision for Credit Impairment				3,933
			Jun 14
		Specific Provision	General Reserve
		Balance	for Credit Losses	Total
		$M	$M	$M
Collective Provision		300	2,518	2,818
Individual Provision		1,364	-	1,364
Total Provision for Credit Impairment				4,182

7 Due to definitional differences, there is a variation in the split between ANZ’s Individual Provision and Collective Provision for accounting purposes and the Specific Provision and General Reserve for Credit Losses (GRCL) for regulatory purposes. This does not impact total provisions, and essentially relates to the classification of collectively assessed provisions on defaulted accounts. The disclosures in this document are based on Individual Provision and Collective Provision, for ease of comparison with other published results.

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 5 Securitisation

Table 5(a) part (i): Banking Book - Summary of current period’s activity by underlying asset type and facility[8]

type and facility8
			Dec-14
			Original value securitised
**Securitisation activity by underlying asset type **		ANZ Originated $M	ANZ Self Securitised $M	ANZ Sponsored $M	Recognized gain or loss on sale $M
Residential mortgage		-	(69)	-	-
Credit cards and other personal loans		-	-	-	-
Auto and equipment finance		-	-	-	-
Commercial loans		-	-	-	-
Other		-	-	-	-
Total		-	(69)	- -
Securitisation activity by facility provided					Notional amount $M
Liquidity facilities		-	-	-	-
Funding facilities		-	-	-	(30)
Underwriting facilities		-	-	-	-
Lending facilities		-	-	-	-
Credit enhancements		-	-	-	-
Holdings of securities (excluding trading book)		-	-	-	621
Other		-	-	-	9
Total		-	-	-	600

Sep-14
Original value securitised
Securitisation activity by underlying asset type ANZ Originated $M ANZ Self Securitised $M ANZ Sponsored $M	Recognised gain or loss on sale $M
Residential mortgage - 25,422 -	-
Credit cards and other personal loans - - -	-
Auto and equipment finance - - -	-
Commercial loans - - -	-
Other - - -	-
Total - 25,422 -	-
Securitisation activity by facility provided	Notional amount $M
Liquidity facilities - - -	(43)
Funding facilities - - -	(722)
Underwriting facilities - - -	-
Lending facilities - - -	-
Credit enhancements - - -	-
Holdings of securities (excluding trading book) - - -	1,312
Other - - -	4
Total - - -	551

8 Activity represents net movement in outstandings.

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ANZ Basel III Pillar 3 disclosure

December 2014

Jun-14
Original value securitised
Securitisation activity by underlying asset type ANZ Originated $M ANZ Self Securitised $M ANZ Sponsored $M	Recognised gain or loss on sale $M
Residential mortgage - (72) -	-
Credit cards and other personal loans - - -	-
Auto and equipment finance - - -	-
Commercial loans - - -	-
Other - - -	-
Total - (72) -	-
Securitisation activity by facility provided	Notional amount $M
Liquidity facilities - - -	(43)
Funding facilities - - -	-
Underwriting facilities - - -	-
Lending facilities - - -	-
Credit enhancements - - -	-
Holdings of securities (excluding trading book) - - -	(93)
Other - - -	-
Total - - -	(136)

Table 5(a) part (ii): Trading Book - Summary of current period's activity by underlying asset type and facility

No assets from ANZ's Trading Book were securitised during the reporting period.

Securitisation activities:

ANZ’s key securitisation activities are:

• Securitisation of ANZ originated assets (including self-securitisation) – use of securitisation as a funding, liquidity and capital management tool which may or may not involve the transfer of credit risk i.e. may or may not provide regulatory capital relief.

• Securitisation of third-party originated assets.

• Provision of facilities and services to securitisations or resecuritisations (where the underlying assets may be ANZ or third-party originated) e.g. liquidity, funding derivatives and/or credit support, structuring and arranging services, conduit management and (via ANZ Capel Court Limited) trust management services.

• Investment in securities - ANZ may purchase notes issued by securitisation programmes.

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 5(b) part (i): Banking Book – Exposure at Default by exposure type

			Dec14	Sep14	Jun14
Securitisation exposure type- On balance sheet			$M	$M	$M
Liquidity facilities			-	-	-
Funding facilities			4,398	4,599	5,967
Underwriting facilities			-	-	-
Lending facilities			-	-	-
Credit enhancements			-	-	-
Holdings of securities (excluding trading book)			4,583	3,962	2,556
Protection provided			-	-	-
Other			323	356	464
Total			9,304	8,917	8,987

Securitisation exposure type- On balance sheet	Securitisation exposure type- On balance sheet		Dec14 $M		Sep14 $M		Jun14 $M
Liquidity facilities			-		-		-
Funding facilities			4,398		4,599		5,967
Underwriting facilities			-		-		-
Lending facilities			-		-		-
Credit enhancements			-		-		-
Holdings of securities (excluding trading book)			4,583		3,962		2,556
Protection provided			-		-		-
Other			323		356		464
Total			9,304		8,917		8,987
Securitisation exposure type - Off Balance Sheet			Dec14 **$M **	Sep14 $M Jun14 **$M **
Liquidity facilities			81	70 77
Funding facilities			-	- -
Underwriting facilities			-	- -
Lending facilities			-	- -
Credit enhancements			-	- -
Holdings of securities (excluding trading book)			-	- -
Protection provided			-	- -
Other			-	- -
Total			81	70 77
**Total Securitisation exposure type **			Dec14 **$M **	Sep14 $M Jun14 **$M **
Liquidity facilities			81	70 77
Funding facilities			4,398	4,599 5,967
Underwriting facilities			-	- -
Lending facilities			-	- -
Credit enhancements			-	- -
Holdings of securities (excluding trading book)			4,583	3,962 2,556
Protection provided			-	- -
Other			323	356 464
Total			9,385	8,987 9,064

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ANZ Basel III Pillar 3 disclosure

December 2014

Table 5(b) part (ii): Trading Book - Exposure at Default by exposure type

			Dec14	Sep 14	Jun14
Securitisation exposure type - On balance sheet			**$M **	**$M **	**$M **
Liquidity facilities			-	-	-
Funding facilities			-	-	-
Underwriting facilities			-	-	-
Lending facilities			-	-	-
Credit enhancements			-	-	-
Holdings of securities			39	10	-
Protection provided			-	-	-
Other			-	-	-
Total			39	10	-

			Dec14	Sep 14	Jun14
Securitisation exposure type - Off Balance Sheet			**$M **	**$M **	**$M **
Liquidity facilities			-	-	-
Funding facilities			-	-	-
Underwriting facilities			-	-	-
Lending facilities			-	-	-
Credit enhancements			-	-	-
Holdings of securities			-	-	-
Protection provided			-	-	-
Other			-	-	-
Total			-	-	-

			Dec14	Sep 14	Jun14
**Total Securitisation exposure type **			**$M **	**$M **	**$M **
Liquidity facilities			-	-	-
Funding facilities			-	-	-
Underwriting facilities			-	-	-
Lending facilities			-	-	-
Credit enhancements			-	-	-
Holdings of securities			39	10	-
Protection provided			-	-	-
Other			-	-	-
Total			39	10	-

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ANZ Basel III Pillar 3 disclosure

December 2014

Glossary

Basel III Credit Valuation CVA charge is an additional capital requirement under Basel III Adjustment (CVA) capital charge for bilateral derivative exposures. Derivatives not cleared through a central exchange/counterparty are subject to this additional capital charge and also receive normal CRWA treatment under Basel II principles. Collective provision (CP) Collective provision is the provision for credit losses that are inherent in the portfolio but not able to be individually identified. A collective provision may only be recognised when a loss event has already occurred. Losses expected as a result of future events, no matter how likely, are not recognised. Credit exposure The aggregate of all claims, commitments and contingent liabilities arising from on- and off-balance sheet transactions (in the banking book and trading book) with the counterparty or group of related counterparties. Credit risk The risk of financial loss resulting from the failure of ANZ’s customers and counterparties to honour or perform fully the terms of a loan or contract. Credit Valuation Adjustment (CVA) Over the life of a derivative instrument, ANZ uses a CVA model to adjust fair value to take into account the impact of counterparty credit quality. The methodology calculates the present value of expected losses over the life of the financial instrument as a function of probability of default, loss given default, expected credit risk exposure and an asset correlation factor. Impaired derivatives are also subject to a CVA. Days past due The number of days a credit obligation is overdue, commencing on the date that the arrears or excess occurs and accruing for each completed calendar day thereafter. Exposure at Default (EAD) Exposure At Default is defined as the expected facility exposure at the date of default. Impaired assets (IA) Facilities are classified as impaired when there is doubt as to whether the contractual amounts due, including interest and other payments, will be met in a timely manner. Impaired assets include impaired facilities, and impaired derivatives. Impaired derivatives have a credit valuation adjustment (CVA), which is a market assessment of the credit risk of the relevant counterparties. Impaired loans (IL) Impaired loans comprise of drawn facilities where the customer’s status is defined as impaired. Individual provision charge (IPC) Impaired provision charge is the amount of expected credit losses on financial instruments assessed for impairment on an individual basis (as opposed to on a collective basis). It takes into account expected cash flows over the lives of those financial instruments. Individual provisions (IP) Individual provisions are assessed on a case-by-case basis for all individually managed impaired assets taking into consideration factors such as the realisable value of security (or other credit mitigants), the likely return available upon liquidation or bankruptcy, legal uncertainties, estimated costs involved in recovery, the market price of the exposure in secondary markets and the amount and timing of expected receipts and recoveries.

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ANZ Basel III Pillar 3 disclosure

December 2014

Market risk	The risk to ANZ’s earnings arising from changes in interest
	rates, currency exchange rates and credit spreads, or from
	fluctuations in bond, commodity or equity prices. ANZ has
	grouped market risk into two broad categories to facilitate the
	measurement, reporting and control of market risk:
	Traded market risk - the risk of loss from changes in the value
	of financial instruments due to movements in price factors for
	physical and derivative trading positions. Trading positions arise
	from transactions where ANZ acts as principal with clients or
	with the market.
	Non-traded market risk (or balance sheet risk) - comprises
	interest rate risk in the banking book and the risk to the AUD
	denominated value of ANZ’s capital and earnings due to foreign
	exchange rate movements.
Operational risk	The risk of loss resulting from inadequate or failed internal
	controls or from external events, including legal risk but
	excluding reputation risk.
Past due facilities	Facilities where a contractual payment has not been met or the
	customer is outside of contractual arrangements are deemed
	past due. Past due facilities include those operating in excess of
	approved arrangements or where scheduled repayments are
	outstanding but do not include impaired assets.
Qualifying Central Counterparties	QCCP is a central counterparty which is an entity that
(QCCP)	interposes itself between counterparties to derivative contracts.
	Trades with QCCP attract a more favorable risk weight
	calculation.
Recoveries	Payments received and taken to profit for the current period for
	the amounts written off in prior financial periods.
Restructured items	Restructured items comprise facilities in which the original
	contractual terms have been modified for reasons related to the
	financial difficulties of the customer. Restructuring may consist
	of reduction of interest, principal or other payments legally due,
	or an extension in maturity materially beyond those typically
	offered to new facilities with similar risk.
Risk Weighted Assets (RWA)	Assets which are weighted for credit risk according to a set
	formula (APS 112/113).
Securitisation risk	The risk of credit related losses greater than expected due to a
	securitisation failing to operate as anticipated, or of the values
	and risks accepted or transferred, not emerging as expected.
Write-Offs	Facilities are written off against the related provision for
	impairment when they are assessed as partially or fully
	uncollectable, and after proceeds from the realisation of any
	collateral have been received. Where individual provisions
	recognised in previous periods have subsequently decreased or
	are no longer required, such impairment losses are reversed in
	the current period income statement.

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December 2014

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