| |
|
2006
Rm |
2005
Rm |
| 25. |
Housing loans secured
by retirement fund assets |
|
|
| |
A subsidiary company of the
South African group provides housing loans secured
by retirement fund assets to members of retirement
funds. The funding for these loans is provided
through securitised funding from corporate investors
and through funding provided by the joint venture
banking partner, which assumes the credit risk
on its portion of the housing loans book. The
portion of the housing loans funded through the
securitisation is set out below. This is matched
by a securitisation liability. The group assumes
the first R75 million of credit risk under the
securitisation arrangement. |
|
|
| |
Financial assets classified
as “loans and receivables” |
|
|
| |
Housing loans
secured over clients’ retirement fund assets
yielding
market-related interest rates linked
to the prime lending rate |
750 |
— |
