Prudential requirements for credit co-ops

Written directions are in place for credit co-ops to strengthen their prudence and risk management. These requirements re-focus the credit co-ops towards their core business of thrift and loans, and ensure accountability to their members.

Written directions to date:

Issue date	Effective date	Description
23 Jun 2021	25 Jun 2021	Written direction – unsecured loans
21 May 2020	21 May 2020	Written direction – capital adequacy and restriction on dividend
18 Dec 2018	21 Dec 2018	Written direction – provisions for bad and doubtful loans and impairment loss for investments
12 Jul 2023	1 Aug 2023	Written direction – investments
29 Jun 2016	1 Jul 2016	Written direction - minimum liquid assets
7 May 2013	10 May 2013	Written direction – submission of financial returns Templates for Form WD-1 and Form WD-1A
29 Aug 2011	1 Nov 2011	Written direction – secured loans

Submission of financial returns

Credit co-ops are required to submit these returns to the Registry annually:

Type of document	Submission date
Completed Form WD-1 To report the audited year-end financial position, capital adequacy ratio, minimum liquid assets, restricted investments and loans data	Due 6 months after the close of the previous financial year
Completed Form WD-1A Mid-year unaudited Balance Sheet Mid-year unaudited Income & Expenditure Statement	Due 2 months after end of the current mid financial year

Last updated on 28 November 2024