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What's your opinion of the State Bank of India writing off the loans of 63 willful defaulters and also Rs 1201 crore of Vijay Mallya just after demonetization?

Some answers already clarifying the difference between write off and waiver.However, I will make an attempt to address this issue fundamentally so that it is accessible to the most of the audience.Only stating and explaining that write off is not waiver is not enough for this question. All the newspapers will also reiterate the same.Those who do not have an accounting background will face difficulty in understanding about this issue, so I’ll discuss about all the concepts related to the write off. What is done before writing off an advance.Body Corporate and it’s FeaturesFinancial StatementsNon-performing AssetsProvisioning of NPAsThen, I will handle this issue as asked in the question separately in the light of the various concepts discussed.It is quite clearly seen from the fact that people are basing their conclusions about this on the incorrect premise that it is related to demonetization. Also, the opposition parties are making their attempts to squeeze every bit of opportunity to delude and confuse others with regard to this issue.So, a clarification is necessary here.The general audience is not aware of the basic accounting aspects related to provisioning of Non-performing Assets (NPA) and NPAs itself which is related to the Advances of the Bank.Company, Features and other aspectsThe Banking Company is a special type of entity which is a Body Corporate which means it has it’s separate existence. Just like we exist as humans and we carry out trade with each other, enter into contracts and sue each other, the Body Corporate is also considered as a Person(not living understandably) which has the same powers as we have of entering into contracts and suing others in it’s OWN name. Once the Company is registered and incorporated, it has it’s separate existence.This is something very important which needs to be understood regarding Body Corporate.The Proprietorship business does not have any legal identity in the eyes of law so even if you are operating a Snacks corner as a Sole Prop, the person responsible for the acts of the Business will be the person owning the business, unlike the Company is responsible for the acts performed by the Management.However, as it is very evident that Body Corporate cannot carry out the business by itself, it is run by a group of people.When the Corporation comes into picture, we recognize the owners as the Shareholders of the Company. These Shareholders have entrusted their responsibility of managing the Company with the Board which is appointed at every General Meeting.Financial StatementsSo, in order to inform the Shareholders about the performance of the Company, the Management institutes a system for preparation of Financial Statements which contains Balance Sheet, Profit and Loss A/C, Cash Flow Statement,etc.So, the shareholders are able to gauge whether their Investment is used productively by the Company via the details stated in Financial Statements. The Shareholders are not directly involved in managing the Company so the Annual Report is presented to the Shareholders each year.Also, Financial Statements are prepared based on Double-entry and Accrual systemSo, we come to know how important are Financial Statements and their role in Financial Reporting and informing the Shareholders.Banking Company - Accounting aspectsSo, what is the peculiarity when it comes to Banking business - it has majority of it’s assets in the form of ‘Advances’ which represents the Loans given for various purposes apart from Assets like Investments and Fixed Assets,etc.The Banking Company is governed by separate statute Banking Regulation act, 1949 which lists it’s separate Format of Financial Statements(different than required for other Companies to which Companies act, 2013 applies)So, it has separate presentation and disclosure of it’s Assets and Liabilities.Non-Performing AssetsSo, here the Advances (as listed above) are referred to as Assets as they belong to the Assets category in the Balance Sheet.Whenever, a certain time-limit(90 days) elapses after a default being made, then the Bank treats the Advance as Non-Performing which essentially means that the loan has stopped generating income for the Bank.So, what will the Bank do by treating an Advance as a Non-performing Asset?Inform it’s shareholders regarding those Non-performing Assets, so that they get a fair idea along with it’s other stakeholders. It is also an indicator of Bank performance.It needs to create a Provision on these assets depending on their period of continuing default, whether the asset is secured or unsecured, whether there’s any guarantee by ECGC/DICGC.Remember, the Advance is still recognised by the Bank, though it is Non-performing.NPA ProvisioningThe Banks need to create a Provision on it’s NPAs depending on the classification of the NPA. Non Performing Assets (NPA).The asset has already crossed the default of 90 days and has been declared as non-performing. So, the Bank will create a provision for the NPA.So, Why do we require to provide for such Advances?To provide for anticipated and known lossesTo present correct Profits and Financial Statements.So, a provision is created on NPAs with the understanding that such debtors may become irrecoverable in the future, so it is better to reduce the profit in the current year with regard to such anticipated loss in the future. This is based on the fact that it is better to show reduced profits to shareholders by providing for the losses in the future in the current year itself.It is done to inform shareholders beforehand of the losses that may arise in the future so that they don’t base their decisions on overstated or excessive profits without considering the possible losses.It is just like we expend less when we feel that there might be a big expense or a loss in the future.The provision, in fact, reduces the figure of profit and not the figure of divisible profit.So, RBI orders the Commercial Banks to create provisions on it’s NPAs for the above purposes.Simply statedBank does not wait for the borrower to default, as soon as it sees the conditions of default(meaning the borrower is exceeding his default period) , it starts creating provision, meaning reducing a certain percentage of it’s loan from the profits. It recognises the loss now because it feels that the borrower will default in the future.Refer the link given under this section, to know how the Banks create provisions on NPAs as the period of default increases. The exact percentages are mentioned therein.SBI writing off Loans of Willful defaultersTo write off. When we write off, we remove/write off the Advances as shown in the Balance Sheet. This is done by the Bank to demonstrate to it’s shareholders that this debtor/borrower has become worthless and our chances of recovering anything from him are slim. This is an accounting aspect which is done by writing off the debtors/advances.And, remember the provision we created earlier because this advance was NPA as ordered by RBI, was for the same reasons.The Bank classifies it’s Advances regularly to disclose the current and precise situation of the loans.So, writing off is done by the Banks in order to state a true and fair view, to reconcile it’s actual state of affairs with that shown in the books. Also, it adds to incremental tax liability on the Bank’s part if it doesn’t write them off.When you treat an asset as NPA, you create a provision from the profits, this reduces the profits from the current year. As profits reduce, the tax liability also reduces.When will I write off an asset in ordinary circumstances?When the chances of recovery are slim and negligible, that is in cases like insolvency of the debtor due to various circumstances.The Issue at handThus, in this case, SBI has written off Advances with Vijay Mallya’s Kingfisher topping the list because of the specific nature of his case. The fact that he was declared as absconding and all his property is seized are also notable circumstances.What I understand that it is not just an accounting whim which has no implications. It speaks a lot about the situation of the loans. Why is the bank in such a position that it has to write off this loan? Because the debt is not being repaid.This is an attempt by SBI to clean up the Balance Sheet and it has done that by moving the advances to ‘Advance Under Collection Account’ which is a better classification for the loans written off to the tune of 7,016 crore of the 63 willful defaulters including Mallya.The Writing off activity by the Banks does not mean that the bank will pardon the defaulters. It will still try to collect the debts from them. But, if they did not write off those loans from the books, it is gives poor indications to the users of financial statements because those debts are not good and need to be separated from other good loans. So, it is certainly not a ‘waiver’.The Banks can certainly institute court proceedings or sell the debts to third party.For example, there are $10000 worth of Loans and $2000 are worthless, Bank will create provision and write off the amount of the Loans of $2000 and reduce their value in the Balance Sheet, so the fact of such toxic loans is clearly communicated and the profit is correctly reduced, which thereby reduces the tax liability.Hence, there’s no room for having opinions here as such. It is an accounting treatment which is usual and regular and all the entities follow the general Accounting aspects as applicable to it.SBI Chairperson Arrundhati Bhattacharya has also made that clear, Arun Jaitley has made it clear that the loan recovery will be pursued. Raghuram Rajan had also pushed for cleaning up the NPA mess.ReferencesSBI writes off Rs 7,016 crore loans owed by wilful defaulters, including Vijay Mallya’s defunct airlinesSBI Rs 7,000 cr loan 'write off' not a loan waiver: JaitleyCalm Down, Everyone! Here's Why Vijay Mallya's Debt Write-Off Is Not A Waiver

What is the process that declares a person bankrupt in Australia?

I would also refer here for a neat summary of the key facts: Page on a practical perspective, however, having met many people considering options in this arena whilst delivering a course in financial literacy at an inner-Sydney charitable organisation, I can say it is important to speak with experts given the complexity of the topic area and to do so ASAP.You may have a contract, characteristics or circumstances that make interpreting your rights and responsibilities as a debtor hard to grasp. A financial counsellor &/or the Consumer Credit Legal Service (or your local equivalent) can provide assistance at no cost. Refer to the following link for more information on their services: Financial counsellingIt is often not necessary to declare bankruptcy, nor is it commercially advantageous in many circumstances for the creditor to apply to make bankrupt a consumer with a debt that is near to the legal minimum. Therefore, if you're a consumer, many a time it is possible to consult your creditor's financial hardship department or financial hardship policy expert or the relevant ombudsman in an effort to find a solution. Use the advice of a financial counsellor whilst engaged in this process, if possible. It is often a requirement to have all of your statements, contracts, and subtantiating documentation ready before you will qualify for assistance. If it is not required, it would be to your advantage to have as many of your records available and clearly understood prior to meeting with a financial counsellor, hardship officer or mediator. You will need to be able to evidence any claims you are making if you believe the debtor is in the wrong or if you are claiming you are unable to pay. Furthermore, you must have a clear idea of how feasible any solution that the creditor may put forward is before agreeing to it. It could make your situation worse to agree to a solution in haste to avoid bankruptcy only to break it a short time later by not paying in line with the agreement.If you are a corporation, or an individual with a significant value of assets, you are best served speaking with an insolvency practitioner/turnaround specialist: Home. I have met many over the years who have excellent insight into the process, some of which can be mutually advantageous to the debtor and creditor alike by avoiding costly and time consuming litigation.

Who will be the biggest losers in the next financial crash? Is there a possibility that it will be the larger population of institutional investors and individuals?

You will.After the 2008–09 bailout debacle, the Dodd-Frank legislation vowed “no more taxpayer bailouts”. G20 monetary authorities have signed on. So next time the banks fail, creditors will be bailed in to bailout their failed banks.You — the deposit account customer — are your bank’s creditor. Your bank owes you base money — cash and reserves, the bank’s “liquidity” — in the amount of your deposit account balance, which is the bank’s balance sheet deposit liability. But failed banks can’t pay the deposit liabilities they owe. So your deposit account balance is going to be bailed in, as an alternative to letting your bank collapse in bankruptcy, in which case your deposit account balance would be simply written off as the unpayable debt of a bankrupt debtor.Commercial banks — depository institutions — are not actually in the money-lending business. Banks create the money they lend. It’s not “money”, exactly. It is a deposit account customer’s money asset and the bank’s money liability, that is payable in base money (cash and reserves) by the bank to the customer.Banks are in the credit creation and debt monetization business. Government debtors issue interest-bearing bills, notes, bonds: “bond” debt. Private debtors issue interest-bearing mortgage debt, student loan debt, car loan debt, credit card debt, line of credit and overdraft debt, small business debt, corporate debt, institutional debt: and commercial banks issue new deposit account credit to “pay for” their purchases of the debtors’ new interest-bearing loan account balances and bond debts.“Banking” is a balance sheet accounting business. It just happens that the liabilities issued by banks “are money”. Sellers of stuff accept payment in bank deposits, so the deposits (electronic digits in banking system accounting software) “are money”.Banks issue deposit liabilities (money) to purchase earning assets (debts).To make a $1000 loan, the debtor signs a $1000 promissory note, promising to repay the $1000 and to pay the interest. The bank purchases that note, which it holds as its interest-earning balance sheet debt-asset. To pay for its asset purchase, the bank types a $1000 credit into the borrower’s deposit account.The credit adds $1000 of spendable, investible credit-money into the debtor’s deposit account. The promissory note adds $1000 to the debtor’s loan account balance. The bank types +$1000 into the debtor’s deposit account, and -$1000 into the debtor’s loan account, which creates $1000 of new money and $1000 of new devbt.The debtor’s new deposit account balance is the bank’s new balance sheet deposit liability. The debtor’s new loan account balance is the bank’s new balance sheet earning asset. Debtors and their creditor-banks create new deposit account money and new loan account debt by “expanding bank balance sheets” with new deposit liabilities (money liabilities; payable in government-printed cash money, and in central bank-created reserve account balances) and = new debt-assets.Debtors spend the deposit account money and owe the loan account debt and bond debt. Payees — recipients of the debtors’ spending of the new money — earn the new money as “their” deposit account balances. So borrowers/spenders “owe” all the loan account and bond debt, and payees/earners “own” all the deposit account money supply.Debtors need to earn all of the deposit account money supply “back”, to repay their bank loans. But most of the money supply ends up being earned by “savers” who “keep” rather than “spend” their deposit account balances. So debtors “can’t” earn back the money, and debtors can’t repay their bank loans: because the people who earned and now have all the deposit account money are “saving it”.The commercial bank balance sheet money supply system “can’t work”. Which is why it doesn’t work. It collapses, and has to be bailed out.About 3–5% of the economy’s total spendable, investible and earnable, savable money supply exists in the form of government-printed banknotes and government-minted coins. 95–97% of all “money” is commercial bank-created credit/debt, not government-issued “money”.Almost all of the cash part of the economy’s money supply exists in peoples wallets and in businesses’ cash drawers and safes. This money is continuously spent-earned in the producer-consumer economy’s buy-sell, spend-earn stream.Cash money in banks is not part of “the economy’s” money supply. Cash in a bank’s vault, cash drawers and ATMs (along with the bank’s reserve account balance in its central bank reserve account) is the bank’s money assets: the bank’s “liquidity”.About 20% of the total deposit account money supply exists in people’s and businesses’ commercial bank checking accounts. This is also money that is continously spent-earned in the producer-consumer economy’s buy-sell, spend-earn stream.So about 23–25% of the total money supply is being “spent-earned”, so debtors could theoretically earn all that money, and use it to paydown their bank loans. Banks’ expanded balance sheets would be “reduced” by about 20%: the deposit account money and loan account debt cancel each other out — are “extinguished” — when debtors repay their bank loans. Banks’ deposit liabilities and earning assets are reduced by bank loan repayments.But the producer-consumer economy would have no “money” to conduct its buy-sell, spend-earn, payer-payee transactions. The only money left would be household and corporate “savings”. If savers spent down their savings, then the producer-consumer economy could go to work again, to pay-earn the newly re-circulated savings.DEposit account balances comprise almost all money. You spend deposit account money by debit card, online banking, check, wire transfer, etc. And you earn deposit account money by check or direct deposit into your commercial bank deposit account.{Savers have collectively transferred about 17% of the deposit account money supply out of their commercial bank accounts, into their brokerage accounts in the savings-funded capital markets financial system where the savings become “capital” and savers become capitalist “investors” who buy bonds and stocks to earn the interest and dividend payments. This is the “money markets” money supply, which is spent buying investment assets. It is not spent in the producer-consumer economy, buying stuff that people and businesses work at producing “for sale”.}The central bank and the commercial banks operate the account money “payments system”. When you pay a bill by online banking, you authorize your bank to debit your deposit account balance; and you authorize the payee’s bank to credit the payee’s deposit account balance, in the amount of your payment. Nothing “moves”. Your spendable deposit account balance is reduced by the debit, and the payee’s spendable deposit account balance is increased by the credit. The whole process is accomplished by typing debits and credits into customers’ deposit accounts. Look at your bank statement, and you will see the debits column (your money-spending) and credits column (your money-receiving); and you deposit account “balance” at the bottom of the page. Your balance is your personal deposit account “money supply”.When deposits are paid from a customer of one bank to a customer of a different bank, an equal amount of reserves is paid from the payer bank’s reserve account into the payee bank’s reserve account. The central bank debits payer banks’ accounts and credits payee banks’ accounts. Many back and forth payments cancel each other out, so reserve account payments are lagged and aggregated, rather than done at the same time as deposit account payments.If your deposit account has an insufficient balance to debit, your attempt at payment out of your deposit account fails to “clear”. The payee is not paid. If your bank’s reserve account has an insufficient balance to debit (and if your bank can’t borrow excess reserves from other banks in the overnight market, or from the central bank’s lending facilities), then the bank-to-bank reserve payment fails to “settle”. In both cases, the payment is not made. Your deposit account balance no longer “works” as spendable “money”.“Illiquid” banks have no “base money” (reserves) in their central bank reserve account, to settle their customers’ deposit account payments. In 2008, due to massive mortgage loan defaults, and commercial banks’ derivative counterparty exposure (in the post Glass-Steagall deregulated banking environment): US and European banks suffered systemic liquidity failure.Banks’ earning assets — the defaulting mortgage loans — were not “earning”. They were delinquent, non-performing, defaulting, already defaulted. The millions of recently unemployed debtors had no money (income or savings) to pay their debts, so the banks couldn’t collect the credits they were “owed”. Banks found themselves holding literally 10s of trillions of uncollectable balance sheet assets.But the payees — real estate sellers who earned and now owned all the new deposit account money banks had created as “mortgage loans”, and debtors had borrowed and spent buying price-inflated real estate — still had all of their deposit account balances, which are their banks’ balance sheet deposit liabilities, payable with their bank’s “liquidity” (vault cash and reserve account balances).The banks needed liquidity. They couldn’t borrow it from other banks who still had sufficient liquidity, because nobody trusted each other’s solvency. Who will buy your portfolio of defaulting earning assets, and pay you enough base money to resolve your illiquidty?Central banks will. Just as commercial banks create deposits to purchase debt-assets; so central banks create reserves to purchase debt-assets. Central banks bought trillions of Treasury debt (bonds) and mortgage-backed securities (MBS) from the banks, and paid with newly created credits to the commercial banks’ reserve account balances. Central banks reliquified the commercial banking system. But restoring liquidity does not address the underlying insolvency problem.If a bank makes a $500,000 mortgage loan, based on an assessed real estate value of $550,000, the bank has $550,000 of “collateral assets” to back the new $500,000 debt-asset it purchased, and the new $500,000 deposit liability it created to pay for its asset purchase. If the debtor fails to repay the money (defaults), the bank can foreclose on the house and sell it, to get the money to writedown its balance sheet. But if bubble real estate prices have crashed and the sellable price of the collateral asset is now only $200,000, the bank has lost $300,000 and has to pay out of its loan loss reserves, then out of its capital reserves. Banks rapidly ran out of “their own money” (capital), and couldn’t cover all their bad loans.Mortgaged real estate lost 10s of trillions of ‘value’ (realistic sellable price) after the 2000s mortgage-inflated real estate price bubble burst. Millions of mortgage-debtors defaulted, and the “collectable” asset side of bank balance sheets collapsed by 10s of trillions. But the “payable” deposit liability side has not collapsed. Banks still “owe” their liquidty to their deposit account customers, who are holding 10s of trillions of deposit account balances.The banks owe trillions more payable deposit liabilities, than they have collectable earning assets. The banks are still trillions below $0 “insolvent”.To resolve 1930s banking system insolvency, 1000s of insolvent banks were taken into receivership. Their assets were sold, and the bankruptcy auction proceeds were paid out to the banks’ creditors. Deposit account customers are a bank’s largest class of “unsecured” creditors. Unsecured means you get paid “last” from the bankruptcy auctions, if there is any money left to pay you at all, after “senior” creditors get paid. Which there won’t be, because a 2000s law made derivatives counterparties “supersenior” creditors to commercial banks. And the banks owe far more trillions of derivative liabilities than they have sellable assets.In the 1930s, depositors’ account balances in bankrupt banks were simply written off, as the unpayable money liabilities of bankrupt banks. Depositors were dismayed to discover that their “money in the bank” is not actually “money”. It is the depositor’s money asset that is owed as the bank’s money liability. Banks couldn’t pay their money liabilities, so depositors lost all their “money in the bank”.But this time is different.Instead of letting insolvent banks fail, regulators will bail-in your deposit account balance, to reduce your bank’s unpayable deposit liabilities, and increase your bank’s paid-in capital. Banks will issue millions of new ownership shares, and regulators will use your deposit account balance to purchase those shares on your behalf. The bank gets your money as its capital; and you get shares in your (deeply insolvent) bank.Instead of “having money in the bank”, you will “own shares in the bank”. The bank’s money-debt to you (deposit liability) will be reduced when regulators pay (some or most of) your deposit account money to the bank to buy its new equity shares for you.This is the greatest risk still facing the world: systemic insolvency of the commercial banking system that creates virtually all of the world’s money supply as loans of bank credit, all of which is owed back to banks as debtors’ loan repayment debts and bond debts. When debtors can’t pay their creditor-banks, debtor-banks can’t pay their creditor-depositors. Game over, for the commercial bank balance sheet money supply system.Government-issued debt-free fiat money could solve the problem, but that’s heresy against the conventional (false) wisdom; and a direct threat to the bankers’ monopoly control of the global money-issuing system.

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