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Security Standards Policy

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Security Standards Policy WBC.400.043.6558WBCAOO.043.6558 { STYLEREF "Title" } Policy Procedures Additional intoinfo 7.1 Security standards Table of contents Policy ..................................................... { SEQ Chapter_Chapter _ Toc459647973 \* ARABIC }-101}-1 01 Procedures ............................................ { SEQ Chapter_Chapter _ Toc459647974 \*ARABIC\* ARABIC }-201 Westpac .................................................... { SEQ Chapter_Chapter _ Toc459647975 \*ARABIC\* ARABIC }-201 St George Group ...................................... { SEQ Chapter_Chapter _ Toc459647976 \*ARABIC\* ARABIC }-204 Additional Information ......................... { SEQ Chapter_Chapter _ Toc459647977 \* ARABIC }-301 Westpac Group confidential 26 September 2014 Business Credit Manual Page { SEQ Chapter\c \* Arabic\*Arabic \* MERGEFORMAT }- 1 WBC.400.043.6559WBCAOO.043.6559 WBC.400.043.6560WBCAOO.043.6560 { STYLEREF "Title" } Policy Date last updated: 26 August 2016 Brand=Westpac;WestpacBrand=Westpac;Westpac commercial and regionai;SMEregional;SME Business;St George; Description Business exposures can be secured by any form of assets (e.g. cash deposit, residential, rural, commercial property, ongoing business assets) as detailed within this chapter. Refer to individual security policy within this chapter for details. SME Business Banking Facilities are to be secured by: .Cash•Cash deposit, residential, or non-specialised commercial property .Specialised•Specialised security if accompanied by an approved Out of Segment Ticket (OST) .As•As detailed in applicable Sector Policy or Product Policy .When•When lending to a company, obtain guarantees from directors (not required for public companies) .When•When lending to a sole director companies, also obtain guarantees from any major shareholders ·GSA.GSA security (unless detailed otherwise in applicable Sector policy or Product Policy): .For•For business TCE :::;$1 m the taking of a GSA is generally not required-required - unless considered necessary to capture cash flows within a highly complex business structure .For•For business TCE >$1m the taking of a GSA is preferable but not mandatory­ considerations include; the amount and type of exposure and the nature and structure of customers business. Justification for not taking a GSA is to be documented as part of the credit approval. Company borrowings When providing facilities to a proprietary company (see Lending to a company) on a going concern basis, the minimum security requirement is: .Directors•Directors guarantees, and .Registered•Registered General Security Agreement (GSA) to create a security interest over all assets and undertakings. Also consider: .Fully•Fully interlocking guarantees for group borrowings Westpac Group confidential { StyleRef "Issue Date" \* Business Credit Manual Page { SEQ Chapter\c \* MERGEFORMAT} Arabic\*Arabic \* MERGEFORMAT }- 1101 01 WBC.400.043.6561WBCAOO.043.6561 {styleref "Title" } .Registered•Registered Specific Security Agreement (SSA) of specific assets I/ major items of plant and equipment .Mortgage•Mortgage over leased premises (right of entry may be required). For sole director companies also consider obtaining guarantees from any major shareholders that are not a director. Itlt is generally not necessary to take a GSA where the business TCE does not exceed $1m and is fully secured by residential or non-specialised, commercial property). A Credit Officer can vary or waive this requirement. Note: A GSA may not provide priority over assets held by the grantor and subject to Retention of Title (ROT) or where third party security interests have been perfected under PPSA or PMSI i.e. serial numbered goods. Refer to 5.5 Personal Property Securities Act (PPSA) for further information. The requirement to obtain directors guarantees does not apply to a public company or to a large proprietary company with net tangible assets of four time's aggregate external borrowings. Be guided by Third party security/ guarantees when taking guarantees. Unsecured borrowings A Credit Officer can approve facilities to be either unsecured or partially secured after considering the: • Financial strength of the customer • Size and nature of the facilities to be provided • Customer's credit history, integrity and known behaviour. Account Managers may approve unsecured facilities under their CAL. Refer Account Manager CAL policy for details. Lending against second or subsequent mortgages Second (or subsequent) mortgage lending occurs when the Bank advances funds against a mortgage over a property or asset where a prior mortgage exists. This includes: • Prior mortgages held by another bank or finance company (e.g. NAB, Suncorp, Citibank) • Some consumer 'securitised' facilities provided by Westpac under The Mortgage Centre (TMC) process. Refer to Lending against second or subsequent mortgages within Procedures for details. Westpac Group confidential Page { SEQ Chapter\c \*Arabic\* Arabic Business Credit Manual { StyleRefStyle Ref "Issue Date" \* \* MERGEFORMAT }-1 02 MERGEFORMAT} WBC.400.043.6562WBCAOO.043.6562 { STYLEREF "Title" } Note: Post 1/12/08 St.8t. George Bank merger-merger - continue to treat Westpac and St.8t. George mortgages as separate security. The equity in one cannot be used to cover exposure to the other, without taking a specific second mortgage. (Note: Refer to VariationsVariations toto securitysecurity policy when we are consenting to a subsequent mortgage). Westpac Group confidential { StyleRef "Issue Date" \* Business Credit Manual Page { SEQ Chapter\c \* MERGEFORMAT} Arabic\*Arabic \* MERGEFORMAT }- 103 WBC.400.043.6563WBCAOO.043.6563 WBC.400.043.6564WBCAOO.043.6564 { STYLEREF "Title" } Procedures Date last updated: 26 August 2016 • WesWestpactpac • SStt GeoGeorgerge Group Westpac Brand=Westpac;WestpacBrand=Westpac;Westpac commercial and regionai;SMEregional ;SME Business;Business; Lending against second or subsequent mortgages Credit submission via TLA or Paper-based Deals TLA I TLW users Refer to the ''PriorPrior and Subsequent Charges'Charges' guide available from the TLA I TLW Support intranet site for assistance with creating second and subsequent charges in TLA. DealsOeals submitted via TLA I TLWwillTLWwili Conditionally Approve and route to the CDQCOQ where Westpac is not ranked as '1st' (and any prior encumbrance(s) is not a Westpac charge), for a charge offered in the deal. For TLA I TLW deals, BLO will attend to giving the prior mortgagee notice of our subsequent mortgage. Paper-based deals Where a deal is to be submitted outside TLA I TLW, you should discuss the proposed structure with a credit officer prior to submitting the deal where: • Reliance on a second (or subsequent) mortgage is greater than 50% LVR • Lending against a mortgage debenture with a prior charge. Calculation of lending value TLA will automatically calculate the lending value available for allocation to Westpac exposure(s) upon completion of the External Party Security Charge section within the deal. The lending value may also be manually calculated by following the process outlined in the table below. Where Westpac relies on a second or subsequent mortgage (i.e. prior mortgage(s) is lare/are to non-Westpac lenders), calculate the lending value as follows: Westpac Group confidential 4 October 2012 Business Credit Manual Page { SEQ Chapter\c \* Arabic\*Arabic \* MERGEFORMAT }- 201 WBC.400.043.6565WBCAOO.043.6565 {styleref "Title" } { Determine the property's market value in terms of Valuation policy within this manual. If a SEQ valuation report is required, refer to the Panel Valuers Manual for a list of approved Steps residential panel valuers or the Commercial Property Valuation Panel. \* MER GEF ORM AT} { Apply the appropriate Lending Value for the type of security to the market value, to SEQ determine lending value before deduction for the prior charge. Steps \* MER GEF ORM AT} { Determine the amount outstanding (use the greater of the amount outstanding or the limit SEQ I/ commitment if it is a revolving limit) on the prior mortgage(s). Deduct this amount from StepstheSteps the lending value. \* Account statements from the other lender should be obtained to verify current facility MER limits I/ balances. GEF ORM AT} { Increase the amount of prior charge I/ mortgage facility by 20% (as a buffer for accrued SEQ interest and costs). This increased amount is then deducted from the security lending Stepsvalue to determine the lending value available to secure Westpac facilityliesfacility/ies Base the \* calculation on the greater of the facility limit or the total balance outstanding. MER GEF ORM AT} { The result is the lending value available for allocation to Westpac exposure(s). SEQ Steps \* MER GEF ORM AT} Worked example Presentation in a table is not required. Westpac Group confidential Page { SEQ Chapter\c \*Arabic\* Arabic Business Credit Manual 4 October 2012 \* MERGEFORMAT }-202 WBC.400.043.6566WBCAOO.043.6566 { STYLEREF "Title" } 1 Residential property with current market value of $350,000. $350,000 2 LVR is 80% therefore lending value of this property before prior $280,000 charge is: 3 Outstanding amount on prior mortgage is: $150,000 ($180,000) 20% buffer for accrued interest & costs is: $ 30,000 Total deduction for prior mortgage is: 4 Lending value available after deduction for prior mortgage is: $100,000 Recording of security Description of security assessment Record details of security assets and the assessed lending value on the appropriate security schedule. Note: These provisions are not applicable for facilities
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