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Banks should clearly document in collateral policies and procedures the types of collateral they accept and the process in respect of the appropriate amount of each type of collateral relative to the loan amount. Banks should classify the collaterals they accept as follows:
i.
Financial collateral - cash (money in bank accounts), securities (both debt and equity) and credit claims (sums owed to banks).
ii.
Immovable collateral - immovable object, an item of property that cannot be moved without destroying or altering it - a property that is fixed to the earth, such as land or a house.
iii.
Receivables - also referred to as accounts receivable, are debts owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.
iv.
Other physical collateral - physical collateral other than immovable property.
v.
Treating lease exposures as collateral - exposure arising from leasing transactions as collateralized by the type of property leased.
vi.
Other funded credit Protection - cash on deposit with, or cash assimilated instruments held by, a third party bank should come under this category.
vii.
Guarantee- is a promise from a bank, corporate, any other entity or individual, that the liabilities of a borrower will be met in the event of failure to fulfil contractual obligations.
