BOQ reclassifies home loan data

>Following the consolidation of the bank’s specialist ADI licence on 31 May 2015, BOQ said it conducted a review of its processes used to classify loans for regulatory reporting purposes in the BOQ Specialist business and identified a number of differences when compared to the bank’s own classification process.

“As such, a number of loans that were previously classified as ‘loans to non-financial corporations’ and ‘loans to households: other’ have been reclassified as ‘loans to households: housing – owner-occupied’ or ‘loans to households: housing – investment’ under BOQ’s regulatory reporting methodology,” the bank said in a statement to the ASX.

“These loans have been restated in BOQ’s June 2015 and July 2015 regulatory reporting. The reclassification will be carried forward in regulatory reporting from August 2015 onwards.”