Clause 14

replace the section heading with —“Provisions by banks and qualifying finance companies for impairment losses, etc., from non‑credit‑impaired loans and securities”;

in subsection (1), replace “the provision for doubtful debts arising from its loans and the provision for diminution in the value of its investments in securities, made in that basis period” with “provisions made in that basis period by the bank or qualifying finance company for impairment losses or expected credit losses arising from its loans or investments in securities, or both, where the loans or securities are not credit‑impaired (each called in this section provision for losses)”;

in subsections (2)(a) and (b) and (2B), replace “provisions” with “provisions for losses”;

in subsections (2A) and (2E), replace “provisions for doubtful debts arising from its loans and for the diminution in the value of its investments in securities,” with “provisions for losses”;

in subsection (2C)(a)(i) and (ii) and (b)(i) and (ii), replace “provisions made for expected credit losses arising” with “provisions for losses that are made for expected credit losses that arose”;

in subsection (2CA)(a) and (b), replace “provision made for expected credit losses of” with “provision for losses that are made for expected credit losses that arose from”;

in subsection (4A), replace paragraph (c) with —“(c)a provision for losses made for impairment losses or expected credit losses that arose from those loans or investments in those securities, is also transferred by the transferor to the transferee; and”;

in subsection (6A), replace “provision for doubtful debts arising from loans, or for diminution in the value of investments in securities,” with “provision for losses”;

in subsection (7), delete the definition of “provisions”; and

in subsection (7), replace the definition of “qualifying profit” with —“ “qualifying profit” means the net profit as shown in the audited accounts of the bank or qualifying finance company before deducting —

any provision for taxation;

any tax paid; and

any provision for losses;”.