Loans are made by FC Marketplace, LLC, and loans to California residents are made pursuant to its California Financing License (No. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Things to look out for will be: As they continue to grow this year, Fran and the team will be joined in by 3 new team members in the London and Northern regions. As the vehicle is consolidated, the Group's holding is eliminated on consolidation. The Group considers the large majority of this fair value movement is attributable to Covid-19. The estimated fair value and carrying amount of the investment in SME loans (securitised) was GBP419.4 million at 30 June 2020 (31 December 2019: GBP366.6 million). The following are the key sources of estimation uncertainty that the Directors have made in the process of applying the Group's accounting policies and have the most significant effect on the amounts recognised in the financial statements. Interest on cash and cash deposit balances are subject to movements in Libor. Critical judgements represent key decisions made by management in the application of the Group accounting policies. Investment in SME loans (warehouse) and investment in SME loans (securitised) relate to the underlying pool of SME loans in both the warehouse and securitisation vehicles. Overall, it is estimated that a similar level of stress will occur in the US and UK over the coming years. Funding Circle requires at least two years in business and a minimum FICO credit score of 620. Cash payments associated with these items totaled GBP2.4 million to 30 June 2020. Distributed by Public, unedited and unaltered, on 24 September 2020 06:39:09 UTC In the six month period, the horizontal securitisation generated investment AEBITDA of negative GBP40m comprising GBP21m investment Income minus GBP61m fair value adjustments. The Group's finance department performs the valuations of financial assets and liabilities required for financial reporting purposes, including Level 3 fair values. 2019 was an amazing year for the Partnerships team, they helped facilitate over £65 million to over 600 businesses. The Directors are responsible for the maintenance and integrity of the Company's website. The Group's exposure to ABS products resulted in significant fair value losses as detailed below. Originations totalled GBP662m, down 17% on H1 2019 reflecting the two month period where limited loans were originated. Based on the internal reporting information and management structures within the Group, it has been determined that there are three geographic operating segments supported by two centralised cost segments. Financial risks arising from financial instruments are analysed into credit risk, liquidity risk, market risk (including currency risk, interest rate risk and other price risk) and foreign exchange risk. In April 2020, the Group injected a further GBP0.4 million into the fund. During the six month period to June 2020, Funding Circle UK SME Direct Lending Fund I received additional committed capital from external investors of GBP30.0 million. H2 expectations are predicated on there being no further prolonged national lockdowns across our geographies and includes the expectation of ongoing government support for SMEs in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. Read more. The provision related to each loan arranged is based on the ECLs associated with the probability of default of that loan in the next 12 months unless there has been a significant increase in credit risk of that loan since origination.