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NOTE 4. FINANCE RECEIVABLES (CONT ’ D) 

## Credit facilities 

BC has provided certain of its third-party customers with credit facilities totalling $652 million and $2,572 million US as at January 31, 2004 ($671 million and $2,519 million US as at January 31, 2003). The unused portion of these facilities amounted to $246 million and $950 mil- lion US as at January 31, 2004 ($168 million and $907 million US as at January 31, 2003). These credit facilities are generally committed for periods not exceeding one year. 

## Allowance for credit losses 

Changes in the allowance for credit losses were as follows as at January 31: 

<img src='content_image/8241.jpg'>

Impaired finance receivables amounted to $8 million and $93 million as at January 31, 2004 for continued and wind-down portfolios respectively ($40 million and $218 million respectively as at January 31, 2003). Repossessed assets amounted to $49 million and $31 million as at January 31, 2004 and 2003 respectively. 

## Geographic distribution 

The geographic distribution of finance receivables before allowance for credit losses was as follows as at January 31: 

<img src='content_image/8242.jpg'>

<img src='content_image/8243.jpg'>

No single customer represented more than 10% of BC’s finance receivables as at January 31, 2004 and 2003. 

## Securitizations and other transfers of receivables 

BC retains interests in the finance receivables sold to special-purpose entities (SPEs), amounting to $87 million as at January 31, 2004 ($114 million as at January 31, 2003). The retained interests are presented with the related finance receivable portfolios. BC was also servicing finance receivables sold to third parties related to its wind-down portfolios, amounting to $84 million as at January 31, 2004 ($179 million as at January 31, 2003). BC records fee income in connection with the retained servicing rights. 

