When calculating the lending limits for a Director, can we exclude any loans that were extended prior to them being appointed? I know that there is an exception for Executive Officers, but I can't seem to find the same exception for Directors.

Thanks!

As far as terms and conditions, etc. Yes. As far as reporting, no.

The indivudual lending limits for directors are no different than anyone elses.

Are you talking aggegate lending limits??

Yes, I'm asking about the aggregate lending limits. Do we calculate all outstanding loans, or just the loans extended after they become a director?

I have not seen a specific ruling, but it would probably be treated like all the other grandfather provisions. The current over the limit situation is not a factor, however, no new actions can be taken without bringing the non-conforming situation into confomance. This would mean no new director loans to any director until you were back under the limit. A call to your regulator may be in order to get a current opinion.