page 101 Bombardier Inc. Annual Report 2003-04 NOTE 4. FINANCE RECEIVABLES (CONT ’ D) 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. Changes in the allowance for credit losses were as follows as at January 31: 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. The geographic distribution of finance receivables before allowance for credit losses was as follows as at January 31: No single customer represented more than 10% of BC’s finance receivables as at January 31, 2004 and 2003. 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.  Securitizations and other transfers of receivables Geographic distribution Allowance for credit losses Credit facilities 2004 2003 Balance at beginning of year $ 151 $ 273 Provision for credit losses 81 120 Amounts charged off – net of recoveries (141) (234) Effect of foreign currency exchange rate changes (15) (8) Balance at end of year $7 6 $ 151 2004 WESTERN CANADA UNITED STATES EUROPE OTHER TOTAL Loans $4 9 $ 1 , 270 $ 17 $ 23 $1,359 Receivables 400 2,152 2 4 2,558 Lease receivables 54 155 2 96 307 $503 $3,577 $ 21 $ 123 $4,224 2003 WESTERN CANADA UNITED STATES EUROPE OTHER TOTAL Loans $128 $2,231 $207 $ 57 $2,623 Receivables 774 2,897 310 11 3,992 Lease receivables 62 247 106 134 549 $964 $5,375 $623 $ 202 $7,164