BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
52
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
40
17. Deposits
(i) This amount comprises:
2015
2014
Saving deposits
$ 375,188,937 372,532,382
Deposits payable on fixed date
495,917,980 430,018,532
Registered retirement savings plan deposits (a)
38,431,616 32,182,431
909,538,533 834,733,345
Interest payable
5,773,407 4,318,550
$ 915,311,940 839,051,895
(a) The Group operates a registered retirement savings plan for the benefit of its members and
guarantees a minimum return on plan deposits of the higher of 5.0% and 1.0% above the minimum
deposit rate. At March 31, 2015 the minimum deposit rate was 2.5% (2014 - 2.5%).
(ii) Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2015
2014
Personal
$ 749,941,580 697,965,897
Commercial
159,596,953 136,767,448
$ 909,538,533 834,733,345
At March 31, 2015, deposits pledged as security for loans to members and not available for withdrawal
totalled $229,404,306 (2014 - $253,686,287). The average yield of deposits during the year was 3.05%
(2014 - 3.02%).
