BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
64
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)
52
25. Financial Risk Management…(continued)
25.2
Credit risk...(continued)
Aging analysis of past due but not impaired loans and advances:
2015
1-30 days
31-60 days
61-90 days
Total
Loans and advances:
Consumer
$ 51,461,060
15,858,910
3,435,488
70,755,458
Mortgages
24,845,924
5,150,805
2,815,443
32,812,172
Business
991,501
182,012
28,034 1,201,547
Total
$ 77,298,485
21,191,727
6,278,965 104,769,177
2014
1-30 days
31-60 days
61-90 days
Total
Loans and advances:
Consumer
$ 46,809,759
17,681,129
3,646,138
68,137,026
Mortgages
23,767,045
6,063,700
2,538,375
32,369,120
Business
809,638
599,402
126,189 1,535,229
Total
$ 71,386,442
24,344,231
6,310,702 102,041,375
Impairment assessment
For accounting purposes, the Group uses an incurred loss model for the recognition of losses on
impaired financial assets. This means that losses can only be recognised when objective evidence of a
specific loss event has been observed. Triggering events include the following:
-
Significant financial difficulty of the customer.
-
A breach of contract such as a default of payment.
-
Where the Group grants the customer a concession due to the customer experiencing
financial difficulty.
-
It becomes probable that the customer will enter bankruptcy or other financial reorganisation.
-
Observable data that suggests that there is a decrease in the estimated future cash flows from
the loans.
