BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
33
16. Deposits
This amount comprises:
2015
2014
Saving deposits
$ 375,188,937 372,532,382
Deposits payable on fixed date
358,369,808 314,330,349
Registered retirement savings plan deposits (i)
38,431,616 32,182,431
771,990,361 719,045,162
Interest payable
3,125,924 2,721,668
$ 775,116,285 721,766,830
(i) The Credit Union 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% or 1.0% above the minimum
deposit rate. At March 31, 2015, the minimum deposit rate was 2.5% (2014 - 2.5%).
Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2015
2014
Personal
$ 749,941,580 697,965,897
Commercial
22,048,781 21,079,265
$ 771,990,361 719,045,162
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%).
17. Loans Payable
Loans payable is comprised of the following:
2015
2014
National Insurance Board (i)
$ 23,878,503
29,929,384
Housing Credit Fund (ii)
9,566,629 13,759,089
$ 33,445,132 43,688,473
