BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
51
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)
40
23. Commitments and Contingencies
(i) Loan commitments
2015
2014
Consumer loans approved and pending disbursement
$ 17,526,447
14,435,214
Mortgage loans approved and pending disbursement
21,008,905
14,036,169
Available balances on line of credit accounts
14,120,598
14,876,099
$ 52,655,950
43,347,482
(ii) Loan facilities
Loan facilities committed but not recognised in the financial statements as at March 31, 2015 are as
follows:
(a) an approved line of credit facility of $10,000,000 (2014 - $10,000,000) with a bank. This facility
is secured by a first legal mortgage over the property at Belmont Road. At March 31, 2015 this
facility was undisbursed.
(b) an approved line of credit facility of $125,000 (2014 - $125,000) with a bank for the purpose of
securing the corporate credits used by the Credit Union during the normal course of business.
This facility is secured by an equivalent value of held-to-maturity investments. The commitment
due on this facility at year end was $10,567 (2014 - $3,402).
(iii) Legal proceedings
At March 31, 2015, there were certain legal proceedings against the Credit Union. In view of the
inherent difficulty of predicting the outcome of such matters, the Credit Union cannot state what the
eventual outcome of such matters will be; however, based on current knowledge, the Credit Union
does not believe that liabilities, if any, arising from pending litigation will have a material adverse
effect on its financial position or results of operations.
