BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
56
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)
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24. Financial Risk Management…(continued)
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
15,853,922
3,435,488
70,750,470
Mortgages
24,330,240
4,981,505
2,603,543
31,915,288
Business
991,501
182,012
28,034 1,201,547
Total
$ 76,782,801
21,017,439
6,067,065 103,867,305
2014
1-30 days
31-60 days
61-90 days
Total
Loans and advances:
Consumer
$ 46,745,177
17,624,391
3,619,939
67,989,507
Mortgages
25,193,629
6,063,700
2,538,375
33,795,704
Business
809,638
599,402
126,189
1,535,229
Total
$ 72,748,444
24,287,493
6,284,503
103,320,440
Impairment assessment
For accounting purposes, the Credit Union 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 Credit Union 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.
