Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 56 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 42 16. Deposits (i) This amount comprises: 2014 2013 Saving deposits $ 372,532,382 368,581,768 Deposits payable on fixed date 430,018,532 371,799,610 Registered retirement savings plan deposits (a) 32,182,431 27,944,200 834,733,345 768,325,578 Interest payable 4,318,550 3,994,762 $ 839,051,895 772,320,340 (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, 2014 the minimum deposit rate was 2.5% (2013 - 2.5%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2014 2013 Personal $ 697,965,897 643,296,073 Commercial 136,767,448 125,029,505 $ 834,733,345 768,325,578 At March 31, 2014, deposits pledged as security for loans to members and not available for withdrawal totalled $253,686,287 (2013 - $252,058,172). The average yield of deposits during the year was 3.02% (2013 - 3.04%).