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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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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, 2014
(Expressed in Barbados dollars)
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15. Deposits
This amount comprises:
2014
2013
Saving deposits
$ 372,532,382 368,581,768
Deposits payable on fixed date
314,330,349 273,243,832
Registered retirement savings plan deposits (i)
32,182,431 27,944,200
719,045,162 669,769,800
Interest payable
2,721,668 2,633,545
$ 721,766,830 672,403,345
(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, 2014, the minimum deposit rate was 2.5% (2013 - 2.5%).
Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2014
2013
Personal
$ 697,965,897 643,296,073
Commercial
21,079,265 26,473,727
$ 719,045,162 669,769,800
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%).
16.
Loans Payable
Loans payable is comprised of the following:
2014
2013
National Insurance Board (i)
$ 29,929,384
40,785,133
Housing Credit Fund (ii)
13,759,089 14,647,241
$ 43,688,473 55,432,374