Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 52 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 40 17. Deposits (i) This amount comprises: 2015 2014 Saving deposits $ 375,188,937 372,532,382 Deposits payable on fixed date 495,917,980 430,018,532 Registered retirement savings plan deposits (a) 38,431,616 32,182,431 909,538,533 834,733,345 Interest payable 5,773,407 4,318,550 $ 915,311,940 839,051,895 (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, 2015 the minimum deposit rate was 2.5% (2014 - 2.5%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2015 2014 Personal $ 749,941,580 697,965,897 Commercial 159,596,953 136,767,448 $ 909,538,533 834,733,345 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%).