Consolidated Annual Report 2015

67 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 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) 55 25. Financial Risk Management…(continued) 25.3 Liquidity risk and funding management...(continued) Liquidity Risk – Financial Liabilities 2015 Within Within Within Over 3 months 3 -12 months 1-5 years 5 years Deposits $ 491,809,391 114,652,342 321,594,032 67,606,246 9 Loans payable 1,316,027 3,879,035 22,705,506 48,615,783 Reimbursable shares - - 6,700,221 - Other liabilities 1,935,004 5,768,326 - 2,320,167 $ 495,060,422 124,299,703 350,999,759 118,542,196 1,0 2014 Within Within Within Over 3 months 3 -12 months 1-5 years 5 years Deposits $ 458,614,833 63,357,191 301,817,985 96,264,373 9 Loans payable 5,063,111 4,024,416 26,606,947 55,539,651 Reimbursable shares - - 5,351,432 - Other liabilities 2,014,516 7,396,216 - 2,543,327 $ 465,692,460 74,777,823 333,776,364 154,347,351 1,0 2015 Up to Within Within Over 3 months 3-12 months 1-5 years 5 years Total Deposits $ 491,809,391 114,652,342 321,594,032 67,606,246 995,662,011 Loans payable 1,316,027 3,879,035 22,705,506 48,615,783 76,516,351 Reimbursable shares - - 6,700,221 - 6,700,221 Other liabilities 1,935,004 5,768,326 - 2,320,167 10,023,497 $ 495,060,422 124,299,703 350,999,759 118,542,196 1,088,902,080 2014 Within Within Within Over 3 months 3 -12 months 1-5 years 5 years Total Deposits $ 458,614,833 63,357,191 301,817,985 96,264,373 920,054,382 Loans payable 5,063,111 4,024,416 26,606,947 55,539,651 91,234,125 Reimbursable shares - - 5,351,432 - 5,351,432 Other liabilities 2,014,516 7,396,216 - 2,543,327 11,954,059 $ 465,692,460 74,777,823 333,776,364 154,347,351 1,028,593,998 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Not s to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 25. Financial Risk Management…(continued) 25.4 Market risk Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchange rates and equity prices. The Group is mainly exposed to interest rate risk. The Groupʼs exposure to currency risk is minimal as a result of the fixed rate of exchange between the Barbados and Eastern Caribbean dollar. Interest rate risk Interest rate risk is the risk of loss from the fluctuations in the future cash flows or fair values of financial instruments because of a change in market interest rates. It arises when there is a mismatch between interest-bearing assets and interest-bearing liabilities, which are subject to interest rate adjustments, within a specified period. It can be reflected as a loss of future net interest income and/or a loss of current market values. BARBADOS PUBLIC WORKERS' CO-OPERATIV CREDIT UNION LIMITED Notes to the Con lidated Financial Statements For the year ended M rch 31, 2015 (Expressed in Barba os dollars) 25. Financial R sk M nagement…(conti ued) 25.4 Market risk Market risk is th i that the fair valu or future cash flows of financial instruments will fluctuate due to changes in m rk t variables such as interest rates, foreign exchan e rates and equity pric s. The Group is mainly exposed to inter st rate risk. The Groupʼs xp s re to currency risk is minimal as a result of the fixed rat of xchange between th Barbados and Eastern Caribb an dollar. Interest rate risk Interest rate risk is th i of loss from the fluctua ions in the future cash flows or fair values of fin ncial instruments because of a change in m rket i terest rates. It a is when th re is a mismatch between interest-bearing ass ts and int rest-bearing lia ilities, which are subject to interest rate adjustm nts, within a specified period. It can be reflected as a loss of future net inter st income and/or a loss of current market values.