Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 44 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) 33 16. Deposits This amount comprises: 2015 2014 Saving deposits $ 375,188,937 372,532,382 Deposits payable on fixed date 358,369,808 314,330,349 Registered retirement savings plan deposits (i) 38,431,616 32,182,431 771,990,361 719,045,162 Interest payable 3,125,924 2,721,668 $ 775,116,285 721,766,830 (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, 2015, the minimum deposit rate was 2.5% (2014 - 2.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2015 2014 Personal $ 749,941,580 697,965,897 Commercial 22,048,781 21,079,265 $ 771,990,361 719,045,162 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%). 17. Loans Payable Loans payable is comprised of the following: 2015 2014 National Insurance Board (i) $ 23,878,503 29,929,384 Housing Credit Fund (ii) 9,566,629 13,759,089 $ 33,445,132 43,688,473