Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 52 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 40 17. Deposits (i) This amount comprises: 2016 2015 Saving deposits $ 400,347,839 375,188,937 Deposits payable on fixed date 589,014,050 495,917,980 Registered retirement savings plan deposits (a) 41,115,349 38,431,616 1,030,477,238 909,538,533 Interest payable 6,694,936 5,773,407 $ 1,037,172,174 915,311,940 (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, 2016 the minimum deposit rate was 2.0% (2015 - 2.5%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2016 2015 Personal $ 828,331,680 749,941,580 Commercial 202,145,558 159,596,953 $ 1,030,477,238 909,538,533 At March 31, 2016, deposits pledged as security for loans to members and not available for withdrawal totalled $283,398,239 (2015 - $229,404,306). The average yield of deposits during the year was 3% (2015 – 3.05%).