Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 50 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 34 16. Deposits This amount comprises: 2016 2015 Saving deposits $ 400,347,839 375,188,937 Deposits payable on fixed date 418,230,494 358,369,808 Registered retirement savings plan deposits (i) 41,115,349 38,431,616 859,693,682 771,990,361 Interest payable 3,206,009 3,125,924 $ 862,899,691 775,116,285 (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, 2016, the minimum deposit rate was 2.0% (2015 - 2.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2016 2015 Personal $ 828,331,680 749,941,580 Commercial 31,362,002 22,048,781 $ 859,693,682 771,990,361 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 3.0% (2015 - 3.05%).