Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 61 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) 46 24. Financial Risk Management, continued Credit risk, continued Exposure to credit risk before collateral held or other credit enhancements, continued Credit quality by class of financial assets Loans and advances The credit quality of the loans and advances is managed through the prudent underwriting principles established by the Credit Union. Financial investments The Credit Union has principally invested in government bonds issued by the Government of Barbados which in the 2015 financial year was downgraded to a BB+ rating by Standard & Poors. During the year ended March 31, 2016, this rating was further downgraded to BB-. Cash resources The credit quality of financial institutions holding the Credit Union’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Credit Union places its cash resources with reputable financial institutions. The tables below show the credit quality and aging analysis by class of financial assets. 2016 Neither past due Past due but Individually nor impaired not impaired impaired Total Cash resources $ 102,162,229 - - 102,162,229 Financial investments: Held-to-maturity 29,074,183 - - 29,074,183 Loans and advances: Consumer 452,338,438 89,073,793 23,264,387 564,676,618 Mortgages 207,223,554 49,829,049 8,123,569 265,176,172 Business 1,623,572 1,547,167 304,396 3,475,135 Total $ 792,421,976 140,450,009 31,692,352 964,564,337