Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2017 54 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 42 17. Deposits (i) This amount comprises: 2017 2016 Saving deposits $ 438,019,455 400,347,839 Deposits payable on fixed date 651,483,711 589,014,050 Registered retirement savings plan deposits (a) 42,760,928 41,115,349 1,132,264,094 1,030,477,238 Interest payable 6,222,052 6,694,936 $ 1,138,486,146 1,037,172,174 (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 5.00% and 1.00% above the minimum deposit rate. At March 31, 2017 the minimum deposit rate was 1.50% (2016 - 2.00%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2017 2016 Personal $ 923,911,522 828,331,680 Commercial 208,352,572 202,145,558 $ 1,132,264,094 1,030,477,238 At March 31, 2017, deposits pledged as security for loans to members and not available for withdrawal totalled $302,834,542 (2016 - $283,398,239). The average yield of deposits during the year was 2.83% (2016 – 3.00%).