Consolidated Annual Report 2017

55 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2017 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) 43 18. Loans Payable Loans payable is comprised of the following: 2017 2016 National Insurance Board (i) $ 1,079,155 14,895,558 Housing Credit Fund (ii) 19,571,153 24,310,401 ECHMB (iii) 1,672,857 1,805,371 $ 22,323,165 41,011,330 (i) The National Insurance Board loans amounting to $1,079,155 (2016 - $14,895,558), which were acquired prior to March 31, 2011, are repayable over an average period of seventeen years and are secured by an equivalent value of first legal mortgages over residential properties funded by the loan proceeds. The interest rates on these loans ranged from 5.25% to 6.00% (2016 - 5.25% to 6.00%) at year end. During the financial year, the Credit Union fully repaid its loans which were acquired from the National Insurance Board in January 2010 and were due to mature in February 2030. (ii) The Housing Credit Fund loans are repayable over twenty-five years and are secured by an equivalent value of first legal mortgages over residential properties. The interest rate on all loans at year end was 3.00% (2016 – 3.00%). (iii) The Eastern Caribbean Home Mortgage Bank loan is comprised of cash proceeds from the collateralized borrowing as discussed in Note 12. The Group has not had any defaults of principal, interest or other breaches with respect to its loans payable during the years ended March 31, 2017 and 2016.