Non-Consolidated Annual Report 2017

63 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 48 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 2016 financial year was downgraded to a BB+ rating by Standard & Poors. During the year ended March 31, 2017, this rating was further downgraded to CCC+. 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. 2017 Neither past due Past due but Individually nor impaired not impaired impaired Total Cash resources $ 94,019,618 - - 94,019,618 Financial investments: Held-to-maturity 28,536,207 - - 28,536,207 Loans and advances: Consumer 494,665,078 98,001,985 26,862,387 619,529,450 Mortgages 227,303,743 58,814,347 8,482,651 294,600,741 Business 1,517,636 1,939,466 333,017 3,790,119 Total $ 846,042,282 158,755,798 35,678,055 1,040,476,135