Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 63 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 48 18. Loans Payable Loans payable is comprised of the following: 2018 2017 National Insurance Board (i) $ 553,707 1,079,155 Housing Credit Fund (ii) 13,071,499 19,571,153 ECHMB (iii) 1,604,592 1,672,857 $ 15,229,798 22,323,165 (i) The National Insurance Board loans amounting to $553,707(2017 - $1,079,155), 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% (2017 - 5.25% to 6.00%) at year end. (ii) A subsidiary has loans with the Housing Credit which 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% (2017 – 3.00%). During the year, the Credit Union fully repaid the remainder of its loans with the Housing Credit Fund (iii) A subsidiary has taken a loan with Eastern Caribbean Home Mortgage Bank which is comprised of cash proceeds from the collateralized borrowing as discussed in note 12. The Group has not had any defaults of principal and interest repayment or any other breaches with respect to its loans payable during the years ended March 31, 2018 and 2017.