Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 53 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 38 12. Financial Investments Financial investments comprise: 2019 2018 Debt securities Amortized cost (2018 – Held to maturity) Sovereign bonds $ 19,921,603 25,618,465 Interest receivable 210,815 374,889 20,132,418 25,993,354 Amortized cost (2018 – Loans and receivables) Sovereign bonds 3,095,208 3,867,227 Interest receivable 129 91,174 3,095,337 3,958,401 Gross debt securities 23,227,755 29,951,755 Less: expected credit loss allowance (697,784) - Total debt securities $ 22,529,971 29,951,755 Equities securities FVOCI (2018 - Available for sale) Corporate equity $ 2,177,258 1,941,595 FVTPL Corporate equity 884,496 778,079 $ 25,591,725 32,671,429 During the year ended March 31, 2019, interest rates varied from 1.00% to 8.00% per annum (2018 – 4.25% to 8.50% per annum Investments include treasury bills and notes of $2,534,447 (2018 - $3,150,000) held as a result of a subsidiary’s regulatory requirement to maintain 1.50% total domestic deposits as a statutory reserve.