Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 65 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) 50 18. Deposits (i) This amount comprises: 2019 2018 Saving deposits $ 515,756,546 472,412,743 Deposits payable on fixed date 832,380,932 736,961,939 Registered retirement savings plan deposits (a) 45,114,095 44,764,805 1,393,251,573 1,254,139,487 Interest payable 6,822,808 5,782,758 $ 1,400,074,381 1,259,922,245 (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, 2019, the minimum deposit rate was 1.25% (2018 – 1.25%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2019 2018 Personal $ 1,142,018,623 1,023,487,304 Commercial 251,232,950 230,652,183 $ 1,393,251,573 1,254,139,487 At March 31, 2019, deposits pledged as security for loans to members and not available for withdrawal totalled $340,815,873 (2018 - $321,699,755). The average yield of deposits during the year was 2.40% (2018 – 2.50%).