BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 50 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 33 12. Financial Investments Financial investments comprise: 2020 2019 Debt securities: Amortized cost Sovereign bonds $ 22,354,132 23,016,811 Interest receivable 58,250 210,944 Gross debt securities 22,412,382 23,227,755 Less: expected credit loss allowance (387,859) (697,784) Total debt securities $ 22,024,523 22,529,971 Equities securities: FVOCI Corporate equity - quoted $ 1,637,849 1,858,693 Corporate equity - unquoted 1,733,807 1,203,061 Total equity securities $ 3,371,656 3,061,754 Total financial investments $ 25,396,179 25,591,725 During the year ended March 31, 2020, interest rates varied from 0.50% to 8.00% per annum (2019 – 1.00% to 8.00% per annum Investments include treasury bills and notes of $3,845,781 (2019 - $2,534,447) held as a result of a subsidiary’s regulatory requirement to maintain 1.50% total domestic deposits as a statutory reserve.
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