63 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 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) 46 18. Deposits, continued (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2020 2019 Personal $ 1,252,679,748 1,142,018,623 Commercial 268,512,144 251,232,950 $ 1,521,191,892 1,393,251,573 At March 31, 2020, deposits pledged as security for loans to members and not available for withdrawal totalled $343,403,471 (2019 - $340,815,873). The average yield of deposits during the year was 1.91% (2019 – 2.40%). 19. Loans Payable Loans payable is comprised of the following: 2020 2019 Housing Credit Fund (i) - 11,967,302 ECHMB (ii) 1,341,586 1,552,874 $ 1,341,586 13,520,176 (i) The Housing Credit Fund with a total balance of $11,967,302 at March 2019 were repaid. These while eliminated of consolidation are due from the subsidiary over a 10 year period. The interest rate on the new loan at year end was 1.5% (2019 – 3.00%). (ii) 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 13. 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, 2020 and 2019.
RkJQdWJsaXNoZXIy MTA2MDM=