BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 68 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 41 12. Financial Investments Financial investments comprise: 2021 2020 Debt securities: Amortized cost Sovereign bonds $ 27,512,007 22,354,132 Interest receivable 321,271 58,250 Gross debt securities 27,833,278 22,412,382 Less: expected credit loss allowance (19,539) (387,859) Total debt securities $ 27,813,739 22,024,523 Equities securities: FVOCI Corporate equity - quoted $ 1,219,276 1,637,849 Corporate equity - unquoted 2,919,226 1,733,807 Total equity securities $ 4,138,502 3,371,656 Total financial investments $ 31,952,241 25,396,179 During the year ended March 31, 2021, interest rates varied from 1.0% to 8.0% per annum (2020 – 0.50% to 8.00%) per annum Investments include treasury bills and notes of $3,845,781 (2020 - $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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