Separate Annual Report 2021

84 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 62 23. Financial Risk Management, continued Credit risk, continued The collateral value expressed as a percentage of the carrying value was 68.3 percent (2020: 74.4 percent). Assets obtained by taking possession of collateral Details of financial and non-financial assets obtained by the Credit Union during the year by taking possession of collateral held as security against loans and advances and held at the year-end are shown below. 2021 2020 Collateral repossessed during the year and held at year-end $ 9,435,521 3,138,302 $ 9,435,521 3,138,302 Financial investments Assessment of corporate investments (term deposits) Due to limited published market data for term deposits, the Credit Union's internally developed model using published credit rating scores for similar investees and / or Moody's published statistics was used to determine the Probability of Default (PD) rates and Loss Given Default (LGD) applied in the Estimated Credit Losses (ECL) on term deposits. The Credit Union currently has $36,863,088 (2020: $33,873,871) in corporate term deposits which were assessed on an entity level. Currently, these investments are held in entities which are either regulated by the Central Bank of Barbados or Financial Services Commission as per Section 34A of the Co-operative Societies Act.