BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 72 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 40 12. Financial Investments Financial investments comprise: 2022 2021 Debt securities: Amortized cost Sovereign bonds $ 28,139,337 27,512,007 Interest receivable 1,522 321,271 Gross debt securities 28,140,859 27,833,278 Less: expected credit loss allowance (6,387) (19,539) Total debt securities $ 28,134,472 27,813,739 Equities securities: FVOCI Corporate equity - quoted $ 1,281,395 1,219,276 Corporate equity - unquoted 2,577,438 2,919,226 Total equity securities $ 3,858,833 4,138,502 Total financial investments $ 31,993,305 31,952,241 During the year ended March 31, 2022, interest rates varied from 1.0% to 8.0% per annum (2021- 1.0% to 8.00%) per annum. Investments include treasury bills and notes of $7,327,902 (2021 - $3,845,781) 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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