98 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 70 23 Financial risk management …continued Credit risk …continued Credit quality by class of financial assets Loans and advances The credit quality of the loans and advances is managed through the prudent underwriting principles established by the Credit Union. Financial investments The Credit Union has principally invested in government bonds issued by the Government of Barbados which in the 2022 financial year was rated by Standard & Poor’s as B-. During the financial year ended March 31, 2023, these bonds remained rated B-. Cash resources The credit quality of financial institutions holding the Credit Union’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Credit Union places its cash resources with reputable financial institutions. The tables below show the credit quality and aging analysis by class of financial assets. 2023 Neither past due nor impaired $ Past due but not impaired $ Individually impaired $ Total $ Cash resources 435,708,442 – – 435,708,442 Financial investments: Amortised cost 6,988,253 – 14,705,313 21,693,566 Loans and advances: Consumer 492,698,030 102,527,322 83,217,360 678,442,712 Mortgages 362,411,598 95,925,950 38,167,500 496,505,048 Business 1,282,979 1,649,846 1,338,990 4,271,815 Total 1,299,089,302 200,103,118 137,429,163 1,636,621,583
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