116 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 76 25 Financial Risk Management …continued 25.2 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 Group. Financial investments The Group has principally invested in government bonds issued by the Government of Barbados which were rated B- (2022 - B-) as per Standard & Poors. Cash resources The credit quality of financial institutions holding the Group’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Group places its cash resources with reputable financial institutions. The tables below show the credit quality by class of financial assets. Credit Quality Analysis 2024 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Loans and advances at amortised cost Current 1,004,331,800 – – 1,004,331,800 Overdue <30 days 175,228,208 – – 175,228,208 Overdue 31 days to 89 days – 38,673,410 – 38,673,410 Overdue over 90 days – – 207,634,813 207,634,813 Total gross loans 1,179,560,008 38,673,410 207,634,813 1,425,868,231
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