38
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
17. DEPOSITS
(i) This amount comprises:
2013
2012
Saving deposits
$ 368,581,768
358,936,693
Deposits payable on fixed date
371,799,610
348,427,679
Registered retirement savings plan deposits (a)
27,944,200
24,257,386
768,325,578
731,621,758
Interest payable
3,994,762
4,287,283
$ 772,320,340
735,909,041
(a) The Group operates a registered retirement savings plan for the benefit of its members and guarantees a minimum
return on plan deposits of the higher of 5.0% and 1.0% above the minimum deposit rate. At March 31, 2013 the
minimum deposit rate was 2.5% (2012 - 2.5%).
(ii) Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2013
2012
Personal
$ 643,296,073
614,893,840
Commercial
125,029,505
116,727,918
$ 768,325,578
731,621,758
At March 31, 2013, deposits pledged as security for loans to members and not available for withdrawal totalled
$252,058,172 (2012 - $266,020,146). The average yield of deposits during the year was 3.04% (2012 - 3.3%).
18. LOANS PAYABLE
Loans payable is comprised of the following:
2013
2012
National Insurance Board (i)
$ 40,785,133
44,125,614
Housing Credit Fund (ii)
33,691,014
35,974,916
$ 74,476,147
80,100,530
(i)
During the year ended March 31, 2011, the Group borrowed $15,000,000 from the National Insurance Board at a
fixed interest rate of 8.25% payable over ten years to finance the purchase of Clico Mortgage and Finance Corporation
(renamed Capita Financial Services Inc.) by its subsidiary BPW Financial Holdings Inc. This loan has been secured by a
mortgage assignment over the property at Broad Street stamped to cover $10,000,000 and an assignment of a treasury
note for $5,000,000 due to mature October 31, 2015. As at March 31, 2013, the remaining balance on this loan is
$12,217,257 (2012: $13,354,801).
The other National Insurance Board loans amounting to $28,567,876 (2012 - $30,770,813), which were acquired prior to
March 31, 2011, are repayable over an average period of twenty years and are secured by an equivalent value of first legal
mortgages over residential properties funded by the loan proceeds. The interest rates on these loans ranged from 5.50% -
6.00% (2012 - 5.50% - 6.00%) at year end.
(ii)
The Housing Credit Fund loans are repayable over twenty-five years and are secured by an equivalent value of first legal
mortgages over residential properties. The interest rate on all loans at year-end was 4.25% (2012 - 4.25%).
The Group has not had any defaults of principal, interest or other breaches with respect to its loans payable during the
years ended March 31, 2013 and 2012.
