45
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)
The previous table represents the maximum credit risk exposure of the Group as of March 31, 2013 and March 31, 2012,
without taking account of any collateral held or other credit enhancements attached. For on-balance sheet assets, the exposures
set out above are based on net carrying amounts as reported in the balance sheet.
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 in the 2012 financial year
maintained a BBB rating by Standard & Poors. During the year ended March 31, 2013, this rating was downgraded to BB+.
Cash and balances with Central Bank
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 and aging analysis by class of financial assets.
2013
Neither past due Past due but Individually
nor impaired not impaired
impaired
Total
Cash resources
$ 117,433,453
117,433,453
Financial investments:
Held to maturity
16,377,955
16,377,955
Loans and receivables
3,272,398
3,272,398
Loans and advances:
Consumer
382,784,145
61,810,349
33,642,427
478,236,921
Mortgages
245,912,283
33,457,415
25,171,083
304,540,781
Business
7,450,989
1,172,605
717,336
9,340,930
Total
$ 773,231,223
96,440,369
59,530,846
929,202,438
2012
Neither past due Past due but Individually
nor impaired not impaired
impaired
Total
Cash resources
$ 102,900,958
-
-
102,900,958
Financial investments:
Held to maturity
11,317,370
-
-
11,317,370
Loans and receivables
4,214,891
-
-
4,214,891
Loans and advances:
Consumer
371,172,652
57,952,465
30,198,768
459,323,885
Mortgages
249,427,223
35,976,670
16,263,261
301,667,154
Business
1,859,698
1,233,148
534,718
3,627,564
Total
$ 740,892,792
95,162,283
46,996,747
883,051,822
Within the Group, past due but not impaired loans represents loans which are in arrears between 1 to 180 days where the
specific details on those loans indicate recovery is not at issue.
