BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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16. Deposits
This amount comprises:
2013
2012
Saving deposits
$ 368,581,768 358,936,693
Deposits payable on fixed date
273,243,832 261,151,315
Registered retirement savings plan deposits (i)
27,944,200 24,257,386
669,769,800 644,345,394
Interest payable
2,633,545 2,089,842
$ 672,403,345 646,435,236
(i)The Credit Union 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% or 1.0% above the minimum
deposit rate. At March 31, 2013 the minimum deposit rate was 2.5% (2012 - 2.5%).
Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2013
2012
Personal
$ 643,296,073 609,403,275
Commercial
26,473,727 34,942,119
$ 669,769,800 644,345,394
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%).
17. 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)
14,647,241 15,535,393
$ 55,432,374 59,661,007
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
