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)
39
24. Financial Risk Management…(continued)
Credit risk…(continued)
Aging analysis of past due but not impaired loans and advances:
2013
1-30 days
31-60 days
61-90 days
Total
Loans and advances:
Consumer
$ 46,331,063
11,185,911
4,120,175
61,637,149
Mortgages
22,771,341
6,774,495
3,563,579
33,109,415
Business
243,939
334,209
594,457
1,172,605
Total
$ 69,346,343
18,294,615
8,278,211
95,919,169
2012
1-30 days
31-60 days
61-90 days
Total
Loans and advances:
Consumer
$ 40,878,208
12,000,025
3,704,532
56,582,765
Mortgages
21,537,540
5,368,400
1,084,030
27,989,970
Business
913,394
185,871
133,883
1,233,148
Total
$ 63,329,142
17,554,296
4,922,445
85,805,883
Impairment assessment
For accounting purposes, the Credit Union uses an incurred loss model for the recognition of losses on
impaired financial assets. This means that losses can only be recognised when objective evidence of a
specific loss event has been observed. Triggering events include the following:
-
Significant financial difficulty of the customer.
-
A breach of contract such as a default of payment.
-
Where the Credit Union grants the customer a concession due to the customer experiencing
financial difficulty.
-
It becomes probable that the customer will enter bankruptcy or other financial
reorganisation.
-
Observable data that suggests that there is a decrease in the estimated future cash flows
from the loans.
48
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
