BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
40
17. Deposits
(i) This amount comprises:
2016
2015
Saving deposits
$ 400,347,839 375,188,937
Deposits payable on fixed date
589,014,050 495,917,980
Registered retirement savings plan deposits (a)
41,115,349 38,431,616
1,030,477,238 909,538,533
Interest payable
6,694,936 5,773,407
$ 1,037,172,174 915,311,940
(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, 2016 the minimum deposit rate was 2.0% (2015 - 2.5%).
(ii) Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2016
2015
Personal
$ 828,331,680 749,941,580
Commercial
202,145,558 159,596,953
$ 1,030,477,238 909,538,533
At March 31, 2016, deposits pledged as security for loans to members and not available for withdrawal
totalled $283,398,239 (2015 - $229,404,306). The average yield of deposits during the year was 3%
(2015 – 3.05%).
