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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
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)
41
18. Loans Payable
Loans payable is comprised of the following:
2016
2015
National Insurance Board (i)
$ 14,895,558 25,929,471
Housing Credit Fund (ii)
24,310,401 26,105,471
ECHMB (iii)
1,805,371
-
$ 41,011,330 52,034,942
(i) During the financial year, the Credit Union repaid a 6 percent fixed rate loan which was acquired
from the National Insurance Board in January 2010 and was due to mature in February 2030.
The National Insurance Board loans amounting to $14,895,558 (2015 - $25,929,471), which were
acquired prior to March 31, 2011, are repayable over an average period of seventeen 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 5.25% to 6.00% (2015 - 5.25% to
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 3.00% (2015 - 4.25%).
(iii)
The Eastern Caribbean Home Mortgage Bank loan is comprised of cash proceeds from the
collateralized borrowing as discussed in Note 12.
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, 2016 and 2015.
