BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
64
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)
52
25. Financial Risk Management,
continued
25.2 Credit risk,
continued
Aging analysis of past due but not impaired loans and advances:
2016
1-30 days 31-60 days 61-90 days Over 90 days
Total
Loans and advances:
Consumer
$ 70,057,917 24,737,853 5,557,450 11,584,529 111,937,749
Mortgages
50,811,153 20,581,322 4,725,521 32,986,590 109,104,586
Business
1,018,186
186,519
-
342,462 1,547,167
Total
$ 121,887,256 45,505,694 10,282,971 44,913,581 222,589,502
2015
1-30 days 31-60 days 61-90 days Over 90 days
Total
Loans and advances:
Consumer
$ 61,091,423 17,863,386 3,452,289 13,225,041 95,632,139
Mortgages
51,174,355 11,082,816 2,740,710 28,811,695 93,809,576
Business
991,501
182,012
28,034
312,287 1,513,834
Total
$ 113,257,279 29,128,214 6,221,033 42,349,023 190,955,549
Impairment assessment
For accounting purposes, the Group 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 Group 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.
