BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
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16. Deposits
This amount comprises:
2016
2015
Saving deposits
$ 400,347,839 375,188,937
Deposits payable on fixed date
418,230,494 358,369,808
Registered retirement savings plan deposits (i)
41,115,349 38,431,616
859,693,682 771,990,361
Interest payable
3,206,009 3,125,924
$ 862,899,691 775,116,285
(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, 2016, the minimum deposit rate was 2.0% (2015 - 2.5%).
Concentration of deposits
Deposits (excluding interest payable) comprised the following:
2016
2015
Personal
$ 828,331,680 749,941,580
Commercial
31,362,002 22,048,781
$ 859,693,682 771,990,361
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 3.0%
(2015 - 3.05%).
