BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
61
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)
46
24. Financial Risk Management,
continued
Credit risk,
continued
Exposure to credit risk before collateral held or other credit enhancements,
continued
Credit quality by class of financial assets
Loans and advances
The credit quality of the loans and advances is managed through the prudent underwriting principles
established by the Credit Union.
Financial investments
The Credit Union has principally invested in government bonds issued by the Government of Barbados
which in the 2015 financial year was downgraded to a BB+ rating by Standard & Poors. During the year
ended March 31, 2016, this rating was further downgraded to BB-.
Cash resources
The credit quality of financial institutions holding the Credit Union’s cash resources is assessed
according to the level of their credit worthiness and by comparison to other financial institutions. The
Credit Union places its cash resources with reputable financial institutions.
The tables below show the credit quality and aging analysis by class of financial assets.
2016
Neither past due Past due but
Individually
nor impaired not impaired
impaired
Total
Cash resources
$ 102,162,229
-
-
102,162,229
Financial investments:
Held-to-maturity
29,074,183
-
-
29,074,183
Loans and advances:
Consumer
452,338,438 89,073,793 23,264,387 564,676,618
Mortgages
207,223,554 49,829,049 8,123,569 265,176,172
Business
1,623,572 1,547,167
304,396 3,475,135
Total
$ 792,421,976 140,450,009 31,692,352 964,564,337
