NOTES TO THE FINANCIAL STATEMENTS AT 31ST DECEMBER, 2013
(continued)
17.
MEMBERS’ DEPOSITS
18.
2012
55,073,554
13,911,809
8,014,109
2,179,006
837,909
80,474
9,681
63,296
45,624,829
12,234,742
7,436,597
1,400,949
615,290
24,293
25,025
-
$80,169,838
Term deposits
Savings
Education savings plan
Retirement savings
Insurance and group life savings plan
Excel savings
Other deposits
Micro-finance savings
2013
$67,361,735
NON-INTEREST BEARING LIABILITIES
19.
2,667,146
704,868
995,118
-
2,278,555
553,556
1,349,442
900,190
$4,367,132
Interest payable
Sundry creditors and accruals
Other accounts payable
Due to ECHMB - Mortgages
$5,081,743
FINANCIAL RISK MANAGEMENT
The Credit Union’s activities expose it to the following risk from the use of financial instruments:
•
•
74
Credit risk
Liquidity risk
•
Currency risk
•
Interest rate risk
•
Operational risk
Risk management structure
The Board of Directors defines the overall risk profile of the Credit Union by approving its policies and guidelines, maximum
limits for exposure as well as for individual loans. The credit and finance