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Due to the lack of published statistical data and the lack of an active market for securities, Moody’s Investor’s Report dated on Sovereign default and recovery rates, 1983 to 2019 were used to provide the cumulative default rates (CDR) for categories of bonds similar to Barbados’.

This assessment on the Group’s debt securities measured at amortized utilized the following methodology as outlined below: An ECL assessment was performed at Maas required by IFRS 9. There were also improved cumulative default rates and recovery rates. (2019 - $22,59,971) inclusive of an ECL allowance of $387,859 (2019: $697,784).The reduction in ECL was attributed to the upgraded sovereign credit rating effective July 2019 from Caa3 to Caa1 affirming Barbados’ stable outlook. As at March 31, 2020, the Group held sovereign debt securities with a carrying value of $22,024,523. The Net Present Value (NPV) was calculated on each strip and was deducted from the carrying value to arrive at the loss on derecognition.

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The Central Bank of Barbados yield curve for these securities was compared with that of the Institute of Chartered Accountants of Barbados (ICAB) to arrive at the risk free rate used in the performance of this calculation. As a consequence, a derecognition assessment was carried out as at Octoon the principal and capitalized interest of the underlying investments. This taken together with the government’s decision to default on its foreign exchange commitments was considered by the Group as significant increase in credit risk. This analysis considered the fact that Standards and Poor’s raised its long term local currency sovereign credit rating on Barbados to “B-/B” from “SD” (Selective Default) on November 16, 2018. However, IFRS 9 requires that a further assessment of these securities be performed at each financial yearend until, time of maturity or sale of the investment. This resulted in a derecognition expense of $4,037,931 below their 2018 year end stated value. Financial Risk Management, continued 26.2 Credit risk, continued Assessment of sovereign debt securities, continued In keeping with the requirements of the IFRS 9 standard, the previous investments which were carried at amortized cost were derecognized and replaced by that of the new securities at their fair market value. Join numerous happy clients who are already completing legal templates from their homes.79 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended Ma(Expressed in Barbados dollars) 62 26.

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