Monday, April 22, 2024

Cops’ borrowing for funerals up

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Police officers have been borrowing a lot less from their credit union for weddings and a lot more for funerals.And while they are not known to be tight-fisted, their borrowing for Christmas shopping in the financial year that ended March 31 also took a dive.The just-released 2010 annual report of the Barbados Police Co-operative Credit Union Limited (BPCCU) showed that, compared to the 2008-09 financial year, the credit union members’ borrowing for Christmas shopping was down $4 700 and loans for weddings dropped by $38 900.Borrowings for funerals rose by almost $64 000.According to the credit union, Christmas expenses dropped from $8 200 in 2009 to $3 500; wedding loans fell from $88 400 to $49 500; and loans for funerals climbed from $36 000 to $99 993.Loans in 2009-10 totalled $6.7 million, an increase on the  $4.03 million for the previous year.The major portion of the loans went to buying land ($1.3 million), to home improvements ($1.1 million), construction ($954 638) and vehicle purchases ($716 309).The BPCCU has just over 1 000 members and assets of $20 million.The credit union registered an increase in net income (to $278 154) and overall assets but faced challenges with non-payment of loans, reduced membership and members’ withdrawal of “unencumbered savings”, including demand deposits, Alleyne said. (TY)

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