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Use Proper Standards: PM Bainimarama

Prime Minister Voreqe Bainimarama has called for the highest standards of probity, accountability and good governance in all financial institutions. He made the remarks in his keynote address at the
06 Nov 2014 12:37
Use Proper Standards: PM Bainimarama

Prime Minister Voreqe Bainimarama has called for the highest standards of probity, accountability and good governance in all financial institutions.
He made the remarks in his keynote address at the 7TH Pacific Credit Union Technical Congress at the Novotel Suva Lami Bay yesterday.
Mr Bainimarama said the notion of credit unions being “organisations inspired by the community for the community” had taken root all over the world.
“My Government is a great supporter of empowering ordinary Fijians by providing them with access to affordable credit. You have been powerful allies in keeping our people from falling victim to rapacious money lenders.
“But we are equally insistent that credit unions are bound by the same high standards of governance and accountability that apply to other financial institutions,” he said.
He said Fiji had a patchy record in this regard, “as have some of its neighbours, not only with credit unions but the mainstream banking system.”
“So I believe my most important contribution to this event is to remind you all of what can go wrong if proper standards aren’t adhered to.
“And to remind you of your obligations not only to your members and their own fragile circumstances but your obligations to the countries in which you operate, such as Fiji.”
When he launched the Home Finance Company Bank he found himself also having to play the elephant in the room – the guy with the long memory. In that event he reminded everyone of what happened the last time Fijians had their own bank…. or the debacle of the National Bank of Fiji.
The elites robbed the piggy bank, he said.
The Government, he added, would have zero tolerance for any institution that failed to meet these standards.
“It will be ruthless in upholding the interests of shareholders, investors and the interests of our nation and its reputation in the international marketplace,” he said.
“Put simply: If you raid the piggy bank now, the elephant will step on you,” he said.
Feedback: maikab@fijisun.com.fj

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