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Commencement of Personal Property Securities Implementation

Yesterday work commenced on the implementation of the Personal Property Securities Act 2017. The Reserve Bank of Fiji (RBF) is supporting this work and this was acknowl­edged at an event
30 Oct 2018 09:50
Commencement of Personal Property Securities Implementation
From left: High Commissioner of Australia John Feakes, Reserve Bank of Fiji Governor Ariff Ali, High Commissioner of New Zealand Jonathan Curr and the Asian Development Bank (ADB) South Pacific Subregional Officer Regional director Masayuki Tachiiri

Yesterday work commenced on the implementation of the Personal Property Securities Act 2017. The Reserve Bank of Fiji (RBF) is supporting this work and this was acknowl­edged at an event organised by RBF and attended by the High Commissioner of Australia John Feakes, Reserve Bank of Fiji Governor Ariff Ali, High Commissioner of New Zealand Jonathan Curr and the Asian Development Bank (ADB) South Pacific Subregional Officer Regional director Masayuki Tachiiri.

The technical work will be completed through the ADB Private Sector Development Initia­tive (PSDI), a technical assistance facility co-financed by the Governments of Australia and New Zealand and ADB.

The implementation requires the design and build of an online registry which is planned for rollout in 2019. Once the registry is activated, lenders will be able to quickly and con­veniently secure their claim on non-land assets pledged by borrowers as collateral.

“Introducing a personal property securities registry will complete a new framework for lending that is safe, convenient, and sustainable”, said RBF Governor Ariff Ali”. Making movable collateral viable for lenders will result in the extension of credit to new categories of borrowers, help bridge the micro, small and medium enterprises finance gap and open up new opportunities for many alternative forms of credit. Governor Ali also thanked and acknowledged the support received from the ADB and the Australian and New Zealand Governments throughout the implementation process.

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