Malaita bank concept explained

Auki provincial town of Malaita.
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ONE of the technical persons who will assist to establish the proposed Malaita Bank has explained the proposal behind the concept.

George Kosui confirmed on his social media page that the Malaita Bank proposal is an initiative of the Malaita Provincial Executive to work on a Financial Institution (Bank) to be established in the Solomon Islands, just like other foreign owned-banks operating in the country.

The former permanent secretary of Ministry of Commerce, Industries, Labour and Immigration, said similar to the other institutions, it will be owned by Malaita Province (Investment Authority) on behalf of the (Province) people of Malaita and operate just like other commercial banks.

“Like other banks, it will be supervised by CBSI as the Regulator.

“It is a prerequisite (minimum requirement) of the Regulator that banks including the proposed Malaita outfit have fit and proper Board and Management to manage/administer the institution,” he said.

The former banker said this initiative is the best option, considering foreign banks operating in the country using our money (deposits from the public – Malaitans and deposits from SINPF – reserves) that is currently used by foreign banks to lend to borrowers (locals).

Kosui said profits from the lending of the funds are sent overseas to those (shareholders) who own the banks. Foreigners use us (SI) as their financial hub for their own purposes.

He said now is the time to have our own bank, and this proposed initiative by the Executive is the way forward for financial progress and prosperity for individuals and business people in Malaita and Solomon Islands as a whole.

Kosui is expected to travel to Auki to join a working group going to set up by Malaita Provincial Government to drive the idea inorder to get a licence from Central Bank of Solomon Islands.

In addition, the Malaita Bank is one of the agendas endorsed by the Malaita Provincial Government in an extraordinary meeting last month.

Premier Daniel Suidani said it is high time that Malaita must establish its own financial institution to depend on.

The Premier told Solomon Star a task force has been appointed where he said by next week the task force should be working on the idea by persuading it forward.

The Premier also admitted that they are looking at getting Malaitans share out of the National Provident Fund (NPF) as stipulated under the Townsville Peace Agreement (TPA) as part of the decentralization of their share.

The Premier said it is time that Malaita should put all its resources together as it works towards being self-reliant.

The Premier said most members of NPF are Malaitans where he said it is high time that Malaitans come back home with their money and form their own bank and work from Malaita.