Top financial supervisors meet - Solomon Star News

Top financial supervisors meet

25 August 2015

THE Governor of the Central Bank of Solomon Islands (CBSI) reminds Association of Financial Supervisors of Pacific Countries (AFSPC) members to resolve issues on improving the supervision skills and supervision capacity in the region.

Mr Denton Rarawa made this reminder when he opened the AFSPC meeting attended by 25 regional financial supervisors and experts at the Heritage Park Hotel yesterday.

Mr Rarawa said, some of the issues AFSPC needs to resolves are the issue of licences for money remittances and money transfer operations in our countries, the issue of finding a common solution to Financial Sector Information System for member countries and the issue of members not updating their FSI data on PFTAC’s website on time.

 He also urged AFSPC members to consider the issue of natural disasters and their potential to create financial instability in our financial systems.

“In recent years, natural disasters in our region have become more frequent with severe intensity and consequences.

“As regulators and supervisors, we need to come up with strategies and mechanisms to build resilience to protect our financial systems against natural disasters.    

“Therefore I encourage all AFSPC members to strategize and find a common solution to these issues,” he said.

Mr Rarawa said he has no doubt that from the annual AFSPC workshop and meeting there will be positive outcomes to address these issues.

He encouraged the AFSPC members to exchange and debate the supervision issues at hand constructively to ensure that the best possible outcomes on the way forward for our region are reached.

He said the Pacific Central Bank Governors look forward to receiving a report on the outcomes of the meeting at their conference in New Zealand later in December.