From our experience, credit unions or savings & loan societies as they are referred to in Papua New Guinea (PNG), are increasingly aware of their own challenges and are taking measures to maintain their positions or space in the market. However, to do this, societies continue to seek the Registrar’s endorsement to venture into these risky activities.
We wanted to do away with that and therefore have proposed some legislative reforms to give boards and management more opportunities and decision making in operation of their institutions. BIS central bankers’ speeches  1  3.