Besides myself and the Deputy Governor Mr Benny Popoitai, the members of the Board (ex-officio) who are appointed in accordance with Section 27 of the CBA (2000), which specifies representation by various industry and community organisations are: Mr. Michael Mayberry, MBE, President of the PNG Chamber of Commerce Mr. John Mahuk, President of the PNG Trade Union Congress Mr. Patrick Kolta, President of the PNG Institute of Accountants Reverend Samson Lowa, President of the PNG Council of Churches Vacant - Deputy Governor, Policy and Regulations Vacant - Chairman of the Securities Commission Vacant - Minister’s appointee Two other Board members appointed by the Minister for Finance and Treasury are; Mr. Kostas Constantinou Mr. Robert Igara As most of you know, the Bank of Papua New Guinea has only one office in Port Moresby.
So when examining the change in the effect of volatility on different population groups in different situations, the “consumption insurance premium” that Lucas thought was negligible becomes positive in the model and significant in “real life".