The “singleness of the SSM” is ensured by the attribution to the ECB of a general oversight over the functioning of the system, as well as of the following important powers as regards the supervision on less significant banks: first, the national supervisory authorities will have to abide to the ECB regulations, guidelines or general instructions.
This structure was established in full recognition of the importance we place on the development of microfinance institutions in PNG, and its role in filling the gap in provisions of financial services in the rural communities.