We hope to reduce overall transaction costs of using FIJICLEAR and improve the efficiency of financial transactions in the economy. At present, the banks charge the local TT rate of around $ to $ per transaction. But this charge should go down as the number of transactions increase.
The EC communication to the EU bodies proposes the establishment of national bank resolution funds. These would be funded by a levy on banks so as to facilitate the resolution of failing banks avoiding thereby contagion and sales of bank assets under stress. Bank resolution funds should not be viewed, however, as insurance against failure or to bail out failing banks.