Government is thinking of setting up a Financial Services Commission and we are suggesting that this Commission be tasked with the supervision of financial institutions that currently are not supervised by the Reserve Bank of Fiji which would include credit unions. Financial Sector Assessment Program Fiji voluntarily undertook what is called a Financial System Assessment Program or FSAP for short.
I am sure a few countries represented here have also done that. This FSAP is a very comprehensive assessment by the IMF and the World Bank on the safety and strength of a country’s financial system including credit unions. I am happy to say that the general conclusion was that Fiji’s financial system is sound.