and staff of bred bank for their support and cooperation. both prior to and since the date of the issuance of the licence, the institution has made tireless efforts in trying to meet all the conditions and here it is today, opening its doors to serve the people of fiji. the board, management and staff are commended for the work done in setting up a fully fledged commercial bank. a bank that will literally start from scratch. official opening ladies and gentlemen, the opening of a new commercial bank in fiji continues the new era in financial sector development in fiji. the people of fiji are the beneficiaries of this development and i understand that they are in for a real french banking experience. i have much pleasure in welcoming bred bank ( fiji ) limited into fiji ’ s financial system and wish the institution all the very best in its operations in fiji. vinaka bis central bankers ’ speeches

barry whiteside : fiji ’ s banking and licensing framework, its economy and outlook address by mr barry whiteside, governor of the reserve bank of fiji, at the soft launch of bred bank ( fiji ) limited, suva, 3 november 2012. * * * the deputy chairman of bred bank ( fiji ) limited, mr darryl constantin board directors chief executive officer, mr satish deb management and staff of bred bank ( fiji ) limited distinguished guests ladies and gentlemen introductory comments good morning, bonjour and bula vinaka to you all. i wish to thank satish for the kind invitation to officiate at this “ soft ” launch of bred bank ( fiji ) limited. this is indeed another milestone in the history of our financial system. today marks the entry of a new bank and, perhaps more significantly, not since bank of hawaii entered our financial system in 1993 have we had a bank start from “ scratch ” and be challenged to build its operations from the ground up. before i turn to some background information about bred bank i would like to make some general comments about banking and our licensing framework. banking & licensing entry into our banking system is quite deregulated. however, i must say that while anyone can apply to establish a bank in fiji, they must meet our fairly comprehensive licensing requirements, which play an integral role in ensuring we are dealing with reputable, tried and proven players. historically, we have had banks withdraw from the country for various reasons. some contend that this indicates that the country is sufficiently banked. the reserve bank of fiji, however, does not presently have a policy on limiting the number of players in the industry. we do like to ensure that those institutions that do come in are strong and have the appropriate backing to take them forward. may i add that the decision to commence full banking operations in a new jurisdiction is not a spur of the moment thing and is certainly not taken lightly. banking is a relatively difficult and complex business to establish. set up and operating costs are extremely high. just look around you and take a guess at how much has been spent on this fit - out. a new institution trying to position itself in an already competitive market must be prepared to do more to secure a share of that market. there are strenuous compliance requirements set by the regulators that must first be met before the business can even think of taking in the first deposit, or giving out the first loan. these compliance measures have been further strengthened since the global financial