reserve bank of fiji _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ address by governor of the reserve bank of fiji barry whiteside rd at the 3 anniversary celebrations of hfc bank 4 march 2017 mr tom ricketts. chairman of the hfc bank board members of the board mr raj sharma, acting chief executive officer management and staff members of the media invited guests ladies and gentlemen bula vinaka and a very good morning to you all! introductory comments i am pleased to join you in celebrating this special day, marking the 3rd anniversary of hfc bank ’ s operations as a commercial bank. i always welcome such opportunities to celebrate the achievements of our licensed financial institutions as they confirm to us the commitment and resilience they have to continue to serve our people. the fijian financial system has evolved significantly into a modern, reputable and stable one, which has safely steered our economy through the past two decades, and is considered the most advanced amongst our pacific island countries. three years ago when the reserve bank of fiji first received an application for a commercial banking licence by home finance company limited there was a bit of hesitancy on our part to accept the proposal. however, with the acknowledgement of the performance of hfc as a licensed credit institution for 18 years, the commitment of strong shareholders, and also the strengthening of the reserve bank ’ s own regulatory capacity, it was agreed that it was an opportune time to allow a locally owned bank to operate. it was, however, not a light decision as hfc bank will acknowledge, with the reserve bank setting high expectations for the institution and continuing to closely liaise on necessary regulatory matters, in line with our mandate of protecting fijian depositors. i therefore wish to congratulate the shareholders of hfc bank, its board, management and staff for this milestone we are celebrating today, achieved through great dedication and teamwork. hfc bank ladies and gentlemen, from the humble beginnings of a home loan provider in 1962 and later as a licensed credit institution with services limited to providing term deposits and loans limited to mortgage financing, hfc today boasts a vast offering of financial services akin to other banks in fiji. substantial and necessary investment into its technological platform has

fiji have continuously upgraded their core systems, costing millions of dollars, to enhance how they do business and improve services to their customers. competition has been strong. ladies and gentlemen, because of the important service that commercial banks provide, it is vital that we ensure that they continue to operate soundly and safely. the soundness and safety responsibility is at the core of the reserve bank ’ s financial stability mandate. banks are to ensure at all times that they are well capitalised and earning adequate profits to sustain their operations. banking business is a business of managing risks, and it is important that commercial banks have robust frameworks to identify and mitigate the risks inherent in their operations. market conduct and consumer protection have also come to the fore of banking in recent years. commercial banks in fiji are continuously reviewing their processes to ensure that these issues are managed effectively. the reserve bank of fiji expects all banks to prioritise customer complaints and ensure the efficient and effective resolution of these at all times. the banking sector, in the coming months, will embark on further improving its payments infrastructure by participating in the fiji interchange network payment system, or what has often been referred to as a national switch. having a central national switch will further allow the efficient provision of payment services and in due time provide cost savings for banking customers. closing in closing, i would like to again congratulate hfc bank on achieving 3 years of commercial banking, but also hfc as a financial institution for having served the people of fiji for the last 55 years. as the institution ’ s regulator, it would be remiss of me if i do not remind the hfc board and management of the importance of the task they have ahead of them, which includes their duty to serve the public interest by ensuring a good governance environment and a strong risk management culture. we wish hfc bank the very best for the future, and look forward to the many years of great service that they will provide for all fijians. vinaka vakalevu! end.