unions and the central bank are committed to supporting and promoting the credit union movement in solomon islands particularly through its support to the solomon islands credit union league ( sicul ). this is to assist the league perform its role in supporting the growth of credit unions in the country. the central bank has promoted micro - finance and recently taken the lead in promoting financial inclusion in solomon islands. our participation in this global event is a reflection of the strong commitment to the development of the credit union movement in the country. but the central bank cannot do this alone. it needs the support of all stakeholders and partners to work together to ensure that the credit union movement in solomon islands grow and prosper. in this connection, i am encouraged by the presence of all of you this morning. it is an indication of your support and commitment towards the growth of the credit union movement in this country. i am also encouraged by the pragmatic presentations and topics for group discussions later during the day. this assures me that we all have the interest of the movement at heart and that we are constantly discussing and exploring new ideas on how best we can develop and progress the movement forward. before i conclude, let me return to our theme for today. we are saying that “ credit unions can build a better world ”. is this possible? do we have the clout and capacity to build a better world? this may seem far - fetched but i think in our own unique way, credit unions can help build a better world. they can start by improving the livelihoods of their members, by helping then to save money for the future. or credit unions can assist their members borrow funds to start small income generating projects that help raise their standard of living. once this happens successfully, the family of members benefit, in turn their communities benefit and the country benefits or the world at large benefits. so yes, credit unions can help build a better world. in advanced countries, large credit unions have become fully fledged commercial banks providing financial services to more people and businesses in those countries. our credit unions in solomon islands may not yet be in a position to operate as commercial banks even in the medium term, but there is nothing stopping well managed credit unions from expanding in the future. this leads me to another area i want to highlight for our attention. our credit unions suffer from poor governance and weak management. if our credit unions are to build a better solomon islands in line with our theme for today, then we have to address our weaknesses

and shortcomings. some of these issues may seem trivial but it is important that they be addressed sooner than later. acknowledging the challenges and yes, there are challenges facing the credit union movement in this country. but as stakeholders and partners in promoting credit unions in the country, we all need to respond to these challenges. bis central bankers ’ speeches it is also important that we return to the original principle of credit unions – the idea that established credit unions in the country, that is, to harness and build a brighter future for our people and the economy. credit unions have a lot to offer for their members and the nation, if the right legal and institutional frameworks are in place. conclusion in concluding, let me re - iterate that given the important role that credit unions play in the economy, the central bank pledges its continued support to the credit union movement in the country. and our co - hosting of this event to commemorate the international credit union day today is a reflection of that support. thank you very much. bis central bankers ’ speeches