SUVA, Fiji--The prime minister of Fiji greeted credit union representatives at a conference here with a strong message about the need for honesty and sincerity.
Prime Minister Voreqe Bainimarama addressed the Oceania Confederation of Credit Union Leagues meeting saying he is a supporter, but that support comes with expectations.
“The notion of credit unions being organizations inspired by the community for the community has taken root all over the world,” Bainimarama said. “My Government is a great supporter of empowering ordinary Fijians by providing them with access to affordable credit. You have been powerful allies in keeping our people from falling victim to rapacious money lenders. But we are equally insistent that credit unions are bound by the same high standards of governance and accountability that apply to other financial institutions.”
Bainimarama cited the failure of the former National Bank of Fiji and told credit unions that under his government those types of failures will not be tolerated.
“I tell this story today because it has resonance in this room – the absolute need for the highest standards of probity, accountability and good governance in all our financial institutions, whether banks or credit unions,” the prime minister said. “My government will have zero tolerance for any institution that fails to meet these standards. And we will be ruthless in upholding the interests of shareholders, investors and the interests of our nation and its reputation in the international marketplace.”