The Government of the Republic of Nauru

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Nauru formalises agreement to set up banking agency in Nauru

The Government of Nauru and the Bendigo and Adelaide Bank have signed an Agency Agreement this week (23 Feb) formalising plans to operate an agency model of the bank in Nauru.
 
"The signing of the Agreement has been a long time coming but the infrastructure and underlying governance issues were considerable and required careful planning," His Excellency President Baron Waqa said.
 
The government had sighted a letter from the Australian Prudential Regulatory Authority (APRA) confirming that it undertakes a global supervision approach to the Bank and that this included the business of the Nauru Agency.
 
This allowed the Finance Minister Hon David Adeang to issue a banking licence to Bendigo and Adelaide Bank to operate the Agency in Nauru.
 
"Having banking facilities in Nauru is a major step forward and will facilitate commerce and retail activity in a far more cost and time efficient way than the current reliance on cash," Minister Adeang said.
 
The Agency will open at the Civic Centre in Aiwo District and occupy part of the premises currently used by the Nauru Revenue Office. However, several logistical issues and training needs for staff are yet to be addressed before the opening of the Agency which is expected at the earliest possible time.
 
Executive of Community Engagement for Bendigo Back Robert Musgrove said the bank will employ the same public agency model in Nauru as it uses in Australia.
 
"This is an important initiative of the bank and it is especially pleasing to be now providing banking services to the people of Nauru who have been without them for some 15 years," Mr Musgrove said.
 
Greg Watson will be manager of the Agency. Mr Watson is an experience banker who was responsible for the entry of the Bank of South Pacific in Fiji by establishing a branch in the capital Suva.
 
President Waqa stated that the role of the Government was to provide the infrastructure and underwrite the costs of operating the Agency but has no input or control over the operations of the banking business.