The Government recently commissioned Sam Knowles to undertake a review of the Cook Islands Banking system.

The objective in undertaking the review was to define a long term strategy for the provision of banking services for the Cook Islands economy that will on a sustained basis:

•    lower the cost of banking for businesses operating in the Cook islands;
•    improve the accessibility to banking by Cook Islands businesses and residents;
•    provide the banking services necessary to support the major growth sectors of the economy; and
•    minimise the need for Government financial support to achieve the above.

Media Briefing:
Day 2 Manila 2012 45th Annual Meeting of the Board of Governors ADB

Minister Mark Brown today joined the remaining Governors of the ADB in the first plenary session of the ADB. The Governors were given a presentation on past currency issues and an overview of where currency markets are headed particularly in light of the recent difficulties in the US and Europe.
Later, the Cook Islands delegation met with representatives of the ADB Treasury to discuss the possibility of consolidating the outstanding loans with the ADB.