AC gets consulting mandate on BCI’s credit policy manual

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IMG_3214ADFIAP Consulting Group (AC) has been tapped by the Bank of Cook Islands (BCI) to undertake a comprehensive update and consolidation of its credit policies into a Credit Policy Manual with focus on emerging international trends in the banking sector. BCI envisions the resulting manual to improve the Bank’s ability to implement best practices and deliver credit services to its clients.

Being a government financial institution, BCI, known as “The People’s Bank”, is committed to its role in the sustainable development of the Cook Islands. With a new Credit Policy Manual in place, the Bank aims pursue new opportunities as part of its commitment to accelerating growth and providing superior financial services to the Cook Islands people.?

For Phase 1 of the consulting engagement, a 10-day (January 5-14, 2015) stocktaking and assessment mission was conducted in Rarotonga, Cook Islands by AC’s Ms. Cora D. Conde and Mr. Vic C. Abainza. The ADFIAP mission team held meetings with the BCI management led by Managing Director Vaine Nooana-Arioka and the Board of Directors led by Chairperson Jessie Sword, wherein the framework of the proposed Credit Policy Manual was presented for comments and discussion. Meetings were also held with Commissioner Paul Heckles and Financial Analyst Amanda Tuatai of the Financial Supervisory Commission (FSC) Cook Islands responsible for the supervision of regulated financial entities and financial services in Cook Islands and with lawyers of Little & Matyzik PC, BCI’s legal representative, regarding the Bank’s procedures on legal documentation, registration of mortgage and foreclosure of assets.

As part of the stocktaking and assessment mission, the ADFIAP team joined inspection visits to six (6) on-going projects around the island consisting of 5 housing projects and a bakery business to observe the Bank’s supervision and monitoring procedures. All the projects included solar panel systems in pursuance of the Bank’s new thrust of supporting renewable energy projects.

On the last day of the stocktaking and assessment mission, a wrap-up session was held with the Managing Director, Ms. Arioka and Mr . Ronald Patia, Manager of Credit, wherein the next activities and the timetable for completion of the Credit Policy Manual were agreed upon.

The ADFIAP team is scheduled to return to Cook Islands in March, 2015 to present the Credit Policy Manual to the Board of Directors for final approval and provide face-to-face orientation training to the management team, loan advisers and associates on the proper implementation of manual. For more information on BCI, please visit www.bci.co.ck.

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