20 March 2020
The Financial Supervisory Commission is an independent government agency that supervises
businesses across the financial industry, including the Banks.
The Commission is accountable to the DPM Honourable Mark Brown, as Minister of Finance, for the
performance of its functions.
The Financial Supervisor’s primary role is to maintain the safety and soundness of Financial
Institutions so that the Cook Islands community can have confidence that the Banks will meet their
financial obligations.
In this regard, FSC Commissioner, Louise Wittwer stated:
While the Cook Islands, and rest of the world, deal with the unprecedented global pandemic Covid-
19, the Financial Supervisory Commission has the utmost confidence that the Cook Islands financial
system is in a sound position, with strong capital and liquidity, to get through this
crisis. Unprecedented Times are upon us, but that does not mean we have not planned for
Unprecedented Times. It is standard procedure for the FSC to scenario test the outcome of tourism
stopping overnight, as occurred in Samoa in 2009 following the tsunami. And likewise, we regularly
monitor the Bank’s Business Continuity Plan’s to ensure that the Cook Islands people would continue
to have access to their banking services should Te Ara Maire Nui Drive be wiped out by a natural
disaster.
The Commission is working in tandem with our licensed Banks to ensure that they meet the
commitment they have made to the Cook Islands Government in respect to the Covid-19 Economic
Response Package, released by my Minister, on Wednesday evening. I most certainly appreciate that
the Bank’s need time to put in place the appropriate mechanisms to properly provide these services
to their customers. In this regard, the Commission seeks the public’s patience please.
I understand that there is a lot of unease and angst in the community at this challenging time, but I
wish to make it very clear to the Cook Islands people that we are here to ensure that the Bank’s
honour the commitment they have made to the Crown in respect to our Covid-19 Economic Response
Package. To that end, the Commission is providing an avenue for Cook Islanders to raise any
concerns, issues or complaints they may have in respect to the response received from their bank, in
Cook Islands Maori or English, to these contacts:
For ANZ Bank
ANZcomplaint@fsc.gov.ck
Phone: 20798
For BCI Bank
BCIcomplaint@fsc.gov.ck
Phone: 29184
For BSP Bank
BSPcomplaint@fsc.gov.ck
Phone: 29182
END.