Bank gives more time to societies to file reports

The National Business

By SHIRLEY MAULUDU
THE Bank of PNG (BPNG) has relaxed its requirements on savings and loans societies regarding submission of financial reports due to Covid-19 and its impacts.
However, assistant governor Ellison Pidik told The National that they would be monitoring the societies closely.
Pidik said BPNG’s requirements were that:

  • All audits (for the societies), to be done by external auditors, must be done by March; and,
  • Quarterly financial reports must be submitted within 21 days of the following month after the end of each quarter. Such as for March 2020 quarterly return would normally be provided before April 21;

“Under the Companies Act (which Investment Promotion Authority is responsible for), the S&L Societies must convene their annual general meetings within six months, before end of June,” Pidik said.
“The above would happen in normal circumstances.
“However, due to Covid-19, we have relaxed those requirements.
“But we would be closely monitoring the societies including having regular discussions with them.”
Meanwhile, some of the societies authorised by the Central Bank to accept deposits and give out loans to their members only are: Alekano Savings & Loan Society Ltd, Air Niugini Savings & Loan Society Ltd, CBO Savings & Loan Society Ltd, East New Britain Savings & Loan Society Ltd, Financial & Private Sector Savings & Loan Society Ltd, Manus Savings & Loan Society Ltd, Nasfund Contributors Savings & Loan Society Ltd, Niu Ailan Savings & Loan Society Ltd, Mining & Petroleum Savings & Loan Society Ltd, Nambawan Savings & Loan Society Ltd, PNG Power Savings & Loan Society Ltd.
PNG Ports Corporation Savings & Loan Society Limited, PNG Waterboard Staff Savings & Loan Society Limited, Post Telecommunication & Pangtel Savings & Loan Society Limited, Rural Development Bank Savings & Loan Society Limited and Teachers Savings & Loan Society Limited