Members want society to get bank status

 THE members of the Teachers’ Savings and Loans Society (TSL) are supporting its board of directors and management move to have TSL be converted into a licensed bank. 

However, the board and management said TSL was restricted from providing some of the products and services its members were asking for due to the outdated savings and loans society (S&LS) act established in 1962. The act was slightly amended in 1995.

Board of directors chairman Gabriel Tai said the idea for TSL to be converted into a bank was proposed by the board of directors in 2010 after its members called for provision of additional and upgraded services and products including full banking facilities.

Tai said: “All have agreed in this meeting for the society to be converted under savings and loans society act to licensed financial institution act. It’s now up to the central bank to decide on that.”

He said there were unanimous resolutions in support of the idea when annual general meetings were held in Kavieng, New Ireland (2010), Goroka, Eastern Highlands (2011), and Alotau (2012).

TSL said the savings and loans society (S&LS) registrar and Bank of Papua New Guinea Governor Loi Bakani were in the process of having the act reviewed. 

However, TSL said noted the proposed S&LS act will not address all its goals and aspirations.

The board proposed to its members to apply for a license under the banks and financial institutions act.