Withdrawals expected to spike

BANK South Pacific Financial Group Limited (BSP) expects an above-average demand for withdrawals in the run-up to the 2022 general election polling from July 2 to 22.
BSP group chief executive officer Robin Fleming said the bank was guided by directives from the Ombudsman Commission to restrict transactions on all bank accounts that hold public funds.
He also said donations to political parties from citizens and non-citizens were governed by the Organic Law on the integrity of political parties and candidates.
“BSP is compliant with directives from the commission that compel commercial banks to restrict transactions on all bank accounts that hold public funds,” he added.
“Payments from these accounts shall not be released without the express written consent of the commission.
“This condition will remain in force from the issuance of election writs until further notice. However, there has not been a noticeable increase in transactions last month.
“This may be due to the writs being issued mid-way through the month, and a decline in Government account transactions after the commission’s directives.
“We do expect an above-average demand for withdrawals over the next couple of weeks as general election candidates fund their election campaign activities,” he added.
Kina Bank chief executive officer Greg Pawson said “I am not aware of any specific arrangements. We do not track the data but volumes appear to be consistent.”