Following the recommendations of the Economic Task Force to undertake a review of the banking system the Government commissioned Sam Knowles to undertake a review of the Cook Islands banking system. In particular Mr Knowles was asked to undertake a review which would define a long term strategy for the provision of banking services for the Cook Islands economy that would on a sustained basis:
- lower the cost of banking for businesses operating in the Cook Islands;
- improve the accessibility to banking by Cook Islands businesses and residents;
- provide the banking services necessary to support the major growth sectors of the economy; and
- minimise the need for Government financial support to achieve the above.
In response to the review completed by Mr Knowles, the Government determined a number of recommendations to deliver on the strategy. In particular recommendation 4 of the Government response to the 2012 Cook Islands Banking Review August 2013, outlined the need to establish a credit reference bureau, with links to New Zealand, to enable an individual’s credit history to be available across both countries.
A full copy of the Governments response to the 2012 Banking Review is available online.