Cook Islands: Ministry of Finance

Cook Islands Ministry of Finance News

Cook Islands Government Vehicle Auction

On 23 May 2015 the Ministry of Finance and Economic Management held its first whole of Government auction for a number of vehicles which were surplus to requirements.  Total gross proceeds were $34,620, costs were $3,081.95.  Prices for the goods can be found on the MFEM Procurement website.

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20150529

Minister of Finance Launches new Five Dollar Coin

The Cook Islands Minister for Finance, the Honourable Mark Brown proudly launched the new Cook Islands five dollar coin in Rarotonga on Tuesday 26 May 2015 which celebrated the voyagers who are in Rarotonga for the Te Manava Vaka festival.
 
The Te Manava Vaka festival has seen five vaka moana converge in Rarotonga from all parts of the Pacific as part of the annual celebrations of the Cook Islands 50 years of self governance.
 
The new $5 coin which will be circulating currency features the Ian Rank Broadley effigy of her Majesty, Queen Elizabeth II on the obverse.  
 
The reverse features a likeness of the Marumaru Atua sailing through the waters in full sail with a voyager being guided the three major star constellations, the Pleiades (Matariki), Taurus (Taumata Kuku) and Orion (Tautoru).
 
The coin which was designed at the Royal Australian Mint in conjunction with members of the Cook Islands Voyaging Society is a direct likeness of the Marumaru Atua.
 
Master voyager, Teuatakiri  (Tua) Pittman who was heavily involved in the final design was proud of the outcome.  “We welcome the way Government has honoured our history and spirit in this way.  The five dollar coin will be an everyday reminder to our people and visitors to the Cook Islands the spirit of Cook Islanders and our spirit of adventure.”
 
Minister Brown pointed out that the new coins had arrived in Rarotonga and special sets would be available shortly for members of the public.
 
Coin 1
 
 
Coin 2
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20150526 
 
 

Lowering Interest Rates

The Bank of the Cook Islands has lowered their standard household mortgage interest rate down from 8.99 per cent per annum to 8.49 per cent and business loan base rates from 8.2 per cent per annum to 7.7 per cent per annum effective from 1 June 2015.
 
The Cook Islands Minister of Finance, the Honourable Mark Brown, welcomed the announcement by the BCI to lower interest rates on existing and new loans for households and businesses by 0.5 per cent per annum
 
“This reduction will equate to an immediate saving of around $900 a year on a $180,000 mortgage. This equates to around $17 a week extra returning back to BCI customers.  
 
When we first came to Government the equivalent mortgage rate at the BCI was 9.5 per cent, the rate reductions since that time is equivalent to a saving of $1,818 per annum on a $180,000 mortgage.
 
I am also pleased to see that base business loan rates have moved from 8.95 per cent when we first came to Government to 7.7 per cent over the same time. A very significant decline and I hope that this sparks some confidence and activity in the business sector.” 
 
With the impending entry of Bank of the South Pacific (BSP) into the Cook Islands the Minister looked forward to a continued competitive environment which would deliver to Cook Islanders.  
 
Minister Brown commented that “the Banks appeared to have moved on from an environment of charging what they believed people were prepared to pay rather than competing with a lower price, a better product and better service.”
 
The Government is now putting the final touches to the 2015/16 Budget. Minister Brown further outlined that further announcements would be forthcoming on how the Budget would be assisting people.
 
“The Government’s continued efforts to ease the impacts on the cost of living will be ongoing, and there will be some new initiatives in the budget which will go some way to helping our people.”
 
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20150526
 

12.7m signed over for Te Mato Vai

 MEDIA RELEASE

15 May 2015

12.7m signed over for Te Mato Vai

 

The Governments of the Cook Islands and New Zealand today signed a new grant of NZD 12.7 million dollars towards the costs of the Te Mato Vai Water project, taking New Zealand’s contribution to $15 million.

 New Zealand’s commitment to the water partnership was made by the Prime Minister of New Zealand John Key at the Pacific Islands Forum Leaders Meeting in the Cook Islands in 2012.

 Te Mato Vai is being funded through various sources including a loan from the Peoples’ Republic of China, the Cook Islands own resources and the New Zealand Aid Programme.  This unique trilateral partnership is led by the Cook Islands and is on track to achieve the Government’s policy outcomes for water in Rarotonga.

 New Zealand High Commissioner to the Cook Islands, His Excellency Nick Hurley, said “the successful delivery of this partnership is extremely important to securing the Cook Islands’ economy, but more importantly improving the quality of life, health and well-being of the residents of Rarotonga”.

 The signing coincided with one of the regular meetings of the Te Mato Vai Governance Group.    The Governance Group heard that Chinese-funded ring main work remains on track for completion by the end of 2015.  Works on Stage 2, which includes the intakes, treatment plants, and trunk-mains, is scheduled to commence later in 2015 with the tender for these works now in the market.

 Finance Secretary Richard Neves said “all partners are exceptionally pleased with progress to date, and the further New Zealand grant is a timely investment towards ongoing project construction costs.”    

The Governance Group is next scheduled to meet in November.

 Contact: For further information contact

 Joseph Mayhew, 1st Secretary (Development), New Zealand High Commission This email address is being protected from spambots. You need JavaScript enabled to view it. or 22201 x 26

 Peter Tierney, Manager Development Coordination Division, MFEM This email address is being protected from spambots. You need JavaScript enabled to view it.  or 29521

Cook Islands Government Vehicle Auction 2015

All of Government Vehicle Auction

On the 23 May 2015 the Ministry of Finance and Economic Management will be holding a whole of Government auction for a number of vehicles which are surplus to requirements. The auction will be located at the Ministry of Justice carpark and will be run by Mr John Kenning. All government vehicles for auction will be moved to the Justice building before the 18 May 2015 and an open inspection day for all vehicles to the public will be held on the 22 May 2015. All vehicles will be groomed and ready for sale as they will be sold by auction “as is basis” on the day to the highest bidder. A list of vehicles will be provided on the MFEM website or from the Senior Procurement Officer which will contain a photo and specifications. There are some simple rules in regard to the Auction:

  • By bidding, you are stating that you are ready and willing to purchase that item for your bid amount, plus pay for change of ownership. If you are outbid you are under no obligation to buy. But in all other cases, you are entering a contract with the Government to buy the item, and to deliver payment immediately at the close of the auction. If you can't pay, on time, don't bid! At the drop of the hammer your bid is final and is non-retractable.
  • Change of ownership fees must be paid by the winning bidder along with the bid price at the close of the auction.
  • All vehicles must be removed from the site at the close of the auction.
  • All vehicles are sold without reserve and are sold as is where is. The Government takes no responsibility for the condition of any vehicle. You are responsible for inspecting the vehicle and determining an appropriate bid.

For further information in regards to the Cook Islands Government Vehicle Auction please contact the Senior Procurement Officer at MFEM, Taina Iro at: This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

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