Financial Secretary Office News

Financial Secretary Office News

Standard and Poors Re-affirms Cook Islands Credit Rating at B+/B

Today, Standard and Poors re-affirmed its credit ratings for the Cook Islands at 'B+/B' with a stable outlook.

In describing the outlook for the Cook Islands Standard and Poors balanced the Cook Islands' sound economic growth prospects and low level of government debt, against the challenges it faces in overcoming weak political and institutional settings and fostering more robust economic growth.

In describing the Cook Islands debt position Standard and Poors outlined that the government's sizable infrastructure programme which is currently underway is leading to rising, albeit still modest, debt levels.

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PRESS RELEASE - Business Environment Reforms Commence

PRESS RELEASE - Business Environment Reforms Commence

The Government with the assistance of the Asian Development Bank (ADB), Pacific Private Sector Development Initiative’s technical support has commenced work on important business environment reforms. The reforms consist of drafting of a new modernised Companies Act and a Personal Property Securities Act tailored to meet the local conditions. Once the Companies Act has been passed, NZ Aid Programme funding will allow the implementation of a new on-line company registry. ADB together with the NZ Companies Office will support the full implementation of the new law and on-line registry.

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PRESS RELEASE - Cook Islands to Investigate the Feasibility of BCI Joining New Zealand Payments System

Cook Islands to Investigate the Feasibility of BCI Joining New Zealand Payments System

Minister of Finance, the Honourable Mark Brown has outlined steps to build on findings from the independent banking review prepared by Sam Knowles in 2012 which outlined that banking in the Cook Islands was at a cross roads and in major need of change.

In his report, Mr Knowles outlined that business customers set their benchmark for the banks by their experience in their banking relationships and functionality in New Zealand. One of the major differences between the countries was the manual payments system which underpinned the domestic banking system in the Cook Islands.

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