Westpac Interest Rates (updated 23.11.09)

Schedule of interest rates released by Westpac Fiji are as follows:

• Business Lending Rate - 9.99%;
• Residential Property Loan : Variable Rate – 8.50%, 1 year Fixed Rate – 7.75%;
• Investment Loan : Variable Rate - 8.50%, 1 year Fixed Rate - 7.75%;
• Retail Term Deposits : 6 to less than 9 months - 2.25%, 9 months to less than 1 year - 3.00%, 1 year to less than 1.5 Years - 3.50%, 1.5 years to less than 2 Years - 3.75%, 2 years to less than 3 Years - 4.00%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Companies interested in developing new or reviewing their current strategic plans can contact us on telephones (679) 3342719 or (679) 9921427 or email info@gilbert.com.fj. We also carry out consultancies on capacity assessments and risk management.

Tonga beats Fiji in World Bank's Doing Business Rankings

Of countries in the Pacific Islands Region, Tonga has beaten Fiji in the latest Doing Business Rankings done by the World Bank.

Tonga's Ease of Doing Business Ranking was 52 compared to Fiji's 54. Samoa follows at 57 with Vanuatu at 59, Kiribati at 79, Papua New Guinea at 102, Solomon Islands at 104.

View the country rankings on this link.

For advice or assistance with investing in Fiji, pls call us on (679) 3342719 or email info@gilbert.com.fj.

Colonial National Bank Interest Rates (Updated 11.11.09)

Schedule of interest rates released by Colonial National Bank are as follows:

• Business Banking Base Rate – 9.20%;
• Residential Property Loan : Variable Rate – 8.25%, 1 Year Fixed Rate – 7.25%;
• Investment Loan : Variable Rate – 8.25%, 1 Year Fixed Rate – 7.25%;
• Retail Term Deposits: 9 months - 5.00%, 1 year - 3.50%, 1.5 Years - 3.75%, 2 Years - 4.00%, 3 Years - 4.50%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Reserve Bank increases Statutory Reserve Deposit Requirement

The Reserve Bank of Fiji has announced that it will increase banks Statutory Reserve Deposits to 7%, from the current 5%.

The increase will reduce the amount of funds that banks available for lending and other purposes.

The move comes as inflation rates rose to 6.3% in September 2009 from 5.1% a month earlier. Year end inflation has been forecasted by the Reserve Bank of Fiji at 9.5%.

Taken together with the Reserve Bank's earlier directive that banks reduce their interest spreads to 4% over 2009, banks will face committed pressure to attempt to maintain their profit margins as they work to meet the Reserve Bank's directive.

Over the last ten years, the Reserve Bank of Fiji has used interest rates as a primary tool to influence interest rates movements. Apparently, this might not have worked as planned so over the last two years, the Reserve Bank has gone back to using more direct means of controlling bank credit through the use of statutory reserve deposit requirements, credit ceilings and specific interest rates directives.

Note : For bank and financial sector compliance advice, pls call our office on (679) 3342719 or email info@gilbert.com.fj. We have assisted a number of financial institutions (in the banking and insurance sectors and the capital markets industries) to put in place policies and procedures to meet any relevant requirements imposed by their financial sector regulators. Our Principal has also sat as a Board Director of a licensed credit institution in Fiji. During his time there (a little over 2 years), he assisted with putting in place appropriate policies and processes and improve the risk and compliance culture within the company. These contributed to the institution making record profits over 2 years consecutive years. Refer to the financial institution's relevant summary financial statements for the 2 years here and here.

ANZ Interest Rates (updated 27.10.09)

Schedule of interest rates released by ANZ Fiji are as follows:

• Business Index Rate - 9.85%;
• Residential Property Loan : Standard Variable Rate - 8.00%, 1 Year Fixed Rate - 7.75%;
• Investment Loan : Standard Variable Rate - 8.50%, 1 Year Fixed Rate - 8.00%;
• Personal Loans : Secured - 11.00%, Unsecured - 15.00%;
• Small Loans : Unsecured - 19.50%;
• Retail Term Deposits: 9 months to 1 year - 2.25%, 1 to 1.5 Years - 3.50%, 1.5 to 2 Years - 3.75%, 2 Years to 3 Years - 4.00%.

Interest rates are on a per annum basis and may be varied by ANZ without prior notice. For investment advice and portfolio management, pls call our office on telephone (679) 3342719 or email info@gilbert.com.fj.

Our Strategic Planning Consultancy

As part of our suit of products, we offer consultancy in the area of strategic planning.

Using a strategic planning model that we have developed, after reviewing other models that are in use, we have developed the current strategic plans for Fiji National Provident Fund, Amalgamated Telecom Holdings, among others.

We have also assisted with developing annual corporate plans for some government agencies/departments. As part of this, we ensure that there is a link between the company's/organisation's strategic plan and its annual strategies and that those responsible for implementing strategies are clearly identified with time frames put in place.

During the current constrained business and economic environment, it might do well for companies to have another review of where they wish to position themselves over the next two to three years and then review/identify new strategies to take them there.

Organisational objectives that might have been relevant in the past two years might need to be reviewed as companies/organisations relook at themselves given the current global/domestic conditions.

If you are a company or organisation that needs assistance in this regard, and need more information on how we can help you, you can call our office on (679) 3342719 or email us on info@gilbert.com.fj.

Our Risk Management Consultancy

We are completing the development of a risk management framework including risk management policies, procedures and processes for an insurance company in Fiji.

As part of this consultancy, we used a risk management product that was have developed after reviewing other models being used overseas and developing a generic model that can be used for companies/organisations in Fiji and the Pacific Islands region.

The product helps us, together with the client, to develop policies to manage risks within the client company/organisation, including processes to identify, assess and manage risks within that company/organisation.

Most companies/organisations around the world and in the Pacific Islands region do not have a good idea of the risks that their businesses engage in or with.

It has been found that managing risks effectively, leads to improved efficiencies, effectiveness and profitability for a company/organisation.

Our product helps a company identify the risks that it engages in/with, assesses those risks and then identifies strategies to manage those risks. We can also recommend suitable changes to a client's organisation structure to put in place an appropriate hierarchy, reporting lines and systems to manage risks within that organisation/company.

If you need further information on this product or a proposal, pls call our office on (679) 3342719 or email info@gilbert.com.fj.