The Minister of Finance, Hon. Snyder Rini announced that the government will be tabling a bill that will expand what can be used a collateral to obtain loans.
Hon. Snyder Rini made the revelation at the launching of the Money Smart day hosted by the CBSI.The event marked the Central Bank of Solomon Islands 32nd Anniversary. Minister Rini said the government will be introducing a Financial Security Bill in the next seating of Parliament.
The bill according to Rick Hou, in a press conference after the official launching was government's effort to expand the collateral base. "This is a bill that will allow Solomon Islanders to use other assets they have apart from registered land and house as collateral."
When asked, whether the banks will accept such a concept, the Governor said if the bill is passed it will protect the banks."The banks only require a law to protect them and if they are protected then the idea will be welcomed."