#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Credit rating revamp 'silliest decision ever'

Wednesday, May 11, 2016

Credit rating revamp 'silliest decision ever'

Australian media have waded into the Data Bureau controversy describing the decision as 'one of the silliest decisions ever' by Fiji.

The Aussies have taken an interest because ANZ and Westpac have come under direct attack by Aiyaz Sayed Khaiyum for "their perfectly reasonable decision to back a local credit reporting agency called Data Bureau."

A columnist for the leading Australian Financial Review says "A well-functioning company operating with the implicit support of the Reserve Bank of Fiji has been closed for no cogent reason."

The paper goes on to give the history and credentials of Data Bureau, saying international companies will be hurt by the decision.

"Data Bureau's sudden closure without consultation or warning does not augur well for those doing business in Fiji or with Fijian companies.

"As of last week no Australian exporter to Fiji has been able to conduct a credit check on a Fiji buyer of their goods and services. This service was used by exporters to Fiji.


"The Data Bureau closure is tantamount to government appropriation of private property. It raises doubts about the country's commitment to supporting private enterprise."

Khaiyum criticised ANZ and Westpac after they put their names to a press release issued by the Association of Banks in Fiji (ABIF), which said the shutdown of the Data Bureau would clear the credit records of the vast majority of good borrowers and have a negative impact on the entire Fijian economy.

"The inability now to be able to search a person's credit history will greatly increase the risk levels within the personal lending market," the ABIF said. 

"Lenders will have little option but to increase interest rates to compensate for this increased risk."

Many remain bewildered by what appears to be a rushed and poorly-conceived decision to regulate the credit rating agency with lawyer Richard Naidu offering this view:

"The Government (cheered on by the Consumer Council of Fiji) seems to think that if it wipes out negative credit information on everybody in Fiji, then we will all have some kind of quasi-constitutional right to borrow money. In fact, now that no one has a credit record, cautious lenders will mean it is harder for us to borrow. Lenders will always find ways to protect their money. The only question is how much it will cost the rest of us."

Naidu and other critics could be proved wrong but Khaiyum's track record would suggest otherwise.

Koya defends new Fair Reporting Credit Act
http://fijisun.com.fj/2016/05/04/koya-explains-why-fair-reporting-of-credit-act/

Credit revamp will cost Fiji
http://www.fijitimes.com/story.aspx?id=351755

17 comments:

Chiku said...

Aiyaz Sayed Khaiyum is the Dictator of Fiji ( Bainimarama is a frontman only by virtue of his military backup) . Khaiyum is incapable of being wrong about anything. He has the panacea for all of Fiji's ails - political, constitutional, economic, cultural, social, spiritual, sports, religion, fashion, entertainment...
That's why he does not need to consult anybody. Like a true dictator he just makes a decision and the rest of the country obeys. That should clarify things for anybody who needs clarification..

Anonymous said...

So what the government whip doing these days ? Taking over all committee chairmanship and seen around Suva having dinner with cwm lady doctor.

Anonymous said...

There is no shortage of silliest decisions by Usurper Aiyaz Sayed Khaiyum since his self- promotion as the Mnister for Everything in the Bainimarama dictatorship since the unlawful takeover of the Government of Fiji in 2006 for people who are prepared to look . Many have chosen not to look. And, many in the international community also chose to turn a blind eye to many of this mediocre lawyer's mad decisions. For them the bottom line was lets just get back to doing business as usual. Now the chickens coming to roost.

Anonymous said...

Government whip preoccupied with using his whip on cwm lady doctor

Anonymous said...

Premila from Consumer Council is just as dumb a cocksuking bitch as the Speaker Luveni. They are disgrace to us women in Fiji. Aiyaz has just nailed another fuckup to Fiji's coffin economically speaking. And worse he does not seem to understand that he is undermining the financial system by trying to be seen to be doing something for low-middle income earners with no real credit history that can be indepedently verified. Aiyaz is just as stupid as his arselicking advisors in RBF and Ministry of Finance. I bet when he spruiks these dumb ideas they must all sit there quietly applauding and saying what a brilliant fella he is and all scrambling to suck his scrawny scrotum. We deserve better from our taxes you fuckwits!

Anonymous said...

All part of the new structural reforms folks!.This is just the beginning of liberalising the economy and its all done through tyranny.Start running for the hills if you are in the middle class sphere because they won't be any middle class left when more policies are introduced.Thanks to the dumbing down of the population by lefties like Ali Baba and co the country is heading down the septic tank.Stick your political correctness up where the sun don't shine because it's time many wake up and face the realities of what's really happening.

Sevuloni said...

Fijians are now the dumbest race on the planet after the article about a idiotic Reverend said they shouldn't lengthen prison sentences for rapists because it will do more harm then good and that women and young girls need to understand what men go through. The nigger is about as dumd as a fish tank full of holes.

Sevuloni said...

Dumb...apologies

Anonymous said...

@Sevuloni 11:42 AM

One day people will wake up and realise they have been duped by many of these religious dinosaurs.

KUA NI RERE said...

Sounds like "Sevuloni" is a white faggot maggot from America.

Anonymous said...

Alibaba is a stinking CUNT.

Anonymous said...


Intake on merit

Nasik Swami
Thursday, May 12, 2016


THE Government will re-advertise more than 30,000 civil service positions to ensure that all intakes are merit-based.

This is a move by the State to ensure efficiency within the civil service as the restructure of public servants picks momentum.

Chairman of the Parliamentary Standing Committee on Justice, Law and Human Rights, Ashneel Sudhakar, whose committee is overseeing the 2014 annual report of the Public Service Commission now the Ministry of Civil Service, said those employed in the civil service would need to re-apply for their jobs.

Mr Sudhakar said as part of the re-advertisement of the positions, new positions would be on contractual basis, pressuring civil servants to perform or ship out.

"So what used to be the Fiji Public Service Commission will now become the Ministry for Civil Service and what that means is that we had the old belief that once you enter the civil service, you are there for life, it's a life insurance and whether you perform or not, you just hang in there until you retire then you get your pension," he said.

Mr Sudhakar said those who had been appointed in the civil service on the basis of nepotism had more reason to be concerned.

"It won't be like people call and say, it's whom you know kind of situation, if you know the person, you will get recruited, and it's no longer that system.

"It used to happen that senior civil servants would just appoint their family members, put them in their department and suddenly promote them to senior level - that will stop."

He said the recruitments would be merit based - meaning that if you were the best person for the job, you would get it and then performed at optimal level because the next person who was below you could always overtook if he or she performed better. "It's like the private sector where you cannot be guaranteed of a job that you are there, do whatever you want and nobody will take you out. In the civil service, that is the attitude.

"So when you go to the hospitals, when you go to the Ministry of Finance, you don't want a person who does not know how to serve you. We want the best service to be delivered to the people."

He said as part of the reforms, some civil servants would be offered with options which include:

* Phasing out or retirement;

* Replacement of those appointment without merit and;

* Transfer within ministries

Mr Sudhakar said the time frame of the new changes would take two-three years and advertisements of positions would start soon.

Civil Service Ministry permanent secretary Bernadette Welch, who also presented to the committee yesterday, said for civil servants, their expectations would be embodied in their performance agreement.

Ms Welch said civil servants performance would be monitored through the performance management system and would be subject to review.

Sevuloni said...

From Suvavou actually. You might be mistaking white maggot for the white cum dripping from your mouth.

Anonymous said...

Sevuloni is Allen lockington.

Anonymous said...

sEVULONI IS bAINIMARMA'S MAGGOT

Suomynona said...

Since the government can never get anything right, now its kingpin Ayarse is now shifting his focus to the credit scores and then comes up with the dumbest decision ever its no wonder Australia sees it that way.

Talk about waking up and smelling the coffee.

Anonymous said...

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WE TAKING OVER!