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Reserve Bank pays out claims to PICB depositors and creditors

Nuku'alofa, Tonga

11 August 2016


Pay out of former Pacific International Commercial Bank’s deposits and creditors

The NRBT wishes to advise that we have recommenced the pay out of claims by depositors and creditors of the former PICB. Payments may be collected from the NRBT according to the procedures advised in earlier notices.

The Supreme Court has today granted leave to the former PICB to withdraw its application for interim orders (including an injunction). Therefore, the NRBT will continue with its obligations to the said depositors and creditors. Although legal proceedings between the NRBT and former PICB is before the Court, the NRBT remains confident that its decision to revoke the PICB license was made in the best interests of the depositors and creditors as well as its public duty to safeguard the stability of the Kingdom’s financial system.