Challenging economic times for Tonga [1]
Wednesday, August 12, 2009 - 11:30. Updated on Tuesday, January 13, 2015 - 21:54.
The members of the Association of Bank's in Tonga recognise that businesses and individuals may be finding it difficult to manage their finances in what are very challenging economic times.
The member Banks have all committed to working with businesses and individuals in difficulties on a one on one basis to explore opportunities and available options that could support and assist.
Financial management
Mr Ashleigh Matheson, Chairman of the Association said:-
"It must be understood that difficult economic times are part of a normal economic cycle. Most businesses will be able to survive and often thrive through strategies such as strong and sound management, careful planning and management of cash flows. All Banks in Tonga are fully committed to assist borrowers, especially those with good repayment records and where there is evidence of the businesses long-term viability. Unfortunately, it is also recognised there is always a small number of businesses and individuals who will be unable to return their affairs to a satisfactory or viable position in the long term. In these circumstances it is generally not economically viable for these businesses to continue to be supported. Whilst some of the difficulties have been caused by external impacts, others simply result from poor financial management. The key is to recognise signs of stress early, develop a plan, and work with lenders as early as possible on remedial actions".
Mr Matheson also indicated he has seen many examples of Businesses and individuals taking ownership of their problems and being successful getting themselves out of their financial difficulties. These successful actions have included budgeting, reductions in non essential expenses, and the curtailing of personal spending. The key to success has been personal ownership and he strongly encouraged customers to follow these examples.
Mr Matheson confirmed "the Association's members are all strongly committed to assisting wherever possible and encouraged individuals and business customers who are having difficulty making repayments to contact them as soon as possible to discuss their situation"
Fe'amokaki Fakapa'anga
Kuo fakamo'oni'i 'e he kau memipa 'o e kautaha 'o e ngaahi Pangike fakakomesiale 'i Tonga ni 'a e faingata'a'ia fakapa'anga 'oku lolotonga tofanga ai 'a e ngaahi pisinisi pehe ki he ni'ihi tokosi'i 'o 'enau kau kasitoma taautaha makatu'unga 'i he tu'unga faka'ekonomika 'oku tau 'i ai.
Kuo loto ai 'a e kau memipa 'o e kautaha 'o e ngaahi Pangike fakakomesiale 'i Tonga ni ke nau ngaue vaofi moe ngaahi kautaha pisinisi mo e kau kasitoma taautaha ko 'eni ki ha ngaahi founga 'e ala lava ke toe langa hake mo tokoni'i kinautolu.
Fakatatau ki he lau 'a e Sea 'o e kautaha 'o e ngaahi Pangike fakakomesiale, Mr Ashleigh Matheson, "'Oku mahu'inga ke tau mahino'i koe taimi 'oku to lalo ai 'a e tu'unga faka'ekonomika, ko e konga pe ia e natula faka'ekonomika. 'Oku 'iai 'a e ngaahi pisinisi tokolahi 'oku malava ke nau fakahoko lelei 'enau ngaue 'o toe mahulu atu 'aki hono leva'i lelei 'a e founga pule, palani mo tuhani lelei 'a e seniti 'oku hu mai. 'Oku 'i ai 'a e fie tokoni mei he ngaahi Pangike kotoa 'i Tonga ni ki he'enau kau kasitoma no, tautautefito ki a kinautolu 'oku lekooti lelei 'enau polokalama ta fakafoki no. 'I he taimi tatau, 'oku 'i ai 'a e ngaahi pisinisi moe ni'ihi tokosi'i 'oku 'ikai fakafiemalie 'a hono tauhi 'enau aleapau totongi no. 'I he'ene pehe, 'oku 'ikai fakapotopoto ke kei hokohoko atu ha tokoni 'i he tafa'aki ko ia. Kuo fakapapau'i, koe makatu'unga e ngaahi fe'amokaki ko'eni ko e uesia mei he to lalo 'a e tu'unga faka'ekonomika pea mo e 'ikai lava ke leva'i mo palani'i lelei 'a e tafa'aki fakapa'anga. 'Oku mahu'inga leva 'ae ngaue vaofi mo e Pangike ke fakahoko ha palani ngaue kei taimi kapau 'oku ke faingata'ia fakapa'anga."
Na'e to e pehe 'e Mr Matheson, 'oku 'i ai 'a e ngaahi pisinisi pea mo ha ni'ihi tokosi'i 'oku vave 'a 'enau ngaue ki hono solova pe 'iate kinautolu 'enau ngaahi fe'amokaki fakapa'anga. 'Oku kau heni 'a hono palani'i mo patiseti lelei 'a e pa'anga 'oku hu mai pea mo hono leva'i lelei 'a e ngaahi fakamole 'a e kautaha. 'Oku toe kau foki mo hono fakasi'isi'i 'a e ngaahi fakamole ki he fiema'u mo e kavenga fakafo'ituitui. 'Oku 'oatu ai 'a e fakalotolahi ki he kau kasitoma 'a e ngaahi Pangike ke nau muimui pau ki he ngaahi mo'oni'i me'a ko 'eni.
Na'e fakapapau'i 'e Mr Matheson kuo loto 'a e kau memipa 'o e ngaahi Pangike fakakomesiale 'i Tonga ni ke nau tokoni 'i ha tafa'aki pe 'o ka fiema'u pea mo e fakalotolahi ki he ngaahi kautaha pisinisi pehe ki he kau kasitoma taautaha 'a e ngaahi Pangike, 'oku nau tofanga 'i ha faingata'a'ia fakapa'anga mo hono ta fakafoki 'enau no, ke fakahoko 'i he faingamalie vave taha ki he'enau Pangike.
ASSOCIATION OF BANKS, PRESS RELEASE - 23.07.09