SOLOMONS BANK TO PAY FROZEN DEPOSITS

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HONIARA, Solomon Islands (SIBC, Oct. 14) – The Central Bank of Solomon Islands has announced it will begin repaying depositors whose accounts at the Development Bank of Solomon Islands have been frozen sine last October.

This has become possible after the Central Bank, the Court Appointed Manager of the Development Bank, was able to accumulate sufficient funds during the three months moratorium period that will lapse next Monday.

CBSI says that with funds now available, the Court Appointed Manager will repay in full all outstanding deposits of Manigrou accounts holders and settle all Interest Bearing Deposits with balances up to $35,000 (US$4,700).

The bank will also refund amounts owed to borrowers who overpaid their loans to DBSI.

The Court Appointed Manager expects to pay out a total of $3.1 million (US$421,600) to 1,900 account holders with outstanding deposits in DBSI.

The bank says it is able to commence repayments to depositors because of its vigorous loan recovery programs, control measures and reduction of operational expenses of DBSI.

The Court Appointed Manager says it will continue to pursue its loan recovery program and management of DBSI operational expenses, to enable it repay other outstanding balances of monies owed to customers.

October 15, 2004

Solomon Islands Broadcasting Corp.: www.sibconline.com.sb

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