Vanuatu Reserve Bank board member fired
Updated at 4:07 pm on 21 March 2013
The Minister of Finance in Vanuatu, Charlot Salwai, has sacked Tom Bayer from the Reserve Bank's board of directors.
Mr Bayer, who is a prominent accountant with ties to local political parties, is also a director of the European Investment Bank.
Mr Salwai says he terminated Mr Bayer from the board because of a conflict of interest.
He says the Reserve Bank Act clearly states that a board member cannot be a delegate of a commercial or financial institution at the same time.
The minister says as an agent of the European Investment Bank, Mr Bayer has to be removed from the Reserve Bank.
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