21 Mar 2013

Vanuatu Reserve Bank board member fired

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.