The overcharging amounts are small, but the Central Bank has ordered credit unions to provide information on how they deal with accrued interest on top-up loans. Average overcharged amounts are only €12 per loan, but the revelation is set to be an embarrassment to the movement - and cost them a fortune to investigate. It is one of the first times credit unions have been caught up in an overcharging issue. Banks are repeatedly having to repay consumers for miscalculating what they charge. It comes after credit unions, which always emerge from polls as having a high standing with the public, have been hitting the headlines for the wrong reasons. These include the largest credit union in the State facing legal action from the representative body for the sector, money going missing at the Citybus credit union in Dublin, prize draws being won by large numbers of directors, fraud charges at some credit unions, and a record money- laundering fine for a credit union. The latest … [Read more...] about Credit unions to pay refunds after miscalculating interest on loans
Latest news
AUS$10 million boost for immunisation in PNG
Published at 10:00 am Australia will provide $10 million in support to combat infectious diseases in Papua New Guinea (PNG). Low rates of immunisation have led to recent outbreaks of preventable diseases such as polio, measles, and whooping cough. Australia’s contribution will support the PNG Government’s major vaccination campaign and help increase routine immunisation levels to avoid future outbreaks. The PNG Government has declared the recent polio virus outbreak a national public health emergency. The Australian High Commission in Port Moresby is working closely with the PNG Government, the World Health Organization and UNICEF to monitor the current polio outbreak and provide assistance. PNG is our nearest neighbour. Outbreaks of infectious diseases are a threat to both PNG’s and Australia’s health security. This package of support adds to Australia’s existing bilateral assistance to PNG’s health sector. Globally, Australia makes substantial … [Read more...] about AUS$10 million boost for immunisation in PNG
To mine or not to mine, Bougainville’s big question
Published at 4:00 pm BY FRANKLIN [email protected] A report furnished by an Australian humanitarian group has just been released detailing the many other ways that Bougainville could prosper post independence. Compiled by a handful of dedicated researchers and community workers attached to Jubilee Australia, the report titled, “Growing Bougainville’s Future: Choices for an Island and its People” examines the choices facing the people of Bougainville and asks the question ‘to mine or not to mine’? The report brings out the unspoken notion among the Bougainville populace that large-scale mining is the only developmental path for small soon to be independent island nation. It covers the positives of mining, but focuses on findings of alternative economic strategies other than extractive endeavors. Furthermore, it reflects on the possibilities and realities of an extractives-led development path for Bougainville and examines the availability of an … [Read more...] about To mine or not to mine, Bougainville’s big question
Philippines rice pilot project starts at 14 Mile in Pom
Published at 2:00 pm BY FRANKLIN [email protected] MINISTER for Agriculture and Livestock Benny Allen informed parliament yesterday that the rice farming project signed by the PNG government and the Republic of Philippines has began. Speaking on the matter during Question Time, Mr Allen said that representatives of the Philippines Government and the PNG Government launched the pilot project at 14 Mile outside Port Moresby two weeks ago. He said that 25 hectors of land has been cleared and that the allocated land is in the process of being fertilized and prepared for rice cultivation. “Land has been cleared and work is underway. “This is a government to government arrangement, it is not a private investment,” he explained. Mr Allen said the main reason this arrangement was made earlier this year by Prime Minister Peter O’Neill and Philippines President Rodrigo Duterte was to ensure PNG has ‘Food Security.’ He explained that currently, the … [Read more...] about Philippines rice pilot project starts at 14 Mile in Pom
Bird hints conflict of interest for new Air Niugini chairman
Published at 12:00 pm BY FRANKLIN [email protected] THE appointment of current Bank South Pacific chairman Kostas Constantinou as the new chairman of Air Niugini was linked to the possibility of easier borrowing from the bank yesterday in parliament. During Question Time, East Sepik Governor Allan Bird asked a supplementary question to do with PNG’s flag carrier hinting on the idea that coincidentally, BSP could be the government’s lifeline for its struggling national airline. Mr Bird asked if the appointment of the chairman of the rapidly expanding bank indicated expectations of Air Niugini possibly borrowing from the bank, gleaning that there was the high possibility of a conflict of interest on the chairman’s part. The East Sepik Governor concluded his line of questions by mentioning that the PNG government had the highest debt yet to be paid to Air Niugini asking when these debts would be alleviated. Prime Minister Peter O’Neill responded by first … [Read more...] about Bird hints conflict of interest for new Air Niugini chairman