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Bayer appointed as Board member of Reserve Bank
Retired banker, Tom Bayer, has been appointed to the Board of Directors of the Reserve Bank of Vanuatu.
Bayer, who has been involved in banking over the last 30 years in Vanuatu brings practical banking knowledge to the board, which has not had such practical experience before amongst its members.
Bayer, who had long been associated with European Bank Limited, a locally licensed bank in Vanuatu, no longer has any ownership interests in that bank and he resigned from its board in 2002 in order to clear his name in a dispute with the US government over the actions of a client of the bank.
That dispute resulted in substantial sums of the bank’s money being frozen internationally and a long running legal battle to have the funds unfrozen.
In March of this year, after almost ten years in litigation, European Bank was successful in the USA courts to have all the frozen monies and ten years of interest thereon, released back to the bank.
Bayer was also previously the representative of various international banks in Vanuatu, including the Banque National de Paris (now BNP Paribas).