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Bayer terminated from Reserve Bank Board

Finance Minister Charlot Salwai claims Bayer is also an agent for the European Bank.

Minister of Finance Charlot Salwai yesterday terminated Tom Bayer from the Board of the Reserve Bank of Vanuatu for what he claimed was “a conflict of interest with the Reserve Bank when he (Bayer) was also an agent for the European Bank”.

He said in that capacity, “Mr. Bayer cannot continue to remain as a member of the Board of Directors of the Reserve Bank of Vanuatu in accordance with the Law of the Reserve Bank provided under Section 8(10) (b) which states that a person is disqualified if as a member of the Board of the Reserve Bank if he/she become a director, officer, or employee of a company other than the Reserve Bank in which that company engaged wholly or mainly in banking business.

“Also Section 12(1) of the Law of the Reserve Bank also provides that a member of the Board cannot act as a delegate of any commercial, financial, agricultural, industrial or any other interest or receive or accept directions here from in respect of duties to be performed under the Act.
“As an agent to the European Bank, Mr. Bayer has to be terminated from the Reserve Bank Board of Vanuatu.”

In a statement to the local media Finance Minister Salwai stated, “Today 20, March 2013 I as Minister of Finance terminate the appointment of Mr. Tom Bayer from the Board of the Reserve Bank.

“He (Mr. Bayer) was appointed to the Reserve Bank Board by the former Minister of Finance Moana Carcasses”.