Board of Directors
|Lord ‘Afu’alo Matoto||Chairperson||Until reform is complete|
|Mr. Obey Samate||Member||Until reform is complete|
|Mr. Paula Taumoepeau||Member||Until reform is complete|
|Ms Lepaola Vaea||Member||18th Feb 2017|
|Ms Leta Kami (Managing Director)||Until contract expires|
Government has determined that Tonga Development Bank’s board will be restructured as a shared board. Appointments and reappointments are pending the outcome of that reform process.
The Tonga Development Bank (TDB) is established under the Tonga Development Bank Act (TDB Act). The main function of the Bank is set out in Section 6 of that Act “to promote the expansion of the economy of Tonga for the economic and social advancement of the people of Tonga by giving financial and advisory assistance …..to any enterprise operating or about to operate in Tonga.”
In carrying out its functions the Bank shall have regard to the prospects of the enterprise to whom it is lending money being successful and the prospects of repayment of any finance made available by the Bank; and the general economic policies of Government as conveyed in writing by the Minister of Finance.
The Bank commissioned a report in 2013 to ascertain the viability of expanding its product range to include commercial services such as cheque accounts; foreign exchange; bank overdrafts; and transactional banking for public enterprises and government. The review confirmed that it would be financially viable for the bank to provide these additional services. Cabinet and TDB’s board endorsed the review’s findings in 2015.
TDB operates branches on outer islands and provides agency services on some outer islands for commercial banks.
The powers of the Bank are set out in Section 7 of the TDB Act. TDB is supervised by the National Reserve Bank of Tonga.
To be recognized as Tonga’s outstanding provider of development and commercial finance which employs prudent banking principles to meet customer needs, demonstrates integrity and operates profitably.
To be committed to promoting Tonga’s economic and social advancement by providing high quality development and commercial banking products and responsive professional service, while operating profitably as a financially sound banking institution.
|Financial Highlights (T$’000)||2014||2015||2016||5-yr Average|
|Net Profit After Tax||1,414||1,404||1,795||1500|
|Cash / Current liabilities||5.700||4.638||…||5.220|