DEPARTMENTS

The Organisation Structure shows the internal operations of the RBV. The internal operations are organized into four main departments namely, Research, Banking Supervision, Operations, and Administration. The Information Technology (IT) Unit was created in 2002 from the functions of data processing office of the Operations department and reports directly to the Deputy Governor. The Legal Counsel Reports Directly to the Governor. Departmental key roles are as follows:

Governor's Office and Board of Directors

The Board of Directors of the Reserve Bank of Vanuatu is responsible for the policy and affairs of the Bank. It comprises four members namely the Governor, who is also the Chairman, a representative from the Ministry of Finance and two other members, from persons of recognized standing and experience in business, professional and academic matters. Members of the Board, other than the Governor, is appointed by the Minister of Finance and Economic Management. The Governor is the chief executive and is responsible to the Board for the execution of its policy and management of the Reserve Bank. He is appointed by the Prime Minister on the recommendation of the Minister of Finance. In the event of the absence or incapacity of the Governor, the Deputy Governor can exercise all the powers and functions of the Governor under the Reserve Bank Act. The Deputy Governor is appointed by the Governor after consultation with the Minister of Finance.

Following is the list of General Managers/Governors since the establishment of the RBV:

• John A. Howard - General Manager - 1981-1982
• Patrick Noel - General Manager - 1983-1984
• Edward Fillingham - General Manager - 1985-1987
• Franklyn Kere - General Manager - 1988-1989
• Franklyn Kere - Governor - 1989-1992
• Jayant Virani - Governor - 1992-1993
• Sampson Ngwele - Governor - 1993-1998
• Andrew Kausiama - Governor - 1998-2003
• Odo Tevi - Governor - 2003(for 5 years)

Senior Management

In 1999, the Management Committee was established. The Committee discusses, debates and takes decisions on policies and administrative issues. The Committee also serves as a mechanism for senior management to keep track of developments of concern to the RBV and to serve as a venue through which these issues can be brought to the Governor’s office. The Committee comprises the Governor, the Deputy Governor, the Directors of the Administrative Department, Operations Department, Research Department and the Banking Supervision Department.

Research Department

The Research department's main responsibility is to conduct economic analysis and provide advice on the formulation of monetary policy. Some of the department's key tasks include:

• Collection, analysis and monitoring of economic, and financial data;
• Writing and coordinating the Banks publications;
• Undertake research and studies on sectors of interest in the economy;
• Providing advice on appropriate monetary policy settings in Vanuatu;
• Coordinating economic policies with relevant authorities;
• Provision of data to international and other organizations.

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Banking Supervision Department

One of the roles of the Reserve Bank of Vanuatu (RBV), as defined under Reserve Bank of Vanuatu Act [CAP 125] is to supervise domestic and offshore (or international) banks. This function is carried out by the Banking Supervision Department, which is responsible for the supervision of domestic banks licensed under the Financial Institutions Act of 1999 and offshore banks licensed under the International Banking Act of 2002.

Some of the key areas that are outlined in the Acts include:

• The power to issue and revoke banking licenses;
• Supervision of licensed financial institutions within prudential guidelines and accepted international accepted standards through the conduct of on- and off-site analysis, and meetings with senior bank management;
• Assessing the fitness and propriety of persons involved in the management of licensed institutions;
• Ensuring that licensees prudential policies and guidelines are consistent with international best practices and that management practices are sound;
• Regularly reviewing international developments in the area of financial system supervision and payments system and their impact on the supervisory arrangement and payment systems in Vanuatu; and
• Co-ordination with other domestic and international supervisory authorities.

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Operations Department

The Operations department has the primary responsibility for aspects of corporate, banking and financial services, reporting and currency issue. It comprises the Offices Accounts & Customer Services, Currency and Foreign Exchange.

Accounts Office

The office is responsible for the processing and reporting of the Bank's accounts. Its key tasks include:

• Procurement and payment of ordered goods and services as well as payroll;
• Processing of financial accounts in a timely manner;
• Reporting of financial accounts in prescribed manners. The RBV is required by law to submit annual reports on the status and operations of the Bank to the Minister of Finance and Economic Management;
• Administering the Bank's Monetary Policy on the domestic open market operation.

Customer Services

The Office operates banking services with account holders and counter transactions with the public. It also supervises the Port Vila Clearing House for settlement of the inter-bank domestic payment system.

The Currency Office

The office's primary responsibility is to ensure the availability and supply of good quality currency. Key task areas include:

• monitoring and ensuring an appropriate stock of notes and coins;
• storage, safe-keeping as well as the examination and sorting of Vatu notes and coins to ensure good quality currency;
• issuance of numismatic currency.

Foreign Exchange Office

The primary responsibilities of the Office are:

• To administer foreign exchange dealing transaction with clients;
• To determine the daily indicative rate of exchange for the Vatu vis-à-vis major currencies;
• To administer the official foreign reserves of the Bank;
• To administer guidelines on dealings in foreign exchange as issued by the Bank.

Administration Department

The Administration Department is responsible for the formulation and development of administrative procedures for the Bank. The office of human resources development and training, which was under administration department, was transferred to the Governor's office in 2001. Other tasks under the ambit of the administration department are:

• Payroll preparation;
• Budget and finance;
• Personnel, including staff terms and conditions, annual leave and other staff entitled leaves, staff recruitment, medical benefits, staff discipline and general welfare;
• The adequate maintenance of security measures and security systems;
• The proper maintenance of the RBV's properties and assets;
• Other support services.

Information Technology (IT) Unit

The primary function of IT is to maintain the Banks computer systems and network including the Bank's management information system within its Intranet The Unit is responsible for advise to management on appropriate hardware configuration and software application and systems. The IT Unit reports directly to the Deputy Governor.

Legal Counsel

The office of the Legal Counsel is directly under the Governor’s Office. Its prime responsibility is to provide legal advise to the Bank in general in relation to issues arising under the governing legislations and other relevant legislations affecting the operation of the Bank. It also ensures that the Policies of the Bank are complied with. Other task involves drafting and conveyancing. All legal queries of the Bank from the different departments are also directed to the Legal Counsel.