News

Bank of the Cook Islands signs Accreditation Master Agreement with the Green Climate Fund.

Wed, 06 Nov 2024 00:48:15 Z

A signing ceremony was held at the G-Tower in Incheon, South Korea, being the Headquarters of the Green Climate Fund (GCF) Secretariat on the 5^th November 2024, where BCI, represented by the CEO Jennifer Henry and Board Chair Tatiana Burn formalized the legal agreement of BCI’s accreditation to the GCF.

Bank of the Cook Islands is now formally accredited as a National Direct Access Entity accredited for Project management and on-lending and/or blending (for loans), Size Micro, ESS risk mediation (Category B/intermediation 2).

Henry Gonzales the Chief Investment Officer of the GCF Secretariat congratulated BCI stating “(BCI’s) accreditation signals an important milestone in the partnership to develop transformational impactful and country driven projects and programming for GCF”. He went on to say “We frame this signing as a commitment of both parties to deliver and align our programming with the Nationally Determined Contributions (NDC’s) of the Cook Islands in the key sectors of renewable energy, climate resilient agriculture, infrastructure, sustainable tourism, and green finance”.

The CEO of BCI in her acceptance response stated that “as the National Bank of the Cook Islands we are known as the ‘Peoples Bank’, so I am honored to be here as a representative of the People of the Cook Islands, to sign our agreement with the GCF”.

With a Pacific delegation present at the signing ceremony, this event being held on the margins of a Regional Programmatic Approach to Climate Action (RPACA) engagement meeting with GCF, the BCI CEO highlighted “being the first in Polynesia accredited for on-lending and blending, now joining our DAE counterparts in Micronesia and Melanesia, is an important milestone for the Pacific”.

She closed by acknowledging the OPM, MFEM, GCF Secretariat, and thanking all who supported BCI on this journey stating that “at BCI we are committed to advancing the Cook Islands resilience by leveraging climate finance resources for projects that have transformative impacts across our islands, ensuring that each island, each community and each person sees the benefits, as the peoples bank BCI holds this statement at the forefront of its operations” <see full speech below>.

GCF Accreditation Master Agreement Acceptance Speech

Kia Orana kotou katoatoa, ladies and gentlemen,

I am honored to be here to address you all on behalf of the Board of Directors of the Bank of Cook islands, management and staff, including our Board Chair who is present for this momentous occasion, signifying the importance of this agreement. As the National Bank of the Cook Islands we are known as the Peoples Bank, so moreover I am honored to be here a representative of the People of the Cook Islands, here today to sign our accreditation Master Agreement with the Green Climate Fund.

The Accreditation of the Bank of the Cook Islands marks another historic milestone, not just for the Bank of the Cook Islands, but for every person in the Cook Islands who dreams of a secure and sustainable future. It symbolizes a culmination of hard work, collaboration and unwavering commitment to climate resilience, and a commitment that goes beyond today and echoes into the lives of our future generations.

Our journey began in 2016 at the GCF SIDS dialogue, where our government made a bold decision and we committed to a path that would equip our nation with resources and tools needed to combat the pressing impacts of climate change. It was here that the Cook Islands chose to champion its own journey to resilience, nominating two national entities for accreditation to the Green Climate Fund; MFEM and BCI. This decision was more than a strategic move: it was a message.

A message that the Cook Islands would forge a path to resilience, through its own institutions and that we would be a nation prepared to tackle the climate challenges that threatens our countries very existence.

The path to accreditation was not straightforward. Yet with each step, we were strengthened by partnerships, support and a shared vision The GCF Readiness and Preparatory support programme provided the bank of the Cook Islands with an enabling environment to succeed. It gave us the critical resources, the guidance and the tools necessary to become a trusted steward of GCF resources. We were able to collaborate closely with the National Designated authority and the Ministry of Finance and Economic management, including becoming a GCF Delivery Partner ourselves. This allowed us to draw on the expertise of local consultants, many of whom were women to guide and lead our efforts in accreditation.

And this collaboration, this synergy of support from Ministry of Finance and Economic Management and the Office of the Prime Minister embodies a shared vision for our country. It signifies a united front for climate resilience, a commitment that the future of the Cook Islands will be built, not on isolated efforts but on the strength of our collective will.

Our journey is not just a celebration of the past, it is a bold declaration about where we intend to go. We are stepping forward as leaders, with the tools and resources necessary to actively shape our nations climate resilience. Accreditation is not the end of our story; it is a new beginning.

Being the first in Polynesia accredited for on-lending and blending, now joining our DAE counterparts in Micronesia and Melanesia, is an important milestone for the Pacific. As the current Chair of the Association for the Development Finance Institutes of the Pacific (ADFIP), I am honored and proud to represent a Pacific Voice for our Pacific community, where access to Climate Finance has been highlighted by ADFIP Members as a key priority. BCI’s accreditation as a DAE demonstrates GCF’s commitment to enabling climates finance access for the Pacific and prioritizes a country driven approach for highest impact.

To this end we have deliberately scheduled our being here to sign our Accreditation Master Agreement during the Pacific Regional Programming Mission to the GCF where here, together with our Pacific Counterparts we are here to discuss a programmatic approach to climate action including conversations with the department of private sector facility on innovative financing mechanisms that are fit for purpose relative to a Pacific context.

At BCI we are committed to advancing the Cook Islands resilience by leveraging climate finance resources for projects that have transformative impacts across our islands, ensuring that each island, each community and each persons sees the benefits, as the peoples bank BCI holds this statement at the forefront of its operations.

In closing. I want to extend my deepest gratitude to everyone who played a role in this journey.

To the GCF, for their continued support and guidance through the regional desk and the Accreditation and Entity relations unit, the Accreditation Panel, the Office of the Prime Minister, the Ministry of Finance and Economic Management and to everyone who led us forward in this journey, your dedication and vision have brought us to where we are today.

Meitaki Ma’ata, Meitaki Atupaka, Meitaki Korereka e Kia Manuia.

Empowering Climate Action: BCI Becomes Accredited by the Green Climate Fund

Tue, 22 Oct 2024 19:19:59 Z

The Bank of the Cook Islands (BCI) is proud to announce its formal accreditation as a Direct Access Entity by the Green Climate Fund (GCF), following the successful outcome of the GCF 40^th Meeting of the Board of Directors held in Songdo, South Korea on 21^st October 2024. This accreditation highlights BCI's alignment with GCF’s stringent fiduciary standards, positioning the bank as a key player in climate finance initiatives.

As the world’s largest dedicated climate fund, the GCF plays a pivotal role in supporting developing countries in achieving their Nationally Determined Contributions (NDCs) under the Paris Agreement. Through this accreditation, BCI is empowered to directly access climate finance and channel it towards impactful projects across the Cook Islands, fostering sustainable development and climate resilience.

Tatiana Burn, Chairperson of BCI, remarked on this achievement: “As Chairperson of the Bank of the Cook Islands, I am incredibly proud of our team’s achievement in securing Direct Access Entity status with the Green Climate Fund. This milestone not only represents a significant leap forward for BCI and also reaffirms our commitment to driving sustainable development across the Cook Islands. The ability to directly mobilize climate finance will empower us to bring meaningful change to our communities, ensuring we are better equipped to address the challenges of climate change and foster resilience across our nation. We are excited to collaborate with key partners, including the Ministry of Finance and Economic Management and Climate Change Cook Islands, to transform these opportunities into tangible, lasting benefits for our people.”

Jennifer Henry, CEO of BCI, recognized: “This accreditation marks the end of the beginning on BCI’s journey in climate finance. Our journey to this point began at the first GCF Pacific Regional Dialogue in Suva in 2016 and has been diligently pursued, with wide support from a team of many. This success is a testament to the commitment, collaboration, and tireless work of countless individuals and organizations, including our dedicated team at BCI, the Ministry of Finance and Economic Management, and Climate Change Cook Islands. Together, we have navigated a complex process, and now, as an accredited entity, we are ready to mobilize climate finance for the benefit of our communities. This achievement is a proud moment for everyone involved, and I am confident it will pave the way for transformative climate action in the Cook Islands.”

This approval also strengthens BCI’s collaborative efforts with the Ministry of Finance and Economic Management (MFEM) and Climate Change Cook Islands (CCCI), further reinforcing the country's comprehensive climate adaptation strategy. Moving forward, BCI will work closely with GCF and other regional partners to identify and prioritize key areas for climate action, ensuring that resources are efficiently directed toward initiatives that will create meaningful, on-the-ground impact.

#ClimateAction #SustainableFinance #GreenClimateFund #CookIslands #BCI #ResilientCommunities

- Reported by Vaine Nooana-Arioka

Get One Step Ahead Of Scammers

Fri, 17 May 2024 00:59:27 Z

Here are some ways you can can identify and protect yourself against scammers and fraudsters. Please share with your friends and family.

Scaling up Green Finance Practices

Wed, 20 Mar 2024 13:37:49 Z

Scaling up Green Finance Practices - a climate resilient Cook Islands via private sector investment

Delivered by the Bank of the Cook Islands enabled with Readiness funding support from the Green Climate Fund, and in collaboration with the Secretariat of the Pacific Community and the Cook Islands Chamber of Commerce, BCI conducted across two days, Monday 15th January 2024 & Tuesday 16th January 2024 in Rarotonga Cook Islands, a series of four workshops.

BCI brought together a total number of 103 participants (68% female, 32% male) from executing entities, civil society organizations, government and private sector to learn about climate finance and input into BCIs own aspirations, alongside our own BCI team. The four workshops were developed to deliver on set GCF deliverables as part of BCI’s activities to gain accreditation for GCF on lending. Participant feedback surveys revealed BCI achieved the learning objectives established, a positive shift in participant understanding of the topics, and most importantly recommended areas of action for BCI to scale up actions in green finance practices and projects.

Special thanks goes to our partners Green Climate Fund, the Pacific-Community-SPC and the Cook Islands Chamber of Commerce. In particular, our presenters from SPC who travelled from New Caledonia to actively participate in person. A kind thank you to our guest speakers from GCF, Climate Change Cook Islands, CICoC, Secretariat of the Pacific Regional Environment Programme - SPREP and the presenters from Fiji Development Bank who travelled from Fiji to participate. We wish to acknowledge our consultants Vaine Nooana-Arioka, Anna Glassie & Rebecca Tavioni in producing this report and videographer Tayla Beddoes.

---ends---

Contact: media@bci.co.ck

BCI Regatta, a seven-day sailing camp

Mon, 20 Nov 2023 18:18:30 Z

The Optimist National Championships 2023 held on Muri Lagoon saw sailors under the age of 16 and a fleet of 11 Optimists and four ‘Jellybeans’ (Plastic Optimists) competing.

The event which is considered the pinnacle youth event on the sailing calendar was held on Friday and Saturday, November 10 and 11.

Racing commenced on Friday with three races in some very light winds of 4-5 knots. This made for a tricky start to the regatta and the sailors, and the race committee alike, were pleased to see a consistent 10-14 knot breeze arrive on Saturday morning with a full day of racing scheduled. With the steady breeze in place the race officer was able to get a further nine races completed to make a 12-race series.

During the lunch break and with eight races completed, Edmund Postrzygacz had a narrow four-point lead in the Optimist Fleet with Mia Fenwick and John Hoff chasing in second and third. However, after lunch Postrzygacz showed great composure to win the final four races to close out the series win. Fenwick and Hoff then finished on equal points with the former taking second place on the tie-break and the latter taking out third place.

Meanwhile in the Jellybean fleet Tamahahe Tisam had stretched out to an 11-point lead at the break and was looking comfortable for a regatta win. But the afternoon belonged to Jiro Daniel who finished his day with three firsts and a second to climb to second overall. Tisam remained in first place and Klaasje Nia followed in third.

With the support of the Bank of the Cook Islands, these sailors also recently competed in the BCI Regatta, a seven-day sailing camp in Aitutaki in October, where they sharpened their skills ahead of the National Championships. It is great to see these sailors continuing to raise the standard of sailing and really push each other in the national event this year and there are “big things coming” as Club coach Jacobo Miquel would say.

Full regatta results are available on the Rarotonga Sailing Club Facebook page. The Club is now looking forward to more programmes and events in 2024 to support sailing in the Cook Islands. Anyone interested in sailing can make contact with club.

Chris Fenwick/Rarotonga Sailing Club

Climate Action at BCI

Wed, 15 Nov 2023 21:01:42 Z

Navigating Climate Resilience: Cook Islands Green Climate Fund (GCF) Journey from pioneering access to sustained success.

In a testament to commitment, innovation and resilience, the Cook Islands recently hosted the Green Climate Fund Executive Director Mafalda Duarte and delegation to a readiness success story event. This gathering brought together key stakeholders who have steered our country's GCF journey from its inaugural readiness proposal to an impressive nine approved readiness and preparatory support programmes, celebrating milestones such as the accreditation of a national direct access entity and 2 Projects currently under the process for board approval.

The Evolution of a Readiness Pioneer

One must acknowledge its pioneering spirit to reflect on the Cook Islands GCF readiness journey. As the first Small Island Developing State and Pacific Island Country to access the GCF readiness programme a mere year after the GCF's establishment, The Cook Islands set the stage for what would become a remarkable story of climate leadership and perseverance. The nation has maintained its commitment and flourished alongside the GCF.

Accreditation Triumphs and Pipeline Projects

One of the event's highlights was the celebration of the successful accreditation of the Ministry of Finance and Economic Management (MFEM) and the highly driven local women who led the accreditation, underscoring the Cook Islands' expertise and dedication in navigating the complex world of climate finance. What's more, another accreditation is currently in progress, led by a team of local women, indicating a sustained commitment to engaging with the GCF at the national level.

The excitement doesn’t stop there. With two projects in the pipeline line, the Cook Islands is poised to make substantial contributions to climate action and sustainable development. These projects are a testament to the country’s vision and determination to turn climate challenges into opportunities for positive change.

Capacity Building: A Pillar of Success.

The capacity-building investment through the GCF readiness programmes is central to the Cook Islands' success. These transformative initiatives have not only strengthened the Cook Islands Country's capacity and capabilities but also fostered the growth of human resources in both the private sectors, leading to an unprecedented era of climate action.

Over the years, GCF readiness programmes have catalyzed a series of remarkable achievements. The event brought forward a remarkable list of change-makers to share their stories.

Ana Tiraa | Programme Administrator - Former Director of Climate Change Cook Islands, Part of the Cook Islands 1st Readiness Programme, Former GCF FAO Coordinator, and IUCN Board member.

Ana emerged as a pioneering force in developing and implementing the Cook Islands Journey with the GCF and the country's first readiness proposal. Beginning her journey within the Climate Change Office, she swiftly transitioned to an international UN agency, contributing her expertise to global climate initiatives. While navigating the completed international landscape, Ms Tiraa faced multifaceted challenges. Undeterred, she brought back invaluable insights and experiences to compliment the work of the Ministry of Finance and Economic Management Readiness team. Her resilience in the face of international challenges speaks to her commitment to advancing the country's readiness for climate action.

Ms. Krystina Tatuava | Climate Change Advisor - Former MFEM GCF Lead, Part of the Cook Islands 1st Readiness Programme, Advisor to Alternate GCF Board Member.

Ms Krystina Tatuava stands out as a young woman whose journey through the Green Climate Funds Readiness Programme has been exceptional. She was involved in implementing and developing all nine successfully approved readiness proposals for the Cook Islands. Her prowess extends beyond the readiness programme, having played a pivotal role in the Ministry of Finance and Economic Management's successful accreditation team under the leadership and guidance of Ms Lavinia Tama and Ms Elizabeth Wright-Koteka. Her versatility and deep understanding of the intricacies of the Green Climate Fund have also led her to become an advisor to a GCF alternate Board member.

H.E. Elizabeth Wright Koteka | Head of Infrastructure Cook Islands - Former Chief of Staff, Part of the Cook Islands 1^st Readiness Programme, Country Programme Consultant, Lead Consultant for MFEM Accreditation, the former High Commissioner of the Cook Islands and now Head of the Ministry of Infrastructure. In the tapestry of climate leadership, Ms Koteka paid homage to the transformative influence of two trailblazing women who spearheaded the Cook Islands GCF. Ms Ana Tiraa and Ms. Lavinia Tama. Drawing inspiration from their vision, Ms Koteka assumed a position as lead accreditation consultant. Ultimately, this led to the successful accreditation of the Ministry of Finance and Economic Management. Her leadership facilitated the successful accreditation and spurred comprehensive reforms within the Ministry. Beyond her immediate responsibilities, Ms Koteka immersed herself in understanding the intricate interplay of government agencies, international conventions and geopolitical dynamics, broadening her perspective on the global climate stage. This dedication eventually saw her rise to the esteemed position of High Commission to the Cook Islands.

Ms. Lavinia Tama | Senior Country Officer - Former Director of Development Coordination Division, part of the Cook Islands first Readiness programme, and now Head of the Cook Islands ADB office.

Ms Tama, a visionary leader and advocate for climate action, embarked on the pioneering journey that reshaped the Cook Islands approach to accessing the GCF. She began this transformative expedition during the COP negotiations, recognising the urgent need for climate finance in the Cook Islands. She, alongside Ms. Ana Tiraa, spearheaded the development of the Cook Islands ' ever-readiness proposal, a groundbreaking initiative to build the country's capacity to engage with the GCF effectively. Through her unwavering dedication and strategic leadership, Ms Tama cultivated a strong foundation for climate action in the Cook Islands. She inspired a new generation of leaders committed to achieving her vision, building the capacity of the Cook Islands and addressing the impacts of climate change.

Ms Tessa Vaetoru | Development Programme Manager - Former Development Programme Assistant, DAE Lead for GCF portfolio, President of the Cook Islands Business and Professional Women’s Association and GCF alternate Board member.

In the dynamic realm of climate finance, Ms Tessa Vaetoru's journey is a remarkable testament to the influence of mentorship and her tenacity. Starting in an assistant role, Ms Vaetoru was fortunate to be mentored by a cadre of phenomenal Vaine Toa, who encouraged her and exposed her to the intricate world of climate finance. Remarkably, before the age of 30, Ms Vaetoru swiftly rose through the ranks and assumed the managerial role, overseeing the Green Climate Funds portfolio on behalf of the Ministry of Finance and Economic Management, becoming an integral part of the climate finance negotiating team for the Cook Islands and also earning herself a coveted seat on the GCF Board. Her story is a testament to the transformative power of mentorship, determination and the ability of young leaders to navigate and excel in the complex landscape of global climate finance.

Ms Jennifer Henry | Chief Executive Officer - Former BCI Accreditation Associate, Former Lead Accreditation Consultant.

Ms Henry shared her remarkable journey, starting as an Associate with the Bank of the Cook Islands; she quickly distinguished herself with her acumen and dedication. Recognising the importance of climate finance, she swiftly moved and was promoted to Lead Accreditation Consultant for BCI, leveraging her expertise to position the Bank as a key player in sustainable development. Over the years, her commitment to climate action propelled her to the Bank of the Cook Islands CEO role. She envisages the Bank of the Cook Islands as an accredited entity to the GCF, aiming to amplify its impacts on climate-related initiatives in the Cook Islands, particularly the Pa Enua. Ms Henry's ascent from an Associate to the Bank's helm reflects her achievements and the pivotal role that the GCF readiness programme has played in all of these women's journeys.

A shared vision for climate resilience

The event was more than a celebration; it reaffirmed the Cook Islands' commitment to climate resilience. By bringing together key stakeholders, the nation showcased its collaborative spirit between its public and private sectors, emphasing that success in climate action requires a united front.

Looking forward: A model for others to follow

As the Cook Islands continues its journey with the GCF, it stands as a model for other nations embarking on their climate journeys. The successes celebrated at the event serve as inspiration, illustrating what can be achieved through dedication, innovation and collaborative partnerships.

The Cook Islands Readiness success story event reflected not just past achievements but a bold statement about the nation's future trajectory. As we celebrate these milestones, we are reminded that the journey towards climate resilience is ongoing, and the Cook Islands is leading the way.

[End]

13 November 2023

Mani Mate

Acting Financial Secretary

Having Dialogue at Green Climate Fund Event

Tue, 19 Sep 2023 18:29:45 Z

DCD/MFEM Media Release

A Cook Islands delegation was in Songdo, Korea earlier last month attending the Green Climate Fund (GCF) Asia Pacific Dialogue.

The dialogue brought together National Designated Authorities, Accredited Entities, Delivery Partners and other GCF partners, to provide a platform for stakeholders to accelerate their engagement with GCF, facilitate peer to peer learning on basis of experience and best practices, and to identify and develop climate change mitigation and adaptation initiatives.

Cook Islands Delegation by the National Designated Authority - Climate Change Cook Islands and accompanied by members of the Ministry of Finance and Economic Management and Bank of the Cook Islands engaged in dozens of events, including bilateral meetings with the GCFs newly appointed Executive Director Mafalda Duarte, Pacific island countries and partners.

In the opening sessions Cook Islands called for partners to continue building the momentum and ensure the second replenishment is the most ambitious yet with new and additional climate finance consistent with the articles of the convention and the Paris agreement. What may sound like bureaucratic measures with little real world, practical benefit misses the critical role this type of support provides,

In helping the Cook Islands in developing their ability to prepare, adapt and implement climate projects. GCF resources have allowed the Cook Islands to strengthen our institutional capacity, capabilities and empower our people, this is evident by our robust concuss building approach and collaboration between our national partners (Climate change Cook islands, Development Coordination division –Ministry of Finance and Economic management, Bank of the Cook Islands and Cook Islands Chamber of Commerce)

Cook Islands also hosted a side event that provided the pacific a platform to consult on the potential and appetite for developing a programmatic regional initiative. Which is critical in ensuring that our access to climate financing steps us towards the 1.5 temperature goals of the Paris agreement.

As a collective the pacific is consistently underfunded and greater concerted efforts must be made to ensure equitable access and support for all regions. All pacific island countries present at the consultations fully supported the initiative and preparatory phases and establishing a technical working group to ensure progress and coordination.

BCI Advances Climate Finance Efforts

Fri, 11 Aug 2023 18:24:32 Z

The Bank of the Cook Islands this week advanced its efforts to bring innovative sustainable climate finance to our customers and communities, while participating in Green Climate Fund Asia Pacific Conference 2023 in Songdo Korea. Adeptly led by BCI Chairperson Tatiana Burn, and supported by Chief Executive Officer Jennifer Henry, with knowledge management and advisory support from Anna Glassie and Vaine Nooana-Arioka.

Drawing admiration from and captivating our BCI delegation is the newly appointed Executive Director, Ms. Mafalda Duarte. Her remarkable qualities of empathy, practicality, and profound understanding of the impact that financial institutions can have through tailored financial mechanisms and structures, resonated deeply within our team.

BCI's primary objective at this conference was to amplify the visibility of our efforts in this arena. Our Chairperson Tatiana Burn reflects that “We have successfully managed to ignite curiosity, admiration and urgency from Ms. Duarte and her team in our efforts, and the conference attendees more broadly.”

As BCI nears the final stages of our accreditation process as a Direct Access Entity to the prestigious GCF, our focus remains on ensuring our preparedness to effectively access and allocate climate finance resources. “Our accreditation will empower BCI to mobilize funds directly to our communities and businesses throughout the Cook Islands, further reinforcing our unwavering commitment to support sustainable development” emphasised CEO Jennifer Henry. This platform solidified new connections with other banks in the Asia Pacific region and global entities with a genuine interest in supporting BCI in our development of sustainable finance.

The Cook Islands country delegation of which BCI forms a part of, is led by Wayne King the Director of Climate Change Cook Islands (in the Office of the Prime Minister) as the NDA (National Designated Authority) and has been inspirational as he expertly navigates to bring cohesion and complementarity to pacific efforts to own our sustainable development strategy guided by the mandate of our Pacific Leaders 2050 Blue Pacific Continent Strategy. Our NDA in tandem with the Ministry of Finance and Economic Management continues to play a pivotal role in our countries pipeline of projects. The respectful association and foresight of our NDA, MFEM and BCI, has garnered its own appreciation from conference delegates, something BCI will continue to hold in importance, foster and encourage in our colleagues around the region.

The GCF APAC discussions also brings momentum to the newly approved GCF 2024-27 Strategic Plan, from which BCIs aspirations resound in two critical objectives, those being, doubling the number of Direct Access Entities, and enabling national and regional financial institutions to access GCF resources, and other green finance, particularly for MSMEs. The conference shed light on the pivotal role played by financial institutions in bridging the gap between climate finance and its on-the-ground implementation. BCI's active presence and meaningful contributions in these conversations exemplify our dedication to being at the forefront of this movement. We eagerly anticipate the fruitful outcomes that will arise from our collaboration with the GCF and other stakeholders as we jointly strive to achieve our shared climate objectives.

BCI Continues as Platinum Sponsor of Te Maeva Nui

Fri, 11 Aug 2023 18:06:17 Z

The Bank of the Cook Islands (BCI) has committed to continue as a platinum sponsor, handing over $15,000 annually, towards Te Maeva Nui for well over 10 years now.

BCI’s recently appointed chief executive officer, Jennifer Henry was pleased to sign the annual memorandum of understanding with Tauranga Vananga Ministry of Cultural Development this week.

Henry said she was happy to see the Bank’s ongoing assistance and sponsorship for the significant and respected culture festival.

Tauranga Vananga’s acting secretary Justina Nicholas said she was grateful to BCI for their long-standing contribution to culture and performing arts.

In the past BCI has also contributed to the visiting Pa Enua teams participating in the festival by donating parcels of food to their hostels.

Since the number of performing teams have reduced drastically, the food parcels will take a miss this year.

The theme for this year’s Te Maeva Nui is “Te Au Manu Puapinga a Toku Matakei’nanga/ Enua – The important animals and birds of my tribe/islands”.

Te Maeva Nui celebrations will open at Te Are Karioi (National Auditorium) on Monday, July 31 with the Imene Tuki and the Choir performances.

On Tuesday, August 1, the International Night will be held followed by Cultural Night on August 2 and 3. On Friday, August 4, the 58^th Constitution Day will be celebrated with the awards and closing ceremony.

The BCI sponsored Trade Days will be held from August 1 to 3 at the Punanga Nui Market featuring crafts, live music, food stalls, fresh produce and more.

Tickets are on sale now – $20 reserve seating, $10 General terrace and $5 floor seating – in front of the BCI bank in town Monday to Friday from 9am-2pm or at the National Library, and on Saturdays at the Punanga Nui Market stage from 9am-12noon.

BCI Opera in Rarotonga

Fri, 11 Aug 2023 17:53:07 Z

Motone Productions loves to work with Sponsors who connect and support the development of the Creative Industry here in the Cook Islands. The Bank of the Cook Islands are that kind of Sponsor and Supporter. We are proud to announce that in 2023 our Opera in Rarotonga is again the Bank of the Cook Islands Opera in Rarotonga. Set for the 13th and 14th of October at Tamarind House with the stunning Opera Talents of Benjamin Fifita Makisi our very first Opera Tenor and the beautiful Mezzo Soprano Elisha Fai-So'oialo alongside our rising star Kuki Airani Tenor Ridge Ponini. This is an event not to be missed.

Meitaki ma'ata to our naming rights sponsor BCI for the 5 plus years of partnership (est in 2016) and for being committed to developing our rising Opera talent, the performing arts and events management industry

Tickets go on sale soon so stay tuned for announcements on Motone Productions and www.motone.biz

BCI names its next Chief Executive Officer

Fri, 30 Jun 2023 15:45:00 Z

BCI Names its next Chief Executive Officer

Bank of the Cook Islands announces with excitement the appointment of Jennifer Henry as its new Chief Executive Officer, effective from the 10th July 2023.

Recently taking the helm as Chairperson of BCI, Tatiana Burn makes this announcement following a wide international recruitment search, culminating in an objective point-scoring screening of all applicants, before a shortlist of applicants were interviewed by a panel that included independent proficient recruitment panellists. “We ran a thorough process, determined that due diligence be taken in our search for the right leadership for BCI. We believe that in Jennifer, we have an outstanding combination of personal values, experience and credentials for the next phase of BCIs development in service to our people, customers and communities.”

Jennifer Henry (nee Matheson) is a seasoned banking professional with over fifteen years of experience in a variety of leadership, advisory and project management roles, including but not limited to board, operations, lending, international & offshore banking and climate finance. Through these experiences, Jennifer has developed a deep understanding of all aspects of banking, including governance, financial management, risk management, regulatory compliance, staff development and customer service.
"I am thrilled to join BCI and lead this exceptional team," said Jennifer. "I look forward to working closely with our talented team, our inspirational Board of Directors, our unwavering partners, and especially our customers, to drive growth and innovation, and to build on the company's already strong foundations."

Vaine Nooana-Arioka, who served firstly as Managing Director from 2008, then as CEO since 2020, will step down as CEO immediately on Jennifer’s start. Vaine’s 2022 announcement of intended departure in 2023, catalysed the robust and extensive search for her replacement. Vaine has been instrumental in guiding BCI through a period of significant transformation, and we thank her for her contributions to the company's success.

The Bank of the Cook Islands is a state owned enterprise, and the Cook Islands only nationally owned bank with close to 100 staff serving in nine locations throughout the Cook Islands. As "the people's bank", BCI is dedicated to serving the Cook Islands and delivering the best in banking products and services. Our history and experience demonstrates our commitment to doing business in good times and not so good times. We respect each relationship we build and every customer is important to us – no matter what their bank balance may be. We recognise that the people of the Cook Islands are deserving of a sound and vibrant banking service, so at BCI we have made it our challenge to look after our existing customers, earn new ones and build lifelong relationships with each.

BCI Youth Athletics

Mon, 05 Sep 2022 19:50:01 Z

Bank of the Cook islands ( BCI) has continued sponsoring BCI National Youth Athletics Championships. Fe'ao said the sponsorship made sure the event was professional and athletes had everything they need.

BCI comes on board not only with underwriting the administrative costs, volunteers but also providing some prizes for those that do well. Fe'ao said the event is more serious than the CITC Prince of Wales. It's kind of a pathway for the athlete, CITC Prince of Wales then BCI Youth Athletics, at that level we are identifying people for international and regional competition opportunities." BCI CEO Vaine Nooana said: "It's extremely honoring for BCI to sponsor the BCI Youth Athletics Championship, an event that's grown from strength to strength. We will continue to support our youth in these national events that are a stepping stone to regional events and from there we hope they go on to conquer the world."

YES Programme helps budding entrepreneurs

Mon, 05 Sep 2022 19:43:47 Z

Tereora College year 13 students who took part in the Young Enterprise Scheme presented their products and or services to a three person panel: Vaine Nooana Arioka (BCI CEO), Apii Tumutoa (Manager Health Promotion) and Steve Anderson ( CEO of Andersons)

One of the four businesses Piriranga Mou, created the product lokD, which is designed to promote family time by keeping people off electronic devices, The product a plastic box with an electronic timer on top – can lock away phone devices from 1 minute to 10 days. In an emotional presentation, the businesses shared how family time had gone form quality time to being dominated by mobile phones.

Another business, Kai Tupuna, created a Cook Islands traditional cookbook. The company’s CEO Tearuru Raita said the recipes were exotic and rarely prepared today. We decided to come up with the idea from our group’s perspective we knew that our Cook Islands cultural was starting to fade away and even our kai tupuna, traditional food.” Raita said. “So we decided to do a cook book so that our people can learn their kai tupuna that our ancestors prepared.”

The business that won the pitch and the $800 cash prize was Tamou, which created a Cook Islands – themed board game in Maori. “It’s something that we came up with because we are very strong in our Cook Islands language, CEO Heinarii Tauira said.

We wanted to incorporate that into something fun.” Tauira said the game was similar to the money board game Monopoly but emphasized it was its own thing.

Te Reo created wallet size information cards designed to help tourists during their Cook Islands stay. One of the business team members commented that the idea was inspired from tourists asking for information on Facebook and wanting it all in one place. The Reo’s original idea was together the cards into airlines travelling to the Cook Islands.

Public Notice: BCI open as normal

Wed, 02 Mar 2022 23:29:29 Z

Kia Orana BCI customers,
This is to advise the general public that one of our staff members has tested positive for COVID-19.

We have acted quickly and decisively on the advice of our health authorities, including deep cleaning of premises and rapid testing of staff before returning to work.

We have in place remote work arrangements to also ensure BCI has business continuity at all times.

We wish to reassure our customers that we take our health and safety precautions very seriously to provide a safe working environment for all including our customers.

As circumstances evolve and situations changes, please know that BCI will always make our decisions in the best interest of you, our staff, and families.

Meitaki Ma’ata.
Vaine Nooana-Arioka
CEO

Vaka Debit Mastercard Cardholders

Wed, 26 Jan 2022 01:15:26 Z

BCI advises our Vaka Debit card Mastercard cardholders that there was a BIN attack on Mastercard late last week where hackers impersonated card details to make illegitimate transactions. A BIN Attack involves a fraudster taking the first six numbers of a card (the Bank Identification Number or BIN) and then use software to automatically generate the remaining numbers and force transactions through.

BCI further reassures our Vaka Debit Mastercard Cardholders affected they will have full reimbursement on legitimate fraud transactions. We encourage cardholders to continue to monitor their accounts and contact us immediately with any suspicious transactions on their accounts.

BCI immediately implemented further Fraud Interceptor measures to notify cardholders of card-not-present transactions. Cardholders will receive a SMS text message to their registered mobile phone, alerting them to blocked transactions. For legitimate online purchases, cardholders can contact us on 29341 (or 29342 after hours) to enable the online purchase to proceed. A variety of transaction monitoring is available to our customers through our My Internet Banking portal, which include Alerts (both email and text) and One Time Password.

BCI reassures all our customers that there is in no way any compromise to your accounts, customer data, or our core banking systems and that BCI has a 24 hour team who are available if you need assistance.

Meitaki ma’ata, Vaine Nooana-Arioka, Chief Executive Officer.

BCI EVERYDAY CARD SERVICE ENDING

Wed, 19 Jan 2022 00:10:55 Z

BCI EVERYDAY CARD SERVICE ENDING

From the 30^th April 2022, our BCI Everyday card ATM and POS services will be discontinued as Banks move into secure chip cards only. We are dedicated to enriching your banking experience with products that are similarly convenient, secure and globally acceptable.

BCI Everyday cards with an expiry date from January 2022 to April 2022 will not be renewed. Instead, we will offer a replacement Vaka Debit Mastercard, at no additional cost.

Our Vaka Debit Mastercard offering has been in place since May 2016 and can be used on both local and overseas ATMs and POS as well as for online purchases. We also have a dedicated cards team to guide you during this transition and assist with all your card enquiries.

We apologise for any inconveniences caused as a result of our discontinued Everyday card service and trust that our Vaka Debit Mastercard will continue to serve you effectively and reliably.

Phone: +682 29 341 ext 805 (banking hours 9:00am – 3:00pm, Monday to Friday)

Phone: +682 29 342 (after hours, 7 days a week)

Email: cards@bci.co.ck

BCI Branch Covid-19 Safety Guidelines

Mon, 10 Jan 2022 19:17:21 Z

Announcement on Border Open and Covid-19 Safety guidelines

Kia Orana Valued Customers

The Cook Islands is re-opening its borders from the 13^th January 2022 and we are now at a point where BCI we must prepare ourselves for the reality of Covid-19 arriving into the Cook Islands. BCI observes that vaccination is an important step to protect our customers as well as our staff, and has carefully considered it under a Covid-19 situation.

When Borders open from 13 January 2022

The key element of our Covid-19 Emergency Response guideline is guided by Te Marae Ora (TMO) Covid-19 Safe Framework, this includes face masks, physical distancing, limits on persons in enclosed spaces and at gatherings, CookSafe contact tracing, frequent sanitizing etc.

We will also work within the requirements of our clients regarding vaccinations and other guidelines, when BCI enters client premises and attends client events.

Our guidelines will adjust from time to time, if and when additional guidance is received from TMO. Ongoing details will be continually updated so we request our customers and the general public to check our website bci.co.ck or facebook page frequently.

BCI wishes our people the very best and stay safe from Covid-19

Meitaki Maata

One Step Closer for the Cook Islands

Wed, 22 Sep 2021 20:35:57 Z

One step closer for the Cook Islands in accessing Climate Finance as BCI obtains Delivery Partner status with GCF

Bank of the Cook Islands (BCI) has received an official green light in the form of formal ‘Notification of Endorsement of Financial Management Capacity Assessment’ (FMCA) from the Green Climate Fund (GCF) early this month, which propels BCI to ‘Delivery Partner’ status with GCF.

This marks an important milestone for the Cook Islands in the quest to access external funding to help Cook Islands at the business and household level to cope with and mitigate the effects of climate change.

The Green Climate Fund is a global initiative to respond to climate change through financing and investing into low-emission (mitigation) and climate-resilient (adaptation) development.

Delivery Partners are entities officially approved by the GCF to implement GCF Readiness Grant Programs. Based on the submission of high quality proposals, the Readiness Programme may provide:

Up to USD 1 million per country per year for support related to institutional capacity building, coordination, policy and planning, and programming for investment.
Up to USD 3 million per country for the formulation of national adaptation plans (NAPs) and/or other adaptation planning processes. This may include support for subnational adaptation plans and/or sectoral adaptation planning process.

This endorsement has come about through the collaboration of key agencies, namely BCI, the Development Coordination Division (DCD) of the Ministry of Finance and Economic Management (MFEM) and the Cook Islands National Designated Authority (NDA) coordinated through Climate Change Cook Islands Division under the Office of the Prime Minister.

For BCI, this is one of the official ‘green lights’ to pass in a series of traffic light assessments required to meet the criterion of the GCF, on BCI’s pathway to direct access accreditation required to mobilize climate finance.

Upon receipt of official notification of GCF’s endorsement the Chairperson of the Board of Directors, Ms Jeane Isamaela expressed her delight in BCI’s Delivery Partner status by saying “allow me to share that it is most satisfying indeed for the Bank of the Cook Islands to have been independently assessed against the high standards to which the GCF subscribes and found to have met such criterion as set”.

The CEO of the Bank of Cook Islands Ms Vaine Nooana-Arioka commented “In addition, we remain deeply conscious and acknowledge this FMCA endorsement is one step in a broader process in BCIs aspiration to firstly obtain GCF Readiness Program Delivery Partner status, further as an Accredited Entity, and ultimately project approval with implementation for end beneficiaries, being our people on each island of the Cook Islands, as recipients of climate finance through both grants and loans”.

BCI’s Climate Finance consultants Jenny Henry and Anna Glassie added that “we are elated with becoming a GCF Delivery Partner and are extremely grateful for the tremendous support received from MFEM and the NDA in this process”.

The Director of Climate Change Cook Islands as the GCF NDA, Mr Wayne King stated “BCI’s endorsement is a welcome acknowledgement of recognition towards our country aspirations of maximising access to external funding sources to resource climate change mitigation and adaptation activities, the uniqueness in BCI achieving approval of the FMCA ensures that on-lending and blending can be undertaken with our private sector in mind, and compliments MFEMs GCF direct accreditation as they are approved for only grant awards.”

Public Notice: Interest Relief Program Subsidy Payments (4)

Thu, 29 Jul 2021 00:12:46 Z

Government of the Cook Islands Interest Relief Program Subsidy Payments

Kia Orana Customer,

BCI advises that the Ministry of Finance and Economic Management, as part of the COVID – 19 Economic Recovery Plan (Phase ll) from the Government of the Cook Islands, has completed the Interest Relief Subsidy Payments for the quarter ending 30th June 2021.

This is the final of the four planned Interest Subsidy paid quarterly to Eligible Loans as defined in Governments COVID -19 Interest Relief Program.

The deposit to Eligible Loans will show as “M.F.E.M IRP APR – JUN 2021.” These payments will reduce the balance of your loan and will not be available for redraw from your loan account.

BCI encourages you to continue with regular repayments to your loan. Also please contact our loans team if you need to discuss your options, or wish to know more about the subsidy payments and how this might impact your loan with BCI.

Meitaki ma’ata

Vaine Nooana – Arioka

CEO

BCI Supports 2021 Te Maeva Nui Celebrations

Tue, 20 Jul 2021 21:50:30 Z

BCI is excited to announce that we have signed up as a Platinum Sponsor with Ministry of Cultural Development Cook Islands for this years Te Maeva Nui and Business Trade & Investment Board - Cook Islands for the BCI Trade Days.

In just a few days the TMN 2021 event will kick off with a float parade on the 30th July followed by the opening of the BCI Trade Days on the 2nd of August down at the Constitution Park

Queens Birthday Honors

Tue, 29 Jun 2021 19:53:08 Z

A warm Congratulations to recipients of the Queens Awards medals, BCIs very own Deputy Chairperson Unakea Kauvai, Mama Ake Lewis, and Tangaina Patia. Your contributions to our community has not gone unnoticed, and as we listened to all that you have achieved within your lifetime, and all the many different ways you have served our community there was no doubt that you are all more than worthy of this award.

Congratulations Deputy Chairman from your BCI Family

To view stunning images of the event click here

BCI Aitutaki Supporting the Community

Tue, 29 Jun 2021 19:16:40 Z

"Trees are the lungs of the earth."

To celebrate BCI's 20 years of IMPACT, BCI Manager of branch network - Mii Joseph and team embarked on a project in Aitutaki to address the effects of climate change while also supporting the Community by planting trees around Araura Enua.

With our 20 years of IMPACT as our 2021 birthday theme our BCI Aitutaki branch have been hard at work planting over 100 trees before the end of June as a lasing impact on our environment and community.

BCI wishes to thank the Aitutaki Agriculture department, Pepe Raela and staff, Arenikau Task Force, Amuri Sports and AU Vaka O Ru for supporting our tree project.

The trees included Tamanu, Vikavakava, Naponapo Enua, Abiu, Breadfruit, Avaocado and pomegranate. All trees were distributed to the primary schools, BCI homeowners, traditional leaders and local social groups.

Get Safe Online Cook Islands

Fri, 18 Jun 2021 18:35:22 Z

“The Internet is without a doubt one of the best resources available to us. Unfortunately, it’s also extremely dangerous if you aren’t aware of who and what lurks behind the scenes.” - Financial Intelligence Unit’s senior intelligence analyst Walter Henry

Check out https://www.getsafeonline.org.ck/ for tips on a range of online security issues, from password protection to ensuring that financial transactions are safe and more

Great work to Walter Henry and his FIU team and Pua Hunter and the OPM ICT team for the launch. We are looking forward to collaborating in the near future

Interest Relief Program Subsidy Payments

Wed, 28 Apr 2021 19:27:35 Z

Government of the Cook Islands Interest Relief Program Subsidy Payments

Kia Orana Customer,

BCI advises that the Ministry of Finance and Economic management, as part of the COVID – 19 Economic Recovery Plan (Phase ll) from the Government of the Cook Islands, has completed the Interest Relief Subsidy Payments for the quarter ending 31^st March 2021. This is the third of four planned Interest Subsidy paid quarterly to Eligible Loans as defined in Governments COVID -19 Interest Relief Program.

The deposit to Eligible Loans will show as “M.F.E.M IRP JAN – MAR 2021.” These payments will reduce the balance of your loan and will not be available for redraw from your loan account.

Meitaki ma’ata

Vaine Nooana – Arioka

CEO

International Women's Day Dinner

Thu, 11 Mar 2021 00:58:04 Z

Choose to Challenge

Cheers to all the woman around the world whose ingenuity, talent and determination drives us forward in our mission to challenge the barriers woman are faced with. A big Meitaki Ma'ata to Cook Islands Business & Professional Women - CIBPW for putting together the International Women's Day dinner last night.

We had the privilege of listening to six inspiring women and their stories on how they #choosetochallenge the barriers woman are faced with.

To check out images of speakes, attendees and the overall event click here