Financial Institutions and Markets in the South Pacific: A by Michael T. Skully

By Michael T. Skully

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Its shares have a par value of 200 CPF each. Besides any shares purchased when joining Credit Agricole, its members are required to purehase additional shares in line with any borrowings. These must be purchased before the loan is made and be the equivalent of 5 per cent of the amount borrowed from Credit Agricole: in the case of short-term loans, the maximum share purehase required is for 100,000 CPF. When the loan is repaid, the borrower can seil his shares to other potential borrowers. Credit Agricole is not directly involved in the sale of existing shares, but can issue new shares for sale directly to members if no existing shares are available for purehase.

Housing projects might also receive lower rates if viewed as fulfilling a social welfare purpose. In the ca se of residential housing, it will provide 80 per cent of the costs financed over aperiod of 15 years at an interest rate of 8 to 13 per cent. Commercial or agricultural loans would be made similarly with acharge of 8 to 12 per cent. Most SICNC advances are for long maturities. 6 per cent were for long-term loans. In terms of loan numbers, the breakdown of lending over 1984 was 329 long-term, 49 medium-term and 25 short-term advances.

As a rule, Caisse Cent ra I provides the financing for the larger and longer Financial Institutions and Markets in New Caledonia 35 advances while the Institut d'Emission finances the smaller, short- to medium-term projects. It also received some funds through the European Investment Bank. 5 per cent interest. Each loan refinanced under this facility must be justified before Caisse Central will release the funds. 53 billion CPF were provided. In contrast, the Institut d'Emission concentrates its refinancing in the medium term with 5- to 7-year funding.

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