President of the Development bank of American Samoa Ruth Matagi Faatili said the bank is facing a difficult time and added its fortunate their staff and board are church going people to be able to handle the challenges they face.
Her comments were made at Wednesday’s cabinet meeting.
She said with the elections over and done with the bank is now facing difficult trials and challenges.
She told the meeting the bank has been bombarded with complaints and calls from the public.
She didn’t elaborate but said she assumed the governor and directors are aware of the bank’s situation.
Interest freeze loans for DBAS board members and their relatives, bank staff and ASG officials were recently reported on KHJ News.
Matagi Faatili said they pray to the Holy Spirit for guidance and will continue to carry out their duties the best they
could.
She reported that since the Lolo Lemanu administration took office more than three years ago, $10 million has been loaned out to members of the public.
A written report is to be forwarded to the governor, she said.
The DBAS president acknowledged Director of Commerce Keniseli Lafaele for some of the federal funding that the bank receives.
The Department of Housing and Urban Development provides home loan funding to DBAS.
Matagi Faatili said loans are still available but noted that the bank has restricted access to loan information so there may be a delay in the application process.
The president said DBAS is current in paying its bills including a $30,000 monthly utility bill with the American Samoa Power Authority.
In addition, DBAS is continuing collection of loan payments.
Matagi-Faatili also reported that the Board of Directors has instituted cost containment measures which DBAS is following.
