Does the government have a plan for when ANZ Bank leaves the territory?
Are there any local and federal laws that can delay or prevent the bank’s departure?
These were some of the questions that members of the House Government Operations Committee asked at a hearing yesterday into issues related to the Territorial Bank of American Samoa and the reported pending departure of ANZ.
TBAS’ Financial Statement and Audit for Fiscal Year 2021 and 2020 was circulated before the hearing, which had as witnesses TBAS CEO and President Dave Buehler, Director of the Office of Financial Institutions John Marsh and the Governor’s Legal cCpunsel Jason Mitchell.
It was disclosed that ANZ had not officially notified ASG of its intention to leave the territory. Here’s Buehler’s response to questions from Rep Larry Sanitoa on whether there are any federal and local laws to prevent or delay ANZ’s departure.
Play Audio
