Personal Property Security Registry recorded over 120,000 notices by more than 120 clients – Prof Prasad

The Personal Property Security Registry that is managed by the Reserve Bank of Fiji has recorded over 120,000 notices filed by more than 120 clients, including banks, credit institutions, finance companies and other creditors.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad highlighted this when Assistant Minister for Home Affairs, Ratu Rakuita Vakalalabure asked him to give an update on the secured transaction reform including the Personal Property Securities Registry administered by the Reserve Bank of Fiji.

Professor Prasad says the Personal Property Security Registry is an online notice board of security interest that enables lenders and the creditors to register notices at any time and any place.

He says this is particularly helpful for prospective secured parties as well as buyers of personal property in private transactions.

The Deputy Prime Minister says for example if you want to buy a second-hand car or something and you want to check whether it's free of existing security interest, you could simply go to the registrar and publicly search for that information.

He says as of 31st April 2024, the PPSR hosted 119 client accounts, including six commercial banks, four credit institutions, 45 law firms, four credit unions and a range of other secured parties, including finance companies, hire purchase companies and motor vehicle dealership and individuals.

Professor Prasad says the PPSR services have remained free for the initial two years following its launch however the RBF Board resolved to continue to subsidise the annual cost of maintaining the registrar for a further three years to 31st of May 2026.

He says the PPSR is the cornerstone of the secured transaction reform, providing an efficient, transparent mechanism for establishing property rights over personal property by lenders and other conditions.

Bloc 16 Opposition Member, Premila Kumar asked how is the government ensuring that all stakeholders, including financial institutes, consumers, MSMEs are fully engaged in benefiting from this initiative.

While responding to the question, Professor Prasad says there is an active campaign, there are workshops and a lot of these institutions are actually finding it very useful.

Kumar also congratulated the Deputy Prime Minister for continuing the good work that was put in place.