The Secretary for Treasury, Dairi Vele strongly condemns the irresponsible and illegal act of the person or persons who have released an internal memorandum in relation to the results of the Governments weekly Treasury Bills and Inscribed Stock fund raising auction.


Mr. Vele said “The Government Auction is one way that we use to raise funds.  It is NOT the only way.  We go to auction and sometimes, the market being the Commercial Banks and the Superfunds subscribe to the amount that we are hoping for and even more and other times they do not.  Their decisions are a matter for them and not for us.  But when we do not raise as much as we wanted from this mechanism, we activate our other mechanisms which we have done already.”


“Let us be clear that Public Service salaries will be paid.”, Secretary Vele said.


The Public Debt Committee comprises, Treasury, Finance, Planning and BPNG.  It meets weekly to oversee the Governments auction program.


The Secretary said that this was a cowardly act and whoever the perpetrators are will be identified and prosecuted.  He further stressed that those who choose to spread this type of misinformation completely out of context are just unnecessarily inciting restlessness in the community.  The last thing hard working public servants need is misleading and false information about their livelihoods.


Dairi Vele

Secretary for Treasury