Housing finance restructured |04 December 2012

The HFC said this in a press release yesterday, adding that the restructuring is in line with the announcement made by President James Michel in his State-of-the-Nation address earlier this year.

The HFC now operates under the Financial Institutions Act, which brings this institution under the regulatory umbrella of the Central Bank of Seychelles – similar to other local financial institutions like commercial banks.

HFC’s function will now be restricted to the lending of money.
The PMC has been created with its main function to manage the stock of government properties, currently a function of the HFC.

The press release added that the split will allow the two organisations to concentrate on their respective core mandate, allowing them to improve operational effectiveness to better deliver to the benefit of their clients.

However, in view of their complementarities, the companies will continue to work in close collaboration with each other.

New boards of directors for the two organisations have been proposed and the government will make formal announcements shortly.