Capital Security Bank 2019 Financial Statements

Capital Security Bank (“CSB”) is a Cook Islands bank licensed to carry on both domestic and international banking business. CSB is the Cook Islands sole private Bank and has published its financial statements for the year ending 31 December 2019. The financial statements are independently audited by KPMG, a global accounting firm.

Gerard Field, CSB’s CEO has released the following statement:

“We maintain our focus on providing capital security and have strengthened our capital ratio. As of 31 December, 97% of CSB’s funds were placed with investment grade bonds and banks with investment grade ratings. We continue on this basis in 2020 to ensure the bank retains its strong position in these times of market turmoil.”

CSB’s financial statements 2019 are available at this link.

Update from CEO, Gerard Field

Much has been written about COVID-19 and its impact in the short time since a global pandemic was announced. I find it to be a human story first and foremost. Many people have lost lives, suffered ill health and lost jobs as a result. Additionally, people are displaced outside of their countries or at home in lock down. Many are struggling with adapting to the new way of life and work. All of this has been a major shock to society yet through it all the human spirit remains and life continues on.

Here in the Cook Islands we have been fortunate to have no cases of COVID-19. New Zealand, our main transport hub, has almost eliminated COVID-19 so we hope travel and domestic tourism will return to normal soon.

At Capital Security Bank our operations have continued as normal. We temporarily reduced staff working from the office when the country increased its alert level but have since resumed all office operations.

We’ve all witnessed the financial markets roiled by events and I am proud of the CSB team steering a prudent course through the ructions created. In the midst of such disturbances there can be opportunities. In March and April we were able to pass onto our clients increased interest rates of over 1%. Many of you took advantage of these rates. We will look to offer favorable rates in the near future as these opportunities arise.

As noted above, we have high quality investments with all in liquid positions. This is the key to building a strong portfolio and trust with our clients. We acknowledge that trust, look forward to working with our clients in the future while providing capital security and a sound return.