BSP made this statement in response to a Post Courier article (20/04/12) titled "Schools still await fees". The article was in relation to some schools in Eastern Highlands still waiting for funds to be disbursed to their bank accounts, under 'Tuition Fee Free Education' policy.
The article said that the problem was not with the Government but with the bank, stating "BSP has not transferred the funds and is still holding onto them". This is misleading and unsubstantiated.
BSP wishes to clarify that it is currently waiting to receive additional school account information from the Department of Education, so it can disburse the remaining funds.
"The Department of Education supplies the Name, Bank and Bank Account details of schools to which these funds are directed," the bank said.
BSP also said that from the first allocation of K300m, it has disbursed K232m electronically via our Kundupei to school accounts, this includes schools with accounts in other banks, as well as BSP.
"BSP has released funds to school accounts that are domiciled with other Banks under the direction of the Department of Education," BSP said.
"We are working closely with the department, including education officials in the provinces to assist and ensure all funds are disbursed accordingly. We are playing our part in this process," BSP added.