05 January 2001 -- The Central Payments Office of the United Nations Transitional Administration in East Timor (UNTAET) has issued an indefinite license to a Portuguese financial institution to enable it to fully function as a commercial bank in East Timor, the UN operation said today in Dili.

After receiving special permission from UNTAET chief Sergio Vieira de Mello, the Banco Nacional Ultramarino started operating in East Timor in late November 1999, but received its full banking licences only last month, the UN mission said.

The initial purpose of the bank, which operated in East Timor from 1906 to 1975, was to resume payments for East Timorese pensioners. Today it provides additional banking services such as money exchange, international transfers, deposits and loans.

The Central Payments Office also issued a preliminary approval to the Australian and New Zealand Bank, which is expected to open an office in Dili later this month.

 

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Not an official document of the United Nations. Maintained by the Peace and Security Section of the Department of Public Information in cooperation with the Department of Peacekeeping Operations. (c) United Nations 2001