16 Dec 2010

Palau govt reimburses customers of a failed bank

11:41 am on 16 December 2010

The Palau government has started reimbursing unpaid depositors of the failed Pacific Savings Bank.

Palau's President Johnson Toribiong told the Marianas Variety that 79 individual depositors have already received reimbursements since the government started giving out the refunds on December 1.

Some 641 PSB depositors have remained unpaid since the bank was placed in receivership in November 2006.

The rest of the depositers are to receive their reimbursements next week.

The Palau government is able to make payouts with a grant from the Taiwan government.