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Financial Institution Letters


Special Alert/ Marshall Islands "Bank Guarantee" Instruments
FIL-57-96
July 30, 1996
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Bank Guarantee Instruments

The Federal Deposit Insurance Corporation (FDIC) has learned that banks have received inquiries about Bank Guarantee instruments issued by the Marshall Islands Development Bank. A copy of one such instrument is attached. The government of the Marshall Islands issued the attached press release on June 27, 1996, indicating that all such instruments have been withdrawn and voided.

Any information concerning these instruments should be forwarded to the FDIC's Special Activities Section, 550 17th Street, N.W., Room F-612, Washington, D.C. 20429.

Nicholas J. Ketcha Jr.
Director

Attachment

The other attachment to this Financial Institution Letter is not currently available in electronic format. Until it is in a form that will allow us to post it to the internet, you may obtain hard copy or fax from:

FDIC
Public Information Center
Room 100
801 17th St. NW
Washington, DC 20434

h: (703) 562-2200

Distribution: FDIC-Supervised Banks (Commercial and Savings)


Attachment for FIL 57-96

PRESS RELEASE

Majuro, June 27, 1996 - For Immediate Release

The Government of the Republic of the Marshall Islands (RMI) has withdrawn the Bank Guarantees issued by the Marshall Islands Development Bank (MIDB) from circulation and these guarantees have been voided for all practical purposes. If any individual or organization is approached by someone with an attempt to sell, discount, hypothecate, or collateralize the MIDB Bank Guarantees, they are advised to contact the RMI Government at the following address immediately:

Ruben R. Zackhras Minister of Finance, Republic of the Marshall Islands P. O. Box D Majuro, MH 96960 Tel: (692) 625-7420 Fax: (692) 625-3607

Last Updated 07/13/1999 communications@fdic.gov