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been withdrawn and voided.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.
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)
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(RMI) has withdrawn the Bank Guarantees issued by the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
