Peleliu Governor Jackson Ngiraingas yesterday said the $3.3 million loan from Taiwan that President Remengesau announced during his weekly press conference is a piecemeal solution to the Pacific Savings Bank problem.
Ngiraingas said that the president should stop in trying to mock him and instead find his mark to find a better solution and not through a piecemeal for the depositors.
Ngiraingas also doubted the loans saying that the law requires an approval from the Olbiil Era Kelulau because the receiver, which is the National Development Bank of Palau is a government entity.
Peleliu, like the other state governments, has accounts with the defunct PSB.
"We have over $100,000 in Time Certificate Deposit, checking account, accounts per project in Peleliu and other savings account plus the interests," Ngiraingas said.
He said that the $20 million offer by Morris Davidson of the Malaysian firm UK Holdings is the only solution to help all the 7,000 depositors.
"My offer may still remain in effect. The president should not be hard-headed but he should look at the reality," Ngiraingas said. "If only the president accepted the offer immediately, by now we could have solved the problem," he said.