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The Palau Financial Services Regulation Governing Board bid farewell to its longest serving Chairman, Mr. Greg Ngirmang on March 25, 2011. Mr. Ngirmang was appointed to the PFSR board on March 10, 2004, succeeding Mr.Daiziro Nakamura as Chairman of the Board, and served as Chairman until completion of his term late last month. Mr.Ngirmang was eligible for reappointment, however, the PFSR’s request for his continued service was not considered.

Mr. Ngirmang has been an outstanding board member holding positions on the Board’s committees and as Board Chairman. His leadership, professionalism and passion for the mission of the PFSR have been invaluable assets to the agency, the depositors of financial institutions, and the banks that the Commission diligently regulates.

As Chairman of the PFSR’s Governing Board, Mr. Ngirmang demonstrated exemplary leadership, attentiveness, and intelligible wisdom in serving the Republic of Palau. Mr. Ngirmang exemplified skillful leadership in the supervision of the Receivership for the failed Pacific Savings Bank, Ltd. He was also instrumental in the promulgation and passage of Rules and Regulations for the Palau Financial Services Regulation, the 2008 amendments of the Financial Institutions Act, and the establishment of the Financial Investigations Unit, among other activities during his tenure on the PFSR board.

More recently, Mr. Ngirmang has dealt with such politically sensitive matters as those concerning the PSB Receivership, outstanding court cases on PSB, PSB depositors’ payout, and the currently pending bill to amend the Financial Institutions Act. He remained resolute in maintaining the PFSR Board’s integrity, upholding its policies, and preserving the principles of prudent banking regulation in accordance to the Republic of Palau Financial Institutions Act, for which the Palau Financial Services Regulation has painstakingly established.

The Palau Financial Services Regulation expresses its heartfelt gratitude to Mr. Ngirmang and presented a Certificate of Appreciation and formal Board Resolution in recognition of his many contributions. The PFSR board and staff will miss his sensible and steadfast leadership and his dedicated service to the Republic of Palau in furthering the development of, and improvements in the financial sector. His presence on the board and his leadership and dedicated involvement in the growth and development of the Palau Financial Services Regulation will be missed by the Board, staff, and the Executive Commissioner.

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