By Bernadette H. Carreon
Horizon news staff

The $3.3 million that the Taiwan government provided to the government to bail out the Pacific Savings Bank is a grant to Palau.
President Remengesau said that the money was a grant given to Palau for infrastructure projects which was loaned to the PSB.
He said that due to humanitarian reasons the infrastructure funds was loaned to PSB by the government.
The president said the money will be paid by the PSB to the government within a year.
With this, the $3.35 million was used in the following:
On March 16, promissory note for $2.4 million was executed by the receiver, secured by the proceeds of liquidation of the PSB loan portfolio payable on March 1, 2008 or sooner.
In the promissory note, the Palau government is the lender ad the received is the borrower.
A memorandum from the Office of the President said that the receiver distributed $2,000 each to churches, states, and schools as priority claims, the total paid by the receiver in that category is $72,860.18 and the full distribution will be close to $2.4 million when complete.
The memorandum further said that during the period from March 20 to March 26, checks were distributed to the churches, states and schools.
The checks totaled $912,564.98.