THE Retirement Fund has to be included in some of the meetings between the government and Bank of Saipan officials, according to the agency’s general counsel, Kathleen Troy-Rucker.
She said their current involvement in discussions concerning the rehabilitation of the bank is limited.
“It causes us concern when we are not advised of what is going on and the progress that is being made. Some of our board members are (also) concerned,” Troy-Rucker told Variety on Friday.
The Fund has $5.5 million deposited in the bank.
“If the Fund is not made aware of what is going on, obviously that would put us in a very uncomfortable situation,” Troy-Rucker added.
She said the Fund is not likely to resort to any legal action if it were allowed to participate in the current discussions regarding the bank’s solvency.
Troy-Rucker said the Fund’s board of trustees should be provided with “some level of comfort” as a major depositor of the bank.
The Fund is currently “hoping for the best” and has not decided to take any immediate legal action, she added.
“But like I said in the past, I do not know how long we will maintain that position,” Troy-Rucker said.
She said they still don’t know whether the Fund will eventually get its $5.5 million from the bank.
She said the Fund is “definitely hopeful” that the bank would be rehabilitated.
“It is only when the bank is rehabilitated that we could get the 100 percent value of our deposit,” she added.
