Alert 2001-12
ALERT
Subject: Unauthorized Banking
Description: First Pacific Development Bank, Ltd.
Date: October 12, 2001

TO:  Chief Executive Officers of All National Banks; All 
     State Banking Authorities; Chairman, Board of 
     Governors of the Federal Reserve System; Chairman, 
     Federal Deposit Insurance Corporation; Conference of
     State Bank Supervisors; Deputy Comptrollers 
     (Districts); Assistant Deputy Comptrollers; District
     Counsel and Examining Personnel

RE:  First Pacific Development Bank, Ltd.

The Office of the Comptroller of the Currency (OCC) has 
been advised by the Ministry of Administration, Republic 
of Palau, that the corporate charter for First Pacific 
Development Bank, Ltd. has been revoked effective August 
27, 2001.  This revocation may affect the status of 
several subsidiaries that this entity reportedly has 
formed and may be operating in Germany, Ireland, Spain, 
and elsewhere.

The Ministry further advised that the subject entity had 
only been issued a corporate charter and had never 
applied for nor was granted banking authority by the 
Republic of Palau.  Accordingly, First Pacific Development 
Bank, Ltd. has never had any authority to perform banking
functions. 

Any information which you have concerning this matter 
should be brought to the attention of:

Mail:	

Office of the Comptroller of the Currency	
Enforcement & Compliance Division	
250 E Street, SW, Washington, DC  20219	
	
Fax:	    (202) 874-5301
Internet:  http://www.occ.treas.gov	
E-mail:	   alertresponses@occ.treas.gov	


Kenneth Barden, Assistant Attorney General
Ministry of Administration
PO Box 6011 Koror, Palau  PW  96940 
Republic of Palau

Telephone/fax    (680) 488-5628


Brian C. McCormally
Director
Enforcement & Compliance Division