In November 2006, Palau Saving Bank officially announced bankruptcy. On 13 December 2006, the ''Palau Horizon'' reported that 641 depositors had been affected. Among them, 398 held less than US$5,000, with the remainder ranging from US$5,000 to US$2 million. On 12 December 79 affected people received compensation. Mr. Toribiong said, "The fund for the payout came from the balance of Palau government's loan from Taiwan." From a total of US$1 million, which originally was for assisting Palau's development, US$955,000 was left at the time of bankruptcy. Toribiong requested the Taiwanese government use the balance to repay its loans. Taiwan agreed to the request. The compensation would include those who held less than US$4,000 in an account.