To satisfy their depositors’ demands for cash, the trust companies began to sell or liquidate assets, including loans made to finance stock purchases. The selloff of shares and other assets, in what today we would call a fire sale, precipitated a sharp decline in the stock market and widespread disruptions in other financial markets.
Any providers of payment services that are not authorised by PAN are operating illegally and we therefore call on any payment service providers to please enquire at this office. It is with great pleasure therefore, that I commission the office of PAN together with its new logo and website.