The Association of Financial Supervisors of Pacific Countries (AFSPC) was created in late 2002 by eight Heads of Supervision in the Pacific region and endorsed by the Governors of Central Banks and Ministers of Finance. Inaugural members are Federated States of Micronesia, Fiji, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga and Vanuatu.The Cook Islands and Palau became members in 2003. Australia, New Zealand and the State of Hawaii are Observers. The Pacific Financial Technical Assistance Centre (PFTAC) acts as Secretariat with administrative backing from the Reserve Bank of Fiji.