http://afp.google.com/article/ALeqM5jw__L6U_7qXjrNvQ8IiKA0mEkgWg
Taiwan to fully preserve bank deposits
18 hours ago
TAIPEI (AFP) — Taiwan on Tuesday insisted that money saved in local banks would be fully insured with the government imposing emergency rules to protect deposits in an effort to stabilise financial markets.
Premier Liu Chao-shiuan called for calm, urging them not to withdraw money from banks amid the troubles rocking the world economy.
"Don't be afraid. Don't panic. The government will protect your savings," Liu said while replying a query raised at parliament.
Taiwan's financial regulator, the Financial Supervisory Commission, said the government-owned Central Deposit Insurance Corp. will insure the full amount for each depositor in case a bank fails.
This rule will start immediately and will be effective until further notice, said Ming-Daw Chang, director-general of the Banking Bureau for the Financial Supervisory Commission.
"We have not decided when this rule will expire. It will depend on the global situation," he said.
This new decision came after the commission said late Monday that it had decided to double the maximum sum insured for each depositor to three million (92,735 US) from 1.5 million.
Meanwhile, Perng Fai-nan, Taiwan's central bank governor, also rallied behind local banks which he insisted are healthy.
Taiwan banks saw their average non-performing loan (NPL) ratio slip to a low of 1.53 at the end of July, down from 12.27 percent at the end of November 2001, after domestic banks wrote off more than 1.30 trillion Taiwan dollars in bad debts, according to government figures.
-- Dow Jones Newswires contributed to this story --
Ooi! Dun spoil market leh! *hee*hee*
Taiwan to fully preserve bank deposits
18 hours ago
TAIPEI (AFP) — Taiwan on Tuesday insisted that money saved in local banks would be fully insured with the government imposing emergency rules to protect deposits in an effort to stabilise financial markets.
Premier Liu Chao-shiuan called for calm, urging them not to withdraw money from banks amid the troubles rocking the world economy.
"Don't be afraid. Don't panic. The government will protect your savings," Liu said while replying a query raised at parliament.
Taiwan's financial regulator, the Financial Supervisory Commission, said the government-owned Central Deposit Insurance Corp. will insure the full amount for each depositor in case a bank fails.
This rule will start immediately and will be effective until further notice, said Ming-Daw Chang, director-general of the Banking Bureau for the Financial Supervisory Commission.
"We have not decided when this rule will expire. It will depend on the global situation," he said.
This new decision came after the commission said late Monday that it had decided to double the maximum sum insured for each depositor to three million (92,735 US) from 1.5 million.
Meanwhile, Perng Fai-nan, Taiwan's central bank governor, also rallied behind local banks which he insisted are healthy.
Taiwan banks saw their average non-performing loan (NPL) ratio slip to a low of 1.53 at the end of July, down from 12.27 percent at the end of November 2001, after domestic banks wrote off more than 1.30 trillion Taiwan dollars in bad debts, according to government figures.
-- Dow Jones Newswires contributed to this story --
Ooi! Dun spoil market leh! *hee*hee*
