The Financial Supervisory Com-mission abruptly announced late last night that it would take over The Chinese Bank (中華銀行) after two subsidiaries under its parent company, Rebar Asia Pacific Group, claimed insolvency protection.
The decision was made after the takeover of troubled Enterprise Bank of Hualien (花蓮企銀) yesterday afternoon in an unprecedented case of the govenment taking over two lenders in a single day.
The commission was to delegate the Central Deposit Insurance Corp to take over the bank at midnight last night. The comission also immediately suspended all powers held by The Chinese Bank's board, supervisors and shareholders. Its board directors have been banned from leaving the country and their assets have been frozen.
The bank's net worth had reached negative NT$15.3 billion (US$469 million). Its shares will be traded in cash transaction only starting on Monday.
"Panicked depositors withdrew NT$13 billion as of yesterday, which consumed all the bank's cash," commission Chairman Shih Jun-ji (
Central Deposit Insurance will inject NT$30 billion into the bank on Monday to handle further withdrawals, he said, "and every penny of people's deposits is fully secure."
The debt-ridden bank's operations will continue as normal during the takeover period, he said.
It appeared that the financial regulator misjudged the whole situation, as
Shih assured the public yesterday afternoon that they are able to but would
not take over the Chinese Bank. "We did not expect things to become so worse
with this scale of bank runs beforehand," Shih said.
He said the commission will introspect the whole process afterwards and he
would bear the responsibility for consequences if there's any.
also see story:
Rebar admits notification delay
ENDEAVOR MANTA: The ship is programmed to automatically return to its designated home port and would self-destruct if seized by another party The Endeavor Manta, Taiwan’s first military-specification uncrewed surface vehicle (USV) tailor-made to operate in the Taiwan Strait in a bid to bolster the nation’s asymmetric combat capabilities made its first appearance at Kaohsiung’s Singda Harbor yesterday. Taking inspiration from Ukraine’s navy, which is using USVs to force Russia’s Black Sea fleet to take shelter within its own ports, CSBC Taiwan (台灣國際造船) established a research and development unit on USVs last year, CSBC chairman Huang Cheng-hung (黃正弘) said. With the exception of the satellite guidance system and the outboard motors — which were purchased from foreign companies that were not affiliated with Chinese-funded
PERMIT REVOKED: The influencer at a news conference said the National Immigration Agency was infringing on human rights and persecuting Chinese spouses Chinese influencer “Yaya in Taiwan” (亞亞在台灣) yesterday evening voluntarily left Taiwan, despite saying yesterday morning that she had “no intention” of leaving after her residence permit was revoked over her comments on Taiwan being “unified” with China by military force. The Ministry of the Interior yesterday had said that it could forcibly deport the influencer at midnight, but was considering taking a more flexible approach and beginning procedures this morning. The influencer, whose given name is Liu Zhenya (劉振亞), departed on a 8:45pm flight from Taipei International Airport (Songshan airport) to Fuzhou, China. Liu held a news conference at the airport at 7pm,
Authorities yesterday elaborated on the rules governing Employment Gold Cards after a US cardholder was barred from entering Taiwan for six years after working without a permit during a 2023 visit. American YouTuber LeLe Farley was barred after already being approved for an Employment Gold Card, he said in a video published on his channel on Saturday. Farley, who has more than 420,000 subscribers on his YouTube channel, was approved for his Gold Card last month, but was told at a check-in counter at the Los Angeles International Airport that he could not enter Taiwan. That was because he previously participated in two
Taiwan was ranked the fourth-safest country in the world with a score of 82.9, trailing only Andorra, the United Arab Emirates and Qatar in Numbeo’s Safety Index by Country report. Taiwan’s score improved by 0.1 points compared with last year’s mid-year report, which had Taiwan fourth with a score of 82.8. However, both scores were lower than in last year’s first review, when Taiwan scored 83.3, and are a long way from when Taiwan was named the second-safest country in the world in 2021, scoring 84.8. Taiwan ranked higher than Singapore in ninth with a score of 77.4 and Japan in 10th with
RSS