Premier Su Tseng-chang (
The Central Deposit Insurance Corp (CDIC) was instructed by the Financial Supervisory Commission (FSC) to take over The Chinese Bank -- a member of the Rebar Asia Pacific Group -- on Saturday in the wake of a bank run triggered by the insolvency of two other companies.
Su said the government had stepped in to take care of the crisis to ensure that not a dollar of clients' money would be affected. He urged the public to stop withdrawing deposits from The Chinese Bank, stressing that their savings were secure and that depositors "will not lose even a dime [from The Chinese Bank.]"
An advertisement was placed on the front page of several local newspapers yesterday, endorsed by FSC Chairman Shih Jun-ji (施俊吉), Minister of Finance Ho Chih-chin (何志欽) and central bank Governor Perng Fai-nan (彭淮南).
The advertisement read: "The government has taken over The Chinese Bank. It has become a bank owned by the government. The national treasury guarantees all types of deposits, regardless of the amount."
Su also outlined principles for handling the financial crisis of the Rebar Asia Pacific Group and investigating whether there was premeditation behind insolvency claims made by the group's two units.
"We will deal with the case in accordance with three principles -- banning responsible persons from the group from leaving the country, freezing their assets and punishing their irregularities severely," Su told the press yesterday morning.
A Cabinet official later said that Su had suggested that some aspects of the insolvency claims may have broken the law.
"The reasons why [China Rebar Co (
Later yesterday, Shih, Ho and Perng along with President of the Central Deposit Insurance Corp (CDIC) Johnson Chen (
"Today the CDIC withdrew NT$11 billion from the central bank and injected it into The Chinese Bank. Another NT$20 billion [US$613.2 million] is to be allotted to The Chinese Bank tomorrow [today], which will be enough for withdrawals," Chen said.
During the press conference, Shih said that there would be no crisis triggered by Rebar Group's financial troubles because the government had "more than NT$100 billion" in funds at its disposal in case of problems.
also see stories:
Rebar chief fled to China before insolvency claims
New bank runs not likely, analysts say
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
GRIDLOCK: The National Fire Agency’s Special Search and Rescue team is on standby to travel to the countries to help out with the rescue effort A powerful earthquake rocked Myanmar and neighboring Thailand yesterday, killing at least three people in Bangkok and burying dozens when a high-rise building under construction collapsed. Footage shared on social media from Myanmar’s second-largest city showed widespread destruction, raising fears that many were trapped under the rubble or killed. The magnitude 7.7 earthquake, with an epicenter near Mandalay in Myanmar, struck at midday and was followed by a strong magnitude 6.4 aftershock. The extent of death, injury and destruction — especially in Myanmar, which is embroiled in a civil war and where information is tightly controlled at the best of times —
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
SECURITY RISK: If there is a conflict between China and Taiwan, ‘there would likely be significant consequences to global economic and security interests,’ it said China remains the top military and cyber threat to the US and continues to make progress on capabilities to seize Taiwan, a report by US intelligence agencies said on Tuesday. The report provides an overview of the “collective insights” of top US intelligence agencies about the security threats to the US posed by foreign nations and criminal organizations. In its Annual Threat Assessment, the agencies divided threats facing the US into two broad categories, “nonstate transnational criminals and terrorists” and “major state actors,” with China, Russia, Iran and North Korea named. Of those countries, “China presents the most comprehensive and robust military threat
RSS