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:
NATIONAL SECURITY: The Chinese influencer shared multiple videos on social media in which she claimed Taiwan is a part of China and supported its annexation Freedom of speech does not allow comments by Chinese residents in Taiwan that compromise national security or social stability, the nation’s top officials said yesterday, after the National Immigration Agency (NIA) revoked the residency permit of a Chinese influencer who published videos advocating China annexing Taiwan by force. Taiwan welcomes all foreigners to settle here and make families so long as they “love the land and people of Taiwan,” Premier Cho Jung-tai (卓榮泰) told lawmakers during a plenary session at the Legislative Yuan in Taipei. The public power of the government must be asserted when necessary and the Ministry of
Proposed amendments would forbid the use of all personal electronic devices during school hours in high schools and below, starting from the next school year in August, the Ministry of Education said on Monday. The Regulations on the Use of Mobile Devices at Educational Facilities up to High Schools (高級中等以下學校校園行動載具使用原則) state that mobile devices — defined as mobile phones, laptops, tablets, smartwatches or other wearables — should be turned off at school. The changes would stipulate that use of such devices during class is forbidden, and the devices should be handed to a teacher or the school for safekeeping. The amendments also say
EMBRACING TAIWAN: US lawmakers have introduced an act aiming to replace the use of ‘Chinese Taipei’ with ‘Taiwan’ across all Washington’s federal agencies A group of US House of Representatives lawmakers has introduced legislation to replace the term “Chinese Taipei” with “Taiwan” across all federal agencies. US Representative Byron Donalds announced the introduction of the “America supports Taiwan act,” which would mandate federal agencies adopt “Taiwan” in place of “Chinese Taipei,” a news release on his page on the US House of Representatives’ Web site said. US representatives Mike Collins, Barry Moore and Tom Tiffany are cosponsors of the legislation, US political newspaper The Hill reported yesterday. “The legislation is a push to normalize the position of Taiwan as an autonomous country, although the official US
CHANGE OF TONE: G7 foreign ministers dropped past reassurances that there is no change in the position of the G7 members on Taiwan, including ‘one China’ policies G7 foreign ministers on Friday took a tough stance on China, stepping up their language on Taiwan and omitting some conciliatory references from past statements, including to “one China” policies. A statement by ministers meeting in Canada mirrored last month’s Japan-US statement in condemning “coercion” toward Taiwan. Compared with a G7 foreign ministers’ statement in November last year, the statement added members’ concerns over China’s nuclear buildup, although it omitted references to their concerns about Beijing’s human rights abuses in Xinjiang, Tibet and Hong Kong. Also missing were references stressing the desire for “constructive and stable relations with China” and
RSS