Chinese Nationalist Party (KMT) Legislator Lo Shu-lei (羅淑蕾) yesterday voiced her objection to a letter issued by British Trade and Cultural Office (BTCO) Director David Campbell to senior politicians expressing concern over a proposal that would lower the interest rate cap on credit cards and cash cards.
“This is ridiculous and could be seen as interference in Taiwan's internal affairs,” Lo told the Taipei Times during a telephone interview.
“He also violated the procedure stipulated in the Lobby Act (遊說法). He did not register for lobbying,” Lo said.
Lo expressed her dissatisfaction after she received a copy of Campbell's letter from the KMT caucus, which received it from Legislative Speaker Wang Jin-pyng (王金平).
“We note with concern current plans to cut the maximum interest rate for credit and cash cards and to cap this at around 12.5 percent,” said the letter addressed to Premier Liu Chao-shiuan (劉兆玄), with copies provided to President Ma Ying-jeou (馬英九), Wang, central bank Governor Perng Fai-nan (彭淮南) and Financial Supervisory Commission Chairman Sean Chen (陳沖).
“The UK's position is that we believe interest rate caps are counter-productive. Whilst in the UK we urge companies to pass on interest rate cuts to their customers, ultimately the best way to ensure fair prices for consumers is effective competition,” the letter said.
“We do not see any contradiction in urging lower prices for consumers whilst resisting formal price control,” the letter said.
“Long term, the effects of such price controls risk discouraging further foreign investment by financial institutions and others and therefore might well hamper Taiwan's ambitions to be a regional financial hub,” Campbell said in the letter.
He urged the Executive Yuan and the Legislative Yuan to “take full account of the many concerns expressed, with a view to reconsidering this proposal.”
The legislature on April 14 referred a proposal by KMT Legislator Hsieh Kuo-liang (謝國樑), Lo and others that would lower the ceiling on revolving credit from around 20 percent to 12.5 percent to a one-month cross-party negotiation.
Legislators' plan to lower the interest rate ceiling has been the subject of debate and has drawn strong opposition from foreign and domestic banks and analysts.
Lo said the proposal was meant to address unreasonably high interest rates.
“He [Campbell] doesn't understand why we want to push the amendment or the unfair treatment that cardholders have suffered. He simply sided with the banks,” Lo said.
Lo said she would suggest that the KMT caucus draft a reply to rebut Campbell's claims.
But KMT caucus secretary-general Yang Chiung-ying (楊瓊瓔) said the caucus would consider Campbell's concerns when negotiating the bill.
Yang added that the caucus would continue negotiating the bill using Hsieh's proposal as the basis.
Asked whether sending the letter to politicians followed due procedure, Campbell, who visited Wang yesterday afternoon, said sending it “is part of the daily work of our trade offices around the world and chambers of commerce” to express opinions regarding issues that might be of interest to British nationals.
The Coast Guard Administration (CGA) and Chunghwa Telecom yesterday confirmed that an international undersea cable near Keelung Harbor had been cut by a Chinese ship, the Shunxin-39, a freighter registered in Cameroon. Chunghwa Telecom said the cable had its own backup equipment, and the incident would not affect telecommunications within Taiwan. The CGA said it dispatched a ship under its first fleet after receiving word of the incident and located the Shunxin-39 7 nautical miles (13km) north of Yehliu (野柳) at about 4:40pm on Friday. The CGA demanded that the Shunxin-39 return to seas closer to Keelung Harbor for investigation over the
National Kaohsiung University of Science and Technology (NKUST) yesterday promised it would increase oversight of use of Chinese in course materials, following a social media outcry over instances of simplified Chinese characters being used, including in a final exam. People on Threads wrote that simplified Chinese characters were used on a final exam and in a textbook for a translation course at the university, while the business card of a professor bore the words: “Taiwan Province, China.” Photographs of the exam, the textbook and the business card were posted with the comments. NKUST said that other members of the faculty did not see
An apartment building in New Taipei City’s Sanchong District (三重) collapsed last night after a nearby construction project earlier in the day allegedly caused it to tilt. Shortly after work began at 9am on an ongoing excavation of a construction site on Liuzhang Street (六張街), two neighboring apartment buildings tilted and cracked, leading to exterior tiles peeling off, city officials said. The fire department then dispatched personnel to help evacuate 22 residents from nine households. After the incident, the city government first filled the building at No. 190, which appeared to be more badly affected, with water to stabilize the
The Taipei City Government yesterday said contractors organizing its New Year’s Eve celebrations would be held responsible after a jumbo screen played a Beijing-ran television channel near the event’s end. An image showing China Central Television (CCTV) Channel 3 being displayed was posted on the social media platform Threads, sparking an outcry on the Internet over Beijing’s alleged political infiltration of the municipal government. A Taipei Department of Information and Tourism spokesman said event workers had made a “grave mistake” and that the Television Broadcasts Satellite (TVBS) group had the contract to operate the screens. The city would apply contractual penalties on TVBS
RSS