Banks had approved NT$1.25 trillion (NT$42.25 billion) in loans for 176,663 companies and individuals affected by the COVID-19 pandemic as of Wednesday last week, Financial Supervisory Commission data showed.
The amount of loans is expected to continue rising later this month, as the government’s relief programs have been extended to September, a commission official said by telephone yesterday.
The Ministry of Economic Affairs’ (MOEA) relief program, which subsidizes interest payments on loans, is to expire by the end of this month, but the ministry is considering allocating another NT$100 billion to help companies that are still reporting declining revenue in the third quarter.
Meanwhile, the Ministry of Transportation and Communications (MOTC) plans to allocate NT$13 billion to help hotels that are unable to recover from the impact of the pandemic this quarter.
As relief loans provided to firms under the MOEA’s and MOTC’s programs accounted for 99.9 percent of all loans under the government’s programs, it is very likely that if the two ministries extend support, there would be an increase in relief loans in the third quarter, the official said.
As of Wednesday last week, 44,886 firms received new loans or loan extensions totaling NT$449 billion under the MOEA’s program, while 1,063 tourism agencies, hotels and transportation firms obtained loans of NT$106 billion, the commission’s data showed.
As for affected companies that did not qualify for the government’s relief program, banks approved 90,093 applications for loan extensions or new loans totaling NT$503 billion, the data showed.
Banks also lent NT$192 billion to 40,602 individuals who were affected by the pandemic, the data showed.
State-run banks continued to be the main source of relief loans, with their combined lending totaling NT$968 billion, or 77 percent of the total.
They have extended loans to 118,454 firms and individuals, averaging NT$8.17 million per application, which is higher than private-sector banks’ average of NT$4.85 million per application, the data showed.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
STIMULUS PLANS: An official said that China would increase funding from special treasury bonds and expand another program focused on key strategic sectors China is to sharply increase funding from ultra-long treasury bonds this year to spur business investment and consumer-boosting initiatives, a state planner official told a news conference yesterday, as Beijing cranks up fiscal stimulus to revitalize its faltering economy. Special treasury bonds would be used to fund large-scale equipment upgrades and consumer goods trade-ins, said Yuan Da (袁達), deputy secretary-general of the Chinese National Development and Reform Commission. “The size of ultra-long special government bond funds will be sharply increased this year to intensify and expand the implementation of the two new initiatives,” Yuan said. Under the program launched last year, consumers can
RSS