Financial Supervisory Commission (FSC) Chairman Sean Chen (陳冲) yesterday denied the commission had plans to recapitalize the defunct Financial Restructuring Fund with more than NT$1 trillion (US$29.3 billion) to help stabilize the nation’s financial sector.
“I’ve never heard of such a plan, let alone a NT$1 trillion fund,” Chen told reporters yesterday after giving a speech at the Taiwan Corporate Governance Association in Taipei.
He said the commission had explored some measures to support the financial sector should liquidity or credit problems arise amid the global financial crisis.
So far, however, the domestic financial sector seemed well capitalized and resilient, with a record-high 70 percent coverage ratio, which showed that a government bailout fund was unnecessary, he said.
Chen had said the commission was mulling measures to set up a stabilization fund to buy bank shares.
Such a plan, however, was still being studied, Shiau Chang-ruey (蕭長瑞), deputy director-general of the commission’s banking bureau, said earlier.
In his speech, Chen said the nation’s stock market had stabilized and outperformed global markets in the past three months with a rise of 8.28 percent — second only to the Shanghai benchmark’s 18.26 percent — while major markets continued their downward trend.
He said foreign share investors had mostly been buyers of local shares since early this month, reversing deleveraging moves in previous months. He did not elaborate.
The commission was also “cautiously optimistic” that 192 companies would be able to repay their corporate bonds — which could mature this year — with a total value estimated at NT$268.7 billion , Chen said, citing a survey of the companies.
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