Bad loan ratio unchanged
The nation’s bad loan ratio stayed unchanged at 0.44 percent at the end of June, from one month earlier, with all lenders having readings lower than the 2-percent threshold, the Financial Supervisory Commission said yesterday. Total bad loans amounted to NT$101 billion (US$3.37 billion), up by NT$1.8 billion from a month earlier, while overall outstanding loans rose by NT$138 billion to NT$22.93 trillion, it said, with coverage ratio standing at 260.83 percent, down from 265.82 percent. The sector’s tier 1 provision was NT$263.4 billion, or 0.93 percent, lower than the required 1 percent, the commission said, suggesting more room for improvement.
III signs MOI with NZ firm
Taiwan’s state-run Institute for Information Industry (III, 資策會) signed a memorandum of understanding with a New Zealand-based venture capital firm yesterday to expand bilateral cooperation on industrial development and joint investment. Under the agreement, the III and Pan Pacific Capital Ltd (PPC) will set up a venture capital fund of US$40 million, with a focus on digital content start-ups, such as gaming and animation companies in the two countries, the institute said. More importantly, the agreement seeks to encourage the investment of venture capital in the near future, in the hope of promoting cross-border projects between Taiwan and New Zealand, the institute said.