The Central Deposit Insurance Corp (CDIC, 中央存保) plans to auction off the financially distressed Fifth Credit Cooperative of Tainan (台南五信) on June 28.
With a capital adequacy ratio above 8 percent, potential buyers will be required to have a minimum capital of NT$70 billion and a net paper value of NT$6 billion before allowed to place bids on the auction day, CDIC's written statement said yesterday. Foreign banks also must be listed in the top 500 international bank ranking by UK's The Banker magazine, CDIC said.
Bidders will have to submit proposals for review, which contain feasibility plans to improve the cooperative's capital adequacy ratio to 8 percent within one year after takeover, CDIC added.
CDIC's President Chen Chang-sang (陳戰勝) had previously estimated the cooperative may have a deficit of less than NT$1 billion, part of which the government's Financial Restructuring Fund (重建基金) will absorb.
Before taking over the cooperative on May 17, the CDIC, in February, discovered that the cooperative's non-performing loan rate had risen to 40 percent in January and that its asset value later turned negative.
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