Employees of the government's bank clean-up fund are to get NT$10 million in accident insurance -- just in case they became the targets of mafia unhappy with the closure of their banks.
The infiltration of underworld figures in rural credit co-ops is believed to be behind the precautionary measure.
The Ministry of Finance held a third preparatory meeting for the financial reconstruction fund (
In yesterday's meeting, ministry officials decided to buy personal accident insurance in the amount of NT$10 million each for personnel involved in the process. The proposal will be submitted to the Executive Yuan for approval. Upon approval, government funds would be used to pay for the insurance.
Sean Chen (陳沖), political vice finance minister, said that the problematic institutions may be undertaken by state-controlled banks, Chen said.
Also in order to avoid interruption of the financial services provided by those problematic financial institutions, the ministry will try to avoid physically closing down those institutions, but rather have officials from state affiliated banks be made responsible for their debts, Chen said.
The Legislative Yuan passed a budget of NT$140 billion for the reconstruction fund last month. The fund will be used to take over dozens of credit cooperatives under farmer and fisherman associations across Taiwan. The finance ministry previously vowed to take action against the troubled grassroots banks in early August.
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