Taiwan Financial Asset Service Co (TFASC, 台灣金融資產服務公司), a joint venture formed by 34 domestic banks in October, is expected to organize auctions beginning in September to speed up the liquidation of non-performing collateral on behalf of the Taipei District Court.
"As an impartial third party, TFASC will hold its first trial run of auctions sometime between September and December to sell off the first batch of 300 units," the company's vice president, Hsu Wen-chang (
This will be the first time that Taipei District Court has commissioned the private sector to hold auctions to deal with domestic banks' impaired assets, Hsu said.
Taipei District Court is scheduled to conduct an inspection tour of the company's auction site, located in the company's basement facility on Jenai Road, on Friday before sealing its one-year contract.
TFASC said it will not charge Taipei District Court for organizing the first auction that runs from September through December. But it plans to levy a commission in the future if the deal proves successful, Hsu said.
Currently, Taipei District Court charges a 7 percent transaction fee to banks when dealing with their non-performing collateral.
With four in-house professional appraisers, the company is confident it can close 100 deals per month, Hsu added.
The floor price to start auction bidding will be determined by independent appraisal firms from outside the company so that all auction procedures remain as fair and transparent as those held by courts.
With NT$1.7 billion in net assets, the company is a specially designated entity authorized by the Ministry of Finance to help local courts hold auctions to clean up banks' non-performing collateral.
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