Minister of Finance Lee Yung-san (
"Most of them are grassroots financial institutions," Lee told the legislature's finance committee yesterday morning.
In response to KMT Legislator Lee Chia-chin's (
Lee also said that less than NT$100 billion from the fund will be used to bail out two debt-ridden banks -- Chung Shing Commercial Bank (
The Control Yuan, last week, censured the finance ministry for its mismanagement in the Chung Shing affair, but Lee yesterday said that his ministry has done everything it can to implement a bank take over and has held numerous auctions to try to sell it off.
Due to legal complications, the government's takeover, however, was delayed for over a year after a run on the bank over two years ago, he said.
The government will continue to negotiate with potential buyers of Chung Shing, which is currently under the stewardship of the Land Bank of Taiwan (
Meanwhile, both PFP legislators Norman Yin (
Yin said that many of the nation's life insurence providers are facing dire financial difficulties while Chou said that 24 insurers are on the brink of bankruptcy since interest rate cuts have reduced their incomes while lending risks are increasing.
Lee, in response, said the government has no plans of establishing governmental restructuring funds to deal the issue except urging insurers to raise capital adequacy.
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