Minister of Finance Lin Chuan (林全) yesterday said that his reforms of the financial sector will be made with stability as a cornerstone, adding that although reforms may at times be painful for some, mitigating the effects of the changes on society is a goal.
He made the remarks at a seminar for civil servants on national development.
The nation has far too many financial institutions for its population, Lin said, adding that reducing the number, perhaps by mergers, will be one focus of the ministry. Reducing the overdue loan ratios of troubled banks and grassroots financial institutions is another key goal, he said.
He said the growing number of credit departments burdened by non-performing loans (NPLs) makes the environment difficult for borrowers and strains the solvency of financial institutions.
He said he will focus on the problem of mushrooming financial institutions, reducing the number of overdue loans and NPLs and upgrading the competitive edge of financial institutions.
Lin said that a financial restructuring fund will help write off the bad debts of poorly managed financial institutions and protect the interests of depositors.
He said that the ministry will also strengthen financial management mechanisms, introduce financial regulations, crack down on financial crimes, regulate the insurance market and enhance the capital market.
Lin said that reforms will not always be painless and that the fruits of his ministry's labors will not come before a year or two. "We should not be short-sighted."
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