The Financial Supervisory Commission (FSC) vowed to make Taiwan a financial management hub, attracting up to NT$7 trillion (US$210 billion) in capital within the next two years, commission Chairman Gordon Chen (陳樹) said on Thursday.
Chen said that the commission had completed a draft plan and hoped it would take effect early next year, pending legislative approval.
Charles Yeh (葉銀華), also a commissioner, said that after the plan is put into practice, financial institutions would be able to increase fee income by NT$22 billion to NT$33 billion in four years, boosting bank employees by 17,000, the Chinese-language Commercial Times said yesterday.
Yeh said the commission also aimed to make Taiwan to a regional asset management center with the goal of increasing the nation’s assets under management from NT$11 trillion to NT$20 trillion in four years.
Some 60 percent of the NT$9 trillion increase would come from the return of Taiwanese capital from other countries, with the rest from certificates of deposit and foreign capital inflows, Yeh said.
A commission survey predicted that up to NT$20 trillion is likely to be remitted back to Taiwan in the two years after the statute goes into effect, he said.
But Lawrence Liu (劉紹樑), president at China Development Industrial Bank (中華開發工業銀行), said it was a bad time for such a large plan as “it will not be easy” amid the global financial crisis.
Liu said the ultimate goal was to “raise capital,” which could only be achieved if foreign enterprises, not foreign-based Taiwanese companies, are allowed to list on the local bourse.
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