The Control Yuan yesterday proposed corrective measures for the Executive Yuan and the Ministry of Finance for their administrative failure to map out appropriate plans to improve the country's hobbling financial system.
The watchdog body also blamed the Cabinet for not carrying out necessary reforms.
"A lack of resolve led to the government's failure to carry out plans related to the reforms that it had pledged. This resulted in few improvements that could have beefed up the country's international competitiveness," the Control Yuan paper said.
Four Control Yuan members -- Huang Huang-hsiung (
"The investigation was launched since the country was in a crucial point of financial restructuring after accession to the WTO," Huang Huang-hsiung said.
The Control Yuan members thus believed that a comprehensive checkup of the government's performance and achievements was necessary," he said.
"The investigation group found that the government was unable to target needed enhancements at the core of the long-standing financial problems.
"Despite witnessing numerous financial restructuring plans as part of Cabinet pledges, the local financial environment has nevertheless deteriorated," Huang told reporters.
He explained that the majorproblem was that there are too many financial institutions competing for a limited market. The competition sparked off a challenge of deficient profit making, the Control Yuan member said.
The non-performing loan ratio worsened while the government had not done everything it could to solve the problem, the investigation's report stated.
The team of four further expressed regret that the government could not demonstrate its determination to engage in reforming the financial system.
They used South Korea as a benchmark, saying that Seoul showed resolute determination in financial reform government after the country was hit by the Asian financial crisis and followed through on its avowal to save the ill-fated financial system.
A determination to advance the comprehensive reform plan was key to the success of the country's financial achievements, the report said.
"In comparison to South Korea, our government was rather sluggish in pushing forward the promised restructuring and the unveiled reform plans that didn't deal with the key problems of the long-standing financial abuses," the report said.
The Control Yuan members also suggested that the government must reprioritize the amount of attention it pays to financial institutions in differents states of health.
DEEPER REVIEW: After receiving 19 hospital reports of suspected food poisoning, the Taipei Department of Health applied for an epidemiological investigation A buffet restaurant in Taipei’s Xinyi District (信義) is to be fined NT$3 million (US$91,233) after it remained opened despite an order to suspend operations following reports that 32 people had been treated for suspected food poisoning, the Taipei Department of Health said yesterday. The health department said it on Tuesday received reports from hospitals of people who had suspected food poisoning symptoms, including nausea, vomiting, stomach pain and diarrhea, after they ate at an INPARADISE (饗饗) branch in Breeze Xinyi on Sunday and Monday. As more than six people who ate at the restaurant sought medical treatment, the department ordered the
A strong continental cold air mass and abundant moisture bringing snow to mountains 3,000m and higher over the past few days are a reminder that more than 60 years ago Taiwan had an outdoor ski resort that gradually disappeared in part due to climate change. On Oct. 24, 2021, the National Development Council posted a series of photographs on Facebook recounting the days when Taiwan had a ski resort on Hehuanshan (合歡山) in Nantou County. More than 60 years ago, when developing a branch of the Central Cross-Island Highway, the government discovered that Hehuanshan, with an elevation of more than 3,100m,
Taiwan’s population last year shrank further and births continued to decline to a yearly low, the Ministry of the Interior announced today. The ministry published the 2024 population demographics statistics, highlighting record lows in births and bringing attention to Taiwan’s aging population. The nation’s population last year stood at 23,400,220, a decrease of 20,222 individuals compared to 2023. Last year, there were 134,856 births, representing a crude birth rate of 5.76 per 1,000 people, a slight decline from 2023’s 135,571 births and 5.81 crude birth rate. This decrease of 715 births resulted in a new record low per the ministry’s data. Since 2016, which saw
SECURITY: To protect the nation’s Internet cables, the navy should use buoys marking waters within 50m of them as a restricted zone, a former navy squadron commander said A Chinese cargo ship repeatedly intruded into Taiwan’s contiguous and sovereign waters for three months before allegedly damaging an undersea Internet cable off Kaohsiung, a Liberty Times (sister paper of the Taipei Times) investigation revealed. Using publicly available information, the Liberty Times was able to reconstruct the Shunxing-39’s movements near Taiwan since Double Ten National Day last year. Taiwanese officials did not respond to the freighter’s intrusions until Friday last week, when the ship, registered in Cameroon and Tanzania, turned off its automatic identification system shortly before damage was inflicted to a key cable linking Taiwan to the rest of
RSS