The legislative caucuses agreed yesterday to extend the Financial Restructuring Fund (金融重建基金) for another year.
The caucuses said the agreement will become official at the legislative sitting next Friday at the earliest.
The fund -- modeled after the US' Resolution Trust Corp -- was created in July 2001, and NT$140 billion (US$4.25 billion) was allocated for the following three years to work through the financial sector's core bad-debt problems.
The agreement came just before the current fund expires on July 9.
The caucuses finally reconciled with each other in yesterday's negotiations and accepted the conditions set out by each party.
The fund will be extended for one year, but the Ministry of Finance is required to study how to handle failed banks and protect depositors' rights through the regular mechanisms provided by the Central Deposit Insurance Corp (
The ministry is also required to report on its findings within three months.
The ministry is further required to amend the existing Deposit Insurance Law (
The article allowing the fund to cover non-depository liabilities will be deleted.
The non-depository liabilities of the failed banks taken over by the ministry six months before or after the article is deleted and the law amended will still be covered.
DPP caucus whip Ker Chien-ming (
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