Date: May 19, 2017
By: Ted Chen / Staff reporter
The Financial Supervisory Commission (FSC) yesterday said it would formulate a strategic plan to boost the financial sector, as it faces tremendous challenges, including persistently low interest rates at home and in major markets worldwide.
While the nation has not been subject to negative interest rate policies seen in Japan or aggressive easing measures seen in Europe, persistently low interest rates have left local banks with weak growth prospects, FSC Chairman Lee Ruey-tsang (李瑞倉) told a news conference.
As local banks fight over an ever-shrinking profit pool in the domestic market, they have brought their penchant for cutthroat price competition to overseas markets in search of higher returns, Lee said. [FULL STORY]