Virus Outbreak: Banks approve NT$81.6bn of loans for virus-hit firms

Taipei Times
Date: Apr 28, 2020
By: Kao Shih-ching / Staff reporter

From left, Directorate-General of Budget, Accounting and Statistics Minister Chu Tzer-ming, Minister of Finance Su Jain-rong and Financial Supervisory Commission Chairman Wellington Koo attend a meeting at the Legislative Yuan in Taipei yesterday.
Photo: George Tsorng, Taipei Times

Local banks had approved 5,056 loan applications totaling NT$81.6 billion (US$2.72 billion) for businesses affected by the COVID-19 pandemic as of Wednesday last week, surging from 510 applications totaling NT$7.39 billion two weeks earlier, Financial Supervisory Commission (FSC) data showed yesterday.

Eighty-seven percent of the loans, or 4,177 applications for NT$71.7 billion, were provided by state-run banks, for an average of NT$17 million per application, the data showed.

Private banks lent NT$9.9 billion to 879 firms, for an average of NT$11 million per application, data showed.

“It seems that the government did not have a strong incentive to encourage private banks to help affected businesses,” Chinese Nationalist Party (KMT) Legislator William Tseng (曾銘宗) told a meeting of the legislature’s Finance Committee in Taipei.    [FULL  STORY]

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