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Microcap & Penny Stocks : PKDV
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To: Harry_Behemoth who wrote (72)6/22/1999 10:07:00 AM
From: tonto   of 103
 
The statement regarding bank being Taiwanese is interesting because of the liberalization policy enacted some time ago. Does anyone have a more current article regarding credit policy of banks in Taiwan?

Taiwan banks report record bad loans

Story Posted December 14, 1998 at 10:08

TAIPEI, Taiwan (AP) _ Taiwanese banks are reporting a record number of overdue loans becauseof growing business bankruptcies and financial troubles, the Central Bank governor said Monday.

Perng Fai-nan said the average ratio of overdue loans to overall loans reached 4.95 per cent in September, while total overdue loans amounted to nearly 700 billion Taiwan dollars ($22 billion US). He said some businesses were unable to repay loans on time because they had used company funds for stock speculation.

Several business groups have failed to settle huge stock purchases as banks tightened credit policies at a time of economic slowdown. Analysts say many companies bought stocks to prop up their share
prices and used the shares as collateral to obtain overvalued loans from banks.

Taiwan has been hit by financial turmoil in recent months in the aftermath of the Asian economic crisis. Perng told a legislative committee the government has asked banks not to provide loans simply
by taking shares as collateral. Banks are also being asked to double their bad debt reserves to two
per cent of assets.

Perng dismissed suggestions that growing financial troubles could lead to an economic crisis in 1999:
''There should never be such a pessimistic outlook.''

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