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Taiwan Regulator Takes Over Bowa Bank

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Taiwan's government on Friday took over Bowa Commercial Bank, a loss-making mid-sized lender, stepping up efforts to clean up the island's banking sector after a cash card lending crisis.

Mr Hu said with a negative book value of T$2.25bn, and T$22.4bn in unamortised NPL losses on its balance sheet, the bank would bring the biggest losses so far among the banks taken over by the government.

Although unrelated to the global credit troubles, the takeover of the ailing local lender could shake local investor confidence, coming after a day of panic selling in global markets. The Financial Supervisory Commission, Taiwan's market regulator, said ample funds were on standby to supply liquidity in case of a bank run on Monday when Bowa branches reopen.

:rolleyes:

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