Bank run in Taiwan
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imagine you cant withdraw $$ from your account because
the bank dunt has money??
This happen in Taiwan.
Is there a system failure in Taiwan banking sys??CHINESE BANK RESUMES ATM WITHDRAWAL, TRANSFER SERVICES: FSC
NO SYSTEMATIC BANK RUN RISK: TOP FINANCIAL REGULATOR
2007-01-07 18:59:44
Taipei, Jan. 7 (CNA) Automated teller machines (ATM) for Taipei- based Chinese Bank have resumed inter-bank money withdrawal and transfer services starting 7 a.m. Sunday, according to Financial Supervisory Commission (FSC) Vice Chairwoman Susan Chang.
The FSC announced late Friday that Central Deposit Insurance Corp. (CDIC) would be taking over Chinese Bank -- a member of the Rebar Asia Pacific Group -- beginning midnight Saturday, in the wake of a bank run sparked by the insolvency of the group's two member firms, China Rebar Co and Chia Hsin Food & Synthetic Fiber Co.
Some clients of the cash-strapped bank complained that they have been unable to withdraw funds despite the FSC's assurance that inter-bank withdrawals and transfer services by other banks' ATMs were operating as usual.
Chang said this could not occur theoretically, since the ATM system is a data-processing system linking computer facilities of financial institutions to those of the country's central bank on a 24-hour basis, and is a system designed for the real-time transfer of funds across the institutions' deposit reserve accounts at the central bank.
But, she added that if clients complain they are still unable to withdraw their money, the FSC will deal with such extraordinary situations on a case-by-case basis.(By Y.L.Kao)ENDITEM/diG
BANK RUN CONTINUES
2.bank still on the RUNas at 08.Jan 2007 Monday
The run on the financially troubled Chinese Bank continues Monday morning as anxious customers line up at its Panchiao branch in Taipei County to withdraw their deposits. The bank run was triggered when the bank's debt-laden founder Rebar group filed for bankruptcy protection Thursday. CNA photo Jan. 8, 2007
added on 09 Jan 2007
Taiwanese politicians concentrate every day to win votes and keep
their posts.No time for them to plan in long term and implement
the painful policies.
2.Theft Closes Taiwan Bank, August 3, 1995
3.The collapse of 10 similar institutions during the 1997 Asian financial crisis hurt Taiwan's stock market and the whole economy.In 2001,The finance ministry said banks would take over 36 troubled small cooperatives in the next one to two months.
4.Friday, November 27, 1998.,Scandal Sparks Record Taiwan Bank Run
TAIPEI, Taiwan -- Panicked depositors pulled 40 billion Taiwan dollars ($1.2 billion) out of a troubled bank,
5.Is there a system failure in Taiwan banking sys??
6.Taiwan tax payers lost S$10.5 billion due to bank run
Caption:Goverment gurantee failing banks,you and me become ATM.(auto teller machine) -
Will this happen in Spore???? -
i watched TVBS news and:
CDIC has taken control of the bank and has assured the public that their money is safe and can be withdrawn any time. TVBS news also interviewed a person who withdrew money using the banks ATM. he said that money could still come out of the machine, but interbank money transfers were not possible. beside the atm was a notice from the CDIC assuring the public that their money can be withdrawn.
but pity the employees... have to work on weekends just because their boss screwed up... -
anything is possible....*shrugs shoulders*Originally posted by foomwee88:Will this happen in Spore???? -
maybe u can check out on the Deposit Insurance Act passed recently.....Originally posted by foomwee88:Will this happen in Spore???? -
this kind of thing will happen when pple got no confidence in their banks
i think s'pore's system isn't that weak to generate this kind of fear in pple
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Central Deposit Insurance Corporation (CDIC)
Premium Rates
2.At the end of the day,customers/depositors of the banks,ie you lah,
* Risk-based rate system and three rates instituted: 0.05%, 0.055% and 0.06%
bear the cost of premium!! -
Originally posted by lionnoisy:
No wonder fixed deposit rate dropped so much from 3% in 2006 to 1.8% this yr!!!
[b]Central Deposit Insurance Corporation (CDIC)
2.At the end of the day,customers/depositors of the banks,ie you lah,
bear the cost of premium!![/b]
Luckily! I withdraw all $ to buy Genting shares at the beginning this yr!!!
Can go 4 a good holidays !! -
The boss is Ah Bian good brother.no wonder Ah Biab siam!!!Originally posted by asdfzhao:i watched TVBS news and:
CDIC has taken control of the bank and has assured the public that their money is safe and can be withdrawn any time. TVBS news also interviewed a person who withdrew money using the banks ATM. he said that money could still come out of the machine, but interbank money transfers were not possible. beside the atm was a notice from the CDIC assuring the public that their money can be withdrawn.
but pity the employees... have to work on weekends just because their boss screwed up... -
Stupid thread from a girl with no knowledge of banking or anything whatsoever. Just want to discredit other countries and promote Singapore, blind faith is a disenchanment from reality.Originally posted by lionnoisy:imagine you cant withdraw $$ from your account because
the bank dunt has money??
This happen in Taiwan.
No bank can ever pay up ALL the deposit holders without intervention from the central bank. If there was ever a run on Singapore banks, the MAS would need to step in to provide all the necessary cash to bail the bank out.
http://en.wikipedia.org/wiki/Bank_run
Hey girl! Suggest you spend more time reading and gaining knowledge before you make any comments.
Read up on deposit multiplier and reserve ratio. -
Bank is not the best place to park your money afterall...
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Just like Shlty times. Whenever something bad happens to Taiwan, Hong Kong orOriginally posted by maurizio13:Stupid thread from a girl with no knowledge of banking or anything whatsoever. Just want to discredit other countries and promote Singapore, blind faith is a disenchanment from reality.
South Korea, they like to gloat. When they are better than Singapore they Tiam Tiam and keep quiet. -
unlike taiwan... that bank run thing alone dunno must report how many times, from dunno how many people's point of view... very comprehensive 1...Originally posted by kilua:Just like Shlty times. Whenever something bad happens to Taiwan, Hong Kong or
South Korea, they like to gloat. When they are better than Singapore they Tiam Tiam and keep quiet. -
Typical Stinkaporean, wonder if typical Stinkaporean like her will publicise issues like CAO and NKF. Look what happened to our money, was Stinkaporeans cheated, this is happening to our Stinkapore.Originally posted by kilua:Just like Shlty times. Whenever something bad happens to Taiwan, Hong Kong or
South Korea, they like to gloat. When they are better than Singapore they Tiam Tiam and keep quiet. -
CAO issue blamed it on investors' greediness and ignorance~!!Originally posted by maurizio13:Typical Stinkaporean, wonder if typical Stinkaporean like her will publicise issues like CAO and NKF. Look what happened to our money, was Singaporeans cheated, this is happening to our Stinkapore.
No due dilligent done... a more careful investor would hv smell something b4 it got suspended.... -
Let bygone be bygone!!!Originally posted by sunny6110:CAO issue blamed it on investors' greediness and ignorance~!!
No due dilligent done... a more careful investor would hv smell something b4 it got suspended....
Cauz Temasick's involvment in CAO killed the investors who think it could not be dropped that much!!!!
A few yrs ago DBS made a statement that they hve to buy a bank in HK in order to get into PRC market ,making me laughing all the way 2 DBS bank withdrawing all my $ with them. Now .we realise all these r BS!!!! -
it would hv been 100% loss if there haven't been any white knights...Originally posted by foomwee88:Cauz Temasick's involvment in CAO killed the investors who think it could not be dropped that much!!!!
that does not ends all... Plus reputation of SGX... which may hv some chain effects on local market and in turn our economy and livelihood...
it is then one of the reasons why Temasek's returns are so pathetic becoz it's top priority is not to maximise shareholders' return... but overall wellness to our citizens... -
Taiwanese politicians concentrate every day to win votes and keep
their posts.No time for them to plan in long term and implement
the painful policies.
2.Theft Closes Taiwan Bank, August 3, 1995
3.The collapse of 10 similar institutions during the 1997 Asian financial crisis hurt Taiwan's stock market and the whole economy.In 2001,The finance ministry said banks would take over 36 troubled small cooperatives in the next one to two months.
4.Friday, November 27, 1998.,Scandal Sparks Record Taiwan Bank Run
TAIPEI, Taiwan -- Panicked depositors pulled 40 billion Taiwan dollars ($1.2 billion) out of a troubled bank,
5.Is there a system failure in Taiwan banking sys??
6.Taiwan tax payers lost S$10.5 billion due to bank run -
Originally posted by lionnoisy:
I dont think there is a system failure in TW banking sys now,it is due the political influence on the system which makes the implemenation went wrong or delayed!!this resulted in the bank run.cauz the said org had been put under charged by the authority, when the org was charged in court last yr.
Taiwanese politicians concentrate every day to win votes and keep
their posts.No time for them to plan in long term and implement
the painful policies.
2.[b]Theft Closes Taiwan Bank, August 3, 1995
3.The collapse of 10 similar institutions during the 1997 Asian financial crisis hurt Taiwan's stock market and the whole economy.In 2001,The finance ministry said banks would take over 36 troubled small cooperatives in the next one to two months.
4.Friday, November 27, 1998.,Scandal Sparks Record Taiwan Bank Run
TAIPEI, Taiwan -- Panicked depositors pulled 40 billion Taiwan dollars ($1.2 billion) out of a troubled bank,
5.Is there a system failure in Taiwan banking sys??
6.Taiwan tax payers lost S$10.5 billion due to bank run[/b]
In addtion,after1998 economic crisis, a proper banking system had been set up. -
I think u r wrong on this matter by turning upside down the cause and effect of this CAO saga!!!Originally posted by sunny6110:it would hv been 100% loss if there haven't been any white knights...
that does not ends all... Plus reputation of SGX... which may hv some chain effects on local market and in turn our economy and livelihood...
it is then one of the reasons why Temasek's returns are so pathetic becoz it's top priority is not to maximise shareholders' return... but overall wellness to our citizens...
Do u know w/o Tamasick subscibed to the right issues whoelse with the right mind to believe that CAO share price would drop below S$1.10.
Of cousre we could not blame Tamasick as a commercial org which was being fooled as well????but I totally disagreed with u that they r for the wellness of Silkgapore citizens cause we r very stupid one dont know what is the cause and effect!!! -
How Bank run was caused?
Last weekend, the government took over management of Rebar Group members The Chinese Bank and The Great Chinese Bills Finance Corp. after depositors rushed to withdraw their funds.
The depositors' concerns were triggered when two other Rebar group companies, China Rebar Co. and Chia Hsin Food and Synthetic Fiber Co., applied for debt restructuring after years of losses undermined their ability to repay debts. -
After a careful analysis of this case,it is very similiar to our NKF's saga!!! but one is a bank which they treated like their own ATM machines while the other is a charitable org which our Mr Durai also treated it like a cash cow.In addtion, they l hve a very strong backing whom believed to be in a level above ministers.Originally posted by lionnoisy:How Bank run was caused?[b][url=http://www.chinapost.com.tw/news/archives/front/2007112/99773.htm]
TW is in deep shti now and as many as 7 banks will be in trouble soon,my wife and I are waiting the economic crash in order to pick up some 9 stocks.
Tw is a very beautiful country and we have been thinking of migrating there after 5yrs!!!l -
Yup, Taiwan is a nice country to emigrate to.Originally posted by foomwee88:After a careful analysis of this case,it is very similiar to our NKF's saga!!! but one is a bank which they treated like their own ATM machines while the other is a charitable org which our Mr Durai also treated it like a cash cow.In addtion, they l hve a very strong backing whom believed to be in a level above ministers.
TW is in deep shti now and as many as 7 banks will be in trouble soon,my wife and I are waiting the economic crash in order to pick up some 9 stocks.
Tw is a very beautiful country and we have been thinking of migrating there after 5yrs!!!l -
But not now may be in 2008 when Ma takes over as a TW's president.Originally posted by maurizio13:Yup, Taiwan is a nice country to emigrate to.