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DIRECTIONS
From : Bureau Of Monetary Affairs, Ministry of Finance
Date : July 8, 2003
Ref. : Tai-Tsai-Rong(5)-Zi-0928011062
Subject : The Ministry of Finance ("MOF") has revised the financial disclosure rules applicable to Taiwan Branches of foreign banks. (The MOF letter dated November 22, 2002 (Ref. No. Tai-Tsai-Rong-(6)-Zi-0916000308 shall no longer apply).
Explanations:
In order to reflect the differences of operation scale and business, we hereby revise our letter dated May 29, 2002 (Ref. No. Tai-Tsai-Rong-(6)-Zi-0916000072) as follows:
1. Taiwan branches of foreign banks which accept deposits from the general public or engage in consumer banking business shall disclose financial information in accordance with our letter, dated May 29, 2002 (Ref. No. Tai-Tsai-Rong-(6)-Zi-0916000072).
2. Those branches which have assets over NT$3 billion and do not accept deposits from the general public or engage in the consumer banking business shall publish, on a quarterly basis, information such as balance sheet, income statement and a statement of asset quality in a daily newspaper published where the relevant branch is located with other financial information shown as notations thereto, and make copies of such information available at each of its places of business upon customer request.
3. Those branches which have assets of less than NT$3 billion and do not accept deposits from the general public or engage in the consumer banking business shall make copies of financial information available at each relevant place of business upon customer request.
4. Our letter dated November 22, 2002 (Ref. No. Tai--Rong-Ju (6)-Zi-0916000308 shall no longer apply. |