FSC to Check Write-Off of Twin-Card Debts by Banks.

(From Taiwan Economic News)

Taipei, Aug. 30, 2006 (CENS)--In the first seven months this year, domestic banks wrote off twin-card bad debts exceeding the NT$100 billion mark, topping NT$109.2 billion, almost five times their aggregate profits of NT$22.4 billion, according to the Financial Supervisory Commission (FSC). To assure that banks have earnestly tackled with their bad-debt problem, the FSC is going to check the practices of financial institutions with higher twin-card delinquency rates and see whether they have written off their card bad debts according to regulation. FSC officials pointed out that according to "Measures for Management of Credit Card Business …