FSC Opposes Cutting Interest-Rate Ceiling.

Taipei, March 19, 2009 (CENS)--The Financial Supervisory Commission (FSC) and domestic private banks have expressed strong opposition to legislators' proposal of cutting the existing 20% legal interest-rate ceiling, which has been put on the agenda of the judiciary and organic laws and statutes committee of the Legislative Yuan today (March 19). The FSC pointed out that the cut of the ceiling rate, to 15% or 12% as proposed by legislators, will lead to credit crunch and cause some 3 million persons with weaker credit standing to lose their credit cards, forcing them to resort to underground financing. Therefore, it will strongly suggest the committee to keep the interest-rate …