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
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
NO SYSTEMATIC BANK
RUN RISK: TOP FINANCIAL REGULATOR
BANK
RUN CONTINUES
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
2.bank
still on the RUNas at 08.Jan 2007 Monday
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)
