Four local life insurers have reported combined credit losses of NT$8.4 billion (US$295.4 million) from their exposure to Russian bonds amid Russia’s invasion of Ukraine, the Financial Supervisory Commission (FSC) said yesterday.
The estimated losses accounted for 6 percent of the total booking value of the NT$138.2 billion in Russian bonds they held as of the end of last month, the commission said.
However, the losses did not factor in the fast depreciation of the ruble, which remains under selling pressure following a spate of punitive measures that the US and its allies imposed against Russia.
Yesterday, the Russian currency was down 11
The Financial Supervisory Commission (FSC) is to conduct a second round of inspections by the end of the year to ensure that financial institutions are complying with the central bank’s latest selective credit controls, Chairman Thomas Huang (黃天牧) said yesterday.
The commission would examine 10 banks, seven credit unions and three billing finance companies, focusing on their construction loan, regular mortgage and luxury real-estate mortgage practices, Huang said.
The second round would be more comprehensive than the first round last year, which inspected 13 companies, as members of the public have become especially concerned about improper mortgage approvals and an overheating
Average daily turnover on the local stock market could fall 40 percent to below NT$300 billion (US$10.8 billion) next year as the US looks set to reverse its monetary policy, the Financial Supervisory Commission (FSC) told a meeting of the legislature’s Finance Committee yesterday.
The commission said that turnover could slip to NT$287 billion next year from an estimated average of NT$478.2 billion this year.
The commission provided the figure as a reference for lawmakers when they review proposed amendments to the Securities Transaction Tax Act (證券交易稅條例), which aims to extend the tax cut on day trading until the end of 2024.
“Projecting
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FSC tells firms to postpone annual meetings
UNPRECEDENTED: The move to delay shareholders’ meetings marked the first time the commission had imposed such a measure, but follows discussions with the CECC, it said
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday told publicly traded companies to postpone their annual shareholders’ meetings from Monday next week to the end of next month to curb public gatherings amid a surge in COVID-19 infections.
A total of 1,931 companies had planned to convene their shareholders’ meetings during the period, but the FSC has made it mandatory for them to delay the events to July or August, it said.