Taiwan government to set up AMC next year

The government will allocate NT$10 billion to purchase bad debts from local institutions.

The Taiwan government will set up an asset management company AMC on 1 January next year to deal with the mounting bad debt problem in the country's banking system, according to Yen Ching-chang, the newly appointed finance minister.

The government-run agency will have a budget of NT$10 billion around $321 million to purchase troubled assets from local financial institutions, substantially less than the NT$20 billion to NT$30 billion mooted by the government when the idea was...

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