The
Bank of Taiwan (BOT) was established on May 20, 1946 as the first
government-owned bank following the island's restoration to the Republic
of China in 1945. During much of its operating history, it has been
under the administration of the Taiwan Provincial Government. Following
the phase out of the Taiwan Provincial Government on Dec. 21, 1998, the
Bank was subsequently taken over by the central government of the
Republic of China and placed under the administration of the Ministry of
Finance, in accordance with the regulations on government-owned
financial institutions. BOT has been judicial person under Banking Law
since 1985. Effective July 1, 2003, BOT became a corporate organization
under Company Law.In accordance with the regulations upon financial
holding corporations, on January 1, 2008, Taiwan Financial Holdings was
established on the basis of the share transfer .Meanwhile the Bank has
become a subsidiary of Taiwan Financial Holdings. On January 2, 2008 the
Bank split its Department of Securities and Department of Life
Insurance to organize the other two subsidiaries of Taiwan Financial
Holdings, BankTaiwan Securities Co., Ltd. and BankTaiwan Life Insurance
Co., Ltd. The current amount of capital of the Bank is forty-five
billions of New Taiwanese Dollars.
During its
formative years, the BOT managed the business of the national treasury,
issued currency in the Taiwan area, and carried out many of the
functions of a central bank. In the early years following the central
government's move to Taiwan in 1949, it acted as agent in carrying out
most of the functions of the Central Bank of China (CBC), thus giving it
a dual character; that of a central bank, as well as a general
commercial bank. Following restoration of the CBC in Taiwan in July
1961, however, the BOT switched its primary emphasis to general banking.
After the passage of the Local Autonomy Law in July 1994, provincial,
county, and city governments were given the right to choose the banks in
which to deposit their funds. Faced with competition from other banks,
the BOT has been able to rely on its outstanding image and efficiency,
which it built up through decades of effort. It has steadfastly adhered
to sound operating principles. It is also responsible for the operation
of businesses related to the issuance of New Taiwan Dollar currency, the
handling of deposits of military and civil servants' retirement funds
at preferential interest rates. All of these activities reflect the
vital position that the BOT continues to hold within the banking system
of Taiwan.
Throughout the
history of Taiwan's economic development, from post-war reconstruction,
currency reform, and the implementation of successive economic
construction plans to the more recent promotion of key and strategic
industry development, the Asia-Pacific Regional Operations Center plan,
and B.O.T. (build-operate-transfer) public construction projects, the
Bank has at all times offered its opinions for reference in
policy-making and has done its utmost to supply funds needed to support
the implementation of government policies. It can truly be said that the
BOT has made many contributions to economic development in the Taiwan
area.
0 comments:
Post a Comment