Regulatory Alerts2006-05-15
Added · Updated
Directions for Issuance of Certificates of Deposit by the Central Bank of the Republic of China (Taiwan)
The Central Bank of the Republic of China (Taiwan) restricts the issuance and holding of its certificates of deposit to banks, credit cooperatives, investment trust companies, bills finance companies, Chunghwa Post Co., Ltd., and other approved financial institutions. These instruments are issued in book-entry form with denominations of NT$5 million, NT$10 million, NT$50 million, and NT$100 million, carrying a maximum maturity of three years and payable at par upon maturity. The Bank may issue these certificates through competitive or noncompetitive bidding, with interest rates determined by winning bids or set by the Bank, respectively. Financial institutions may use these certificates as collateral for short-term accommodations or intraday overdrafts with the Bank's consent, and negotiable certificates cannot be transferred until account transfer procedures are completed at the Bank's Banking Department.
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