Scope, Methods, and Procedures for Applications for Subsidies by Financial Institutions Assuming Disaster-Area Resident Homes and Land

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[Related Regulations]

Title：

Scope, Methods, and Procedures for Applications for Subsidies by Financial Institutions Assuming Disaster-Area Resident Homes and Land

Announced Date： February 29, 2000

Ceased Date： March 10, 2006

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1 Scope of subsidization

(1) For loans with an outstanding balance of NT$2 million or less, interest rate subsidies shall be calculated based upon the Postal Remittance and Savings Banks' floating interest rate on one-year postal time deposits (currently 5.35 percent per annum) minus 3 percentage points; for an amount of more than NT$2 million but not exceeding NT$3.5 million, calculation of interest rate subsidies shall be based upon the Postal Remittance and Savings Banks' floating interest rate on one-year postal time deposits.

(2) The term of subsidization shall be the time remaining on the original loan term plus 5 years, but shall not exceed 20 years at maximum. Where victims have already applied for a loan from the emergency financing funds pursuant to regulations under Direction 2 of the Emergency Decree and have already created and registered mortgage rights, the provisions of the preceding paragraph do not apply.

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2 Methods of subsidization The Central Bank of the Republic of China (Taiwan)shall remit interest subsidy payments on a monthly basis into the reserve account opened by the financial institution with the Central Bank's of Department Banking or another designated account.

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3 Procedures of subsidization A financial institution, after assuming the balance of a disaster victim's original loan, shall fill out a "Checklist for Assumption of Earthquake Victim Homes and Appurtenant Land Damaged in the 921 Earthquake" (Attachment) and submit it to the Central Bank of the Republic of China (Taiwan) via mail with the application for subsidization.