Regulatory Alerts2002-06-05
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The Central Bank of the Republic of China (Taiwan) Act
This Act establishes the Central Bank as a government bank under the Executive Yuan with primary objectives of promoting financial stability, guiding sound banking operations, maintaining currency stability, and fostering economic development. It defines the Bank's organizational structure, including a Board of Directors, Board of Supervisors, and Governor, while granting powers to issue currency, manage foreign exchange, and regulate financial institutions. The document sets specific reserve ratios for banks, such as 25% for checking and demand deposits and 15% for savings and time deposits, and authorizes the Bank to impose penalty interest rates on reserve shortfalls. It also mandates the allocation of 50% of net profits to legal reserves and outlines procedures for budget preparation and fiscal reporting.
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