The business sector is also in dire need of all the help it can get, including applying for bailout loan. However, it's reported that some private banks charge excessively high processing fees on these applications, which increase the cost of borrowing for those who are already desperate. The Financial Supervisory Commission says it will announce on a cap on processing fees soon.
Many companies applying for bailout loans have discovered state-owned banks are charging sky-high processing fees, which equates to hiked interest rates. The Financial Supervisory Commission says it will set "reasonable" processing fee amounts and percentages.
Since (Fubon can cut its processing fee) from NT$80,000 to NT$3,000 -- deciding when to such a (processing fee) percentage came about. Processing fees have of course been waived for some small-amount (loans). If you're talking about other parts, I think we will do our best to not -- for processing fees to have a cap of NT$10,000. We will probably set this rule in the next day or two.
Although Taiwan's stock market has been relatively stable, neither the export industry nor publicly traded companies are faring well. With the TAIEX surpassing 11,000 points on the 11th, many believe the eight major state-owned banks and four public pension funds are fixing numbers to look good before Tsai Ing-wen's inauguration on May 20. FSC Commissioner Wellington Koo says while the service, airline and tourism industries have been most affected by the pandemic, the market is stable because the manufacturing industry has not completely withered and financial restrictions have been relaxed.
Even though export volume is low and publicly traded companies aren't performing well, Taiwan's stock market is stable. People don't understand why. Based on Q1 profits, there has been some growth. It's not all bad news. Some industries are performing well. So, that's why we are performing better than some of our neighboring countries.
Asked if he expects to keep his post after the Cabinet reshuffle, Koo said that was up to Tsai and Premier Su Tseng-chang and he doesn't feel one way or the other.