Tan Kin Lian's Blog: Taiwan senator requests bank to buy back Minibond

Monday, September 29, 2008

Taiwan senator requests bank to buy back Minibond

Link: http://news.chinatimes.com/2007Cti/2007Cti-News/2007Cti-News-Content/0,4521,130502+132008092400983,00.htmlOriginal

Source: www.chinatimes.com
Country: Taiwan
Date: 24 Sept 2008

Summary:
1. A Senator reported the French Bank is willing to buy back the Minibond from investor
after the senator appear.
2. Reason: Taiwan is not a mature financial market suitable for sale of mature product such as mini-bond.
3. Many retirees thought Minibond is a bond and invest whole of life saving.
4. Senator call for Taiwan Monetary Authority to urge all local Taiwan banks to buy back minibond from retail investors.
5. Taiwan Monetary Authority will revise its regulation to protect retail investor.
6. Total Number of Investors: 51,000
7. Total Amount Invested with Lehman: NT 40 billion (SGD 1.8 billion)

If you find any mistake in the translation, please send a message to me at kinlian@gmail.com

10 comments:

Anonymous said...: Compared to Taiwan and HK authorities, seems like only MAS is not doing enough to help the minibond victims.; September 29, 2008 1:52 PM
nhyone said...: Time to sell bank shares. :); September 29, 2008 2:35 PM
Anonymous said...: Where is the chairman of MAS?; September 29, 2008 3:04 PM
Anonymous said...: Thank you Mr. Tan for providing us such valuable information.; September 29, 2008 3:17 PM
Anonymous said...: How can we ordinary civilians fight it out with big banks?If MAS refuse to help, is more likely we cant get back our money.; September 29, 2008 3:33 PM
Anonymous said...: Yesterday SM Goh said "Good rewards come with high risk. Else put your money in CPF". I think MAS is not likely to help investors to recover money. When is the next election?; September 29, 2008 4:27 PM
Anonymous said...: If all MA of other countries fight for their investors but our MA don't, then u know what to do in the next general election.; September 29, 2008 5:01 PM
Anonymous said...: 2. Reason: Taiwan is not a mature financial market suitable for sale of mature product such as mini-bond.

Even is a country is a mature financial market, that does not mean by letting a high risk product being sold in the country allow them to hide the true away from the commoners or coming up with prospectus only the experts are only to understand. No matter country is mature or not, MAS of the country should protect their retail investor.; September 30, 2008 12:59 PM
Weng Mao Fa said...: ORIGINAL COPY IN CHINESE:
雷曼債立委要求銀行全額買單金管會:修法擴大保護
2008-09-24 今日晚報【中廣新聞／張雅惠】
立委蔡正元指出，一家歐系銀行，據了解是「法國東方惠理銀行」，願意承擔投資人雷曼兄弟連動債的所有虧損，理由是，連動債是很成熟的商品，根本不適合台灣這種不成熟的市場。蔡正元要求國內銀行比照辦理，不然就撤銷財管執照，不過，金管會主委陳樹說，只有銀行有疏失的，才要負責；金管會要修法，把銀行和保險投資人，也納入「投資人保護中心」的範圍。（張雅惠報導）
國內有五萬一千多位投資人透過銀行財富管理，合計買了四百億元雷曼兄弟連動債，有些投資人根本搞不清楚什麼是連動債，有些退休族誤以為連動債是「債」，是利息高一點的定存，把退休金全部投入，最壞的情況是，全部變成壁紙。立委蔡正元說，一家歐系外商銀行認為他們有道義責任，願意全數理賠，蔡正元質詢金管會主委陳樹，國內銀行是否能比照辦理。
「他們認為，所謂的疏失不當，在於市場不成熟，他們主動站出來說，很抱歉，台灣市場不成熟，我們把太過成熟的產品推過來，我們有道義責任，百分之百彌補，而不是在爭論舉証責任到底在誰」
蔡正元說，一般投資人根本拿銀行沒皮條，要投資人舉証是銀行當初的不當銷售更是難加難。他說，金管會應該訂出指標，如果銷售很多連動債，但卻態度強硬不願處理申訴案，金管會必須撤銷銀行的財富管理執照。
「你沒有盡到財富管理專業銀行應盡的責任，而且，你沒有能力去處理善後，就撤銷執照、凍結執照，你不處理，那些消費者沒有談判籌碼」
據了解，這家歐系銀行正是法國東方惠理銀行，不過，陳樹說，他沒有相關訊息，目前也無法要求銀行負起全部的責任。陳樹說，要從法制面著手，把投資人保護中心的對象，從証券和期貨投資人，擴大到銀行和保險，另外，也會針對銀行財富管理再設銷售限制和門

http://news.chinatimes.com/2007Cti/2007Cti-News/2007Cti-News-Content/0,4521,130502+132008092400983,00.html; October 01, 2008 1:49 PM
Weng Mao Fa said...: Publisher : Zaobao.com
Date Published: 1.10.2008
Link: http://realtime.zaobao.com/2008/10/081001_25.shtml
Source Country: Hong Kong
Summary:
1. Number of Complaint Received by HKMA: 2,000
2. The Product: Mini-Bond (Lehman)
3. Democracy Party Senator (Designated) reported a bank agrees to buy back
partial mini-bond from an investor. Other small investors are negotiating
for it.; October 02, 2008 12:05 AM