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Financial activity unaffected by severance of ties with Panama: FSC

2017-06-14
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Taipei, June 13 (CNA) The financial activities and business between Taiwanese banks and Panama will not be affected by the severance of diplomatic ties between the two countries, the Financial Supervisory Commission (FSC) said Tuesday.

The primary task of financial institutions is to meet the needs of industry, and it does not matter whether or not they are located in a country that has diplomatic relations with Taiwan, said Chen Yen-yi, an official with the FSC's Banking Bureau.

In fact, overseas offices of Taiwanese banks are mostly located in countries with no official diplomatic relations with Taiwan, Chen pointed out.

Moreover, the FSC and its counterpart in Panama have signed a memorandum of understanding that focuses on cooperation in supervising financial business, Chen noted.

According to FSC statistics, the total risk exposure of Taiwan's insurance, banking and securities sectors to Panama amounts to less than NT$100 billion (US$3.3 billion).

Panama, which was one of Taiwan's allies in Central America, announced Tuesday that it has decided to switch diplomatic recognition from Taipei to Beijing, effectively cutting official ties that it has had with the Republic of China (Taiwan) for more than a century. 

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