Taiwan government to set up AMC next year

The Taiwan government will set up an asset management company (AMC) on 1 January next year to deal with the mounting bad debt problem in the country's banking system, according to Yen Ching-chang, the newly appointed finance minister.The government-run agency will have a budget of NT$10 billion (around $321 million) to purchase troubled assets from local financial institutions, substantially less than the NT$20 billion to NT$30 billion mooted by the government when the idea was first …