In a possible effort to emulate its peers in Hong Kong, Malaysia and Singapore, the Government of Taiwan wants to establish its own securitization program. Bankers familiar with the Taiwanese scene say the Financial Supervisory Commission - supervisor of the banking, insurance, securities and futures markets - is trying to entice banks with local credit card operations to come together on a mega NT$100 billion ($3.1 billion).

"The FSC has some notion that a large NT$100 billion deal will provide a real stimulus to the ABS market, without having thought through all the complex issues. Consequently, clients I have spoke to are skeptical" according to one source.

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