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Weighted average lending rate edged up in February: Central Bank

TAIPEI, Taiwan -- The Central Bank on Monday said the weighted average lending rate of Taiwan's five major banks in February registered a monthly rise of 0.092 percentage point, with mortgage rate up 0.007 percentage point over month.

Central Bank yesterday released the February outstanding loans data of Taiwan's five largest banks including Bank of Taiwan (台灣銀行), Tawian Cooperative Bank (合作金庫), Land Bank of Taiwan (土地銀行), Hua Nan Bank (華南銀行) and First Bank (第一銀行).

The bank's data showed that outstanding loans issued by the five banks posted a synchronized contraction, signifying fewer working day during Lunar New Year vacation.

The Central Bank indicated that lending rate for new outstanding loans averaged 1.685 percent, showing a 0.092 percentage point gain, or a 0.017 percentage point rise to 1.771 percent when treasury loans are excluded.

Chen E-dawn (陳一端), deputy head of the bank's economic research department, told Taiwanese local media that all kind of new outstanding loans in February emanate declines from January, while the lending rates movement were mixed.

Outstanding home mortgages in Taiwan as of the end of February reached NT$31.296 billion, a decrease of NT$19.1 billion from the previous month.

Favored housing loans offered especially for young adults, a loan service directed the government and undertaken state-invested banks, reported a decline in value thanks to hike in lending rate as well as fewer working days in February.

Also affected by Lunar New Year Vacation, numbers of transaction-registered buildings in Taiwan's five major cities plunged over 20-30 percent in February from January.

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