Taiwan's government pledged to guarantee all private bank deposits in an attempt to prevent the panic of the global financial crisis from infecting the island's banking system.
Echoing similar steps taken by several European governments, Liu Chao-shiuan, prime minister, promised during a parliamentary session that there would no longer be any limits to the amount insured per depositor.
Clarifying the remarks, the Financial Supervisory Commission said the blanket guarantee would take effect immediately and remain in force as long as necessary.
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