Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

1. These Directions are prescribed pursuant to Article 27 of the Central Bank of China Act.

2. The Central Bank of China ("the Bank") certificates of deposit shall be issued and held only by banks, investment trust companies, bills finance companies, Chunghwa Post Co., Ltd., and other financial institutions as approved by the Bank.

3. The Bank's certificates of deposit shall be registered, and issued in book- entry form.

4. The Bank's certificates of deposit shall be in the denominations of NT$5 million, NT$10 million, NT$50 million and NT$100 million.

5. The Bank's certificates of deposit shall be issued at Par. Principal and interest shall be paid in a single payment upon maturity.

6. The Bank's certificates of deposit shall have a maximum maturity of three years, and may be negotiable. Any certificates of deposit issued in non- negotiable form shall not be transferred without the Bank's consent.

7. The Bank's certificates of depositmay be issued by competitive or noncompetitive bidding.

The interest rates on certificates of deposit issued by competitive bidding may be set in accordance with the winning bids, while the interest rates on non-competitive bidding certificates of deposit shall be set by the Bank.

Directions to governing the sale of certificates of deposit by tender shall be prescribed separately.

8. Financial institutions shall, with the Bank's consent, provide the Bank's certificates of deposit as collateral in applying to the Bank for shortterm accommodations or intraday overdrafts.

9. The Bank's negotiable certificates of deposit shall not be transfered until account transfer procedures have been completed at the Bank's Banking Department.