文 / 張震律師
本文先前曾介紹過關於國內不良金融債權市場之形成原因及其經過，以及NPL市場蓬勃發展之後，所帶動之新興產業的種類及其彼此間之關聯。至於，國內外的資產管理公司（Assets Management Company，簡稱AMC）身處於群雄並起之NPL殺戳戰場，如何進行這場顫憟遊戲？其遊戲規則如何？乃至身為主管機關之財政部（金融局）又是如何規劃這場「年度大賽」？又業已制定或頒布了那些法律及行政法規供金融機構及AMC業者一體遵循？實為一有趣至極的問題。
事實上，台灣的金融危機問題由來已久。尤其在民國八十六年亞洲金融風暴之後，八十七年因地雷股效應，引發本土性的金融風暴，當時國內銀行業的營運狀況，已是江河日下。不幸地，八十八年又逢九二一大地震，於經濟環境的衝擊亦非同小可。八十九年政黨輪替之後，內有朝野對立，政治不安，造成資金外移；外有美股重挫，引發全球股市危機，以致國內股市、房市一洩千里。加上失業率日漸攀升，企業倒閉、外移者眾多，銀行之逾放情形乃日益惡化。因此之故，八十九年十月間，當時的行政院財經小組，面對國內險峻的經濟情勢，乃於其擴大會議中作出：「引進國際資產管理公司（AMC），加速我國金融事業現代化。」之結論。希望藉由外國資產管理公司的龐大資金，及其較本國銀行更為先進的金融專業技術（Know How），協助處理本國金融機構之不良債權（Non—Performed Loans，簡稱NPL）。為此，於八十九年十二月十三日公布施行之「金融機構合併法」（以下簡稱本法），首先賦予了資產管理公司設立之法源基礎。而此一政策之開放，實為政府大力從事金融改革之一環，而與金融控股公司之成立，金融重建基金（RTC）之設置，金融資產證券化之推行等重大金融法案及政策交相呼應。以下分述之：
一、AMC得以信託公司、一般公司、或在國內設立分公司之方式成立。
本法於第十五條明定：「以收購金融機構不良債權為目的之資產管理公司，其處理金融機構之不良債權，得依下列方式辦理：…」AMC即依此規定取得設立之法源依據。至於其設立之方式為何？本法並未明文規定，惟財政部90.05.01台財融（三）字第九○七三六○七○號函（下簡稱90.05.01函）對此曾有釋示：「資產管理公司如以一般公司設立，應依據公司法規定向經濟部申請設立，而不需向本部申請許可。如擬以信託公司方式成立，則應依據本部發布之『信託業設立標準』，向本部申請許可設立，其最低實收資本額為五十億元。」而外國公司本即得依公司法申請設立在台分公司，從而，AMC可以一般公司、在台設立分公司、或成立信託公司之方式設立。且依前二種方式設立時，無需經財政部之許可，亦無資本額之限制。
然則，AMC既由本法賦予其法源基礎，而本法非但以「金融機構合併」為名，且明定本法之主管機關為財政部（第三條參照），則若謂資產管理公司非屬金融機構，其設立無須財政部之許可，於邏輯上似乎難以想像。何況，「商業銀行得向主管機關申請投資於金融相關事業。」「商業銀行投資金融相關事業，其屬同一業別者，除配合政府政策，經主管機關核准者外，以一家為限。」「所稱金融相關事業，指銀行、票券、証券…及其他經主管機關認定之金融相關事業。」銀行法第七十四條第一項、第四項第二款、第五項分別定有明文。且前揭財政部90.05.01函亦認定：「商業銀行如投資符合金融機構合併法第十五條所稱之資產管理公司者，得依銀行法第七十四條認定屬金融相關事業。」準此，財政部顯將AMC定位為「金融相關事業」，而不認定其為「金融機構」，是否合理？誠有待商榷。況AMC既以收購金融機構之不良債權為其設立目的及主要業務，於金融業之生態，自屬息息相關，然其成立卻無須財政部予以把關；反之，商業銀行欲轉投資AMC時，卻須經財政部之核准，且原則上以一家為限。兩相比較，實有輕重失衡之處。而於財政部之金融監理，亦恐有難期週延之虞。（待續）
Thank you for your whole work on this site. My aunt take interest in getting into investigations and it is easy to understand why. A lot of people know all relating to the lively form you deliver sensible tips and tricks on the web blog and as well foster contribution from other individuals on the issue plus our simple princess has always been becoming educated a lot. Take pleasure in the remaining portion of the year. You are always doing a dazzling job.
I needed to create you one little bit of remark to finally say thanks a lot once again for all the great strategies you’ve provided on this site. It’s so strangely open-handed with you to grant openly exactly what a few individuals would have offered for sale for an e-book to get some profit on their own, principally seeing that you might have tried it in the event you wanted. The creative ideas also served to become great way to know that many people have the same dreams the same as my own to see much more in respect of this problem. Certainly there are a lot more pleasant sessions in the future for those who looked at your site.
I wish to express appreciation to you for bailing me out of this particular incident. As a result of checking through the online world and obtaining things that were not helpful, I assumed my entire life was well over. Existing devoid of the answers to the issues you’ve fixed by means of your good guideline is a crucial case, and ones which may have in a negative way damaged my career if I had not encountered your web page. Your main understanding and kindness in controlling almost everything was precious. I’m not sure what I would’ve done if I had not discovered such a step like this. I can at this moment look forward to my future. Thanks very much for this high quality and results-oriented help. I won’t hesitate to recommend your site to any individual who needs to have recommendations about this topic.
I just wanted to send a quick note to be able to thank you for the remarkable pointers you are sharing at this site. My considerable internet search has now been honored with incredibly good information to exchange with my close friends. I would declare that we visitors actually are unequivocally fortunate to dwell in a really good community with so many brilliant professionals with helpful pointers. I feel rather fortunate to have come across your entire web pages and look forward to tons of more cool times reading here. Thank you once again for a lot of things.
Needed to post you that tiny note just to say thank you again about the lovely opinions you have contributed at this time. It’s certainly tremendously open-handed with you to allow without restraint what most of us would’ve supplied as an ebook to get some money for themselves, principally given that you might have done it if you ever wanted. These guidelines likewise worked as a good way to recognize that the rest have similar interest just like my personal own to realize somewhat more when it comes to this matter. Certainly there are lots of more pleasurable situations in the future for individuals who examine your blog post.
I enjoy you because of all of your efforts on this site. Ellie really likes conducting investigations and it is easy to see why. I notice all regarding the powerful means you make simple steps by means of your website and even increase response from others on the situation plus our child has been becoming educated a lot of things. Take pleasure in the remaining portion of the new year. You’re performing a first class job.
I in addition to my guys have been analyzing the great information and facts located on the blog then before long I had a terrible feeling I had not expressed respect to the web blog owner for those techniques. All the women had been absolutely passionate to read through all of them and have absolutely been using them. Many thanks for really being simply thoughtful as well as for deciding on this kind of remarkable areas millions of individuals are really desirous to be informed on. My honest regret for not expressing gratitude to you earlier.
Thanks a lot for giving everyone such a splendid possiblity to read critical reviews from this blog. It’s always very pleasurable and also packed with a lot of fun for me and my office friends to search your website really three times a week to learn the latest items you have got. Of course, I am also certainly happy with all the outstanding tips and hints you give. Selected 2 areas on this page are certainly the most beneficial we have had.
I in addition to my guys have been reviewing the best suggestions located on the website and so at once I got an awful feeling I had not thanked the website owner for them. Those guys were definitely for that reason stimulated to read through them and have in effect certainly been loving them. Appreciation for really being simply accommodating as well as for making a decision on certain very good guides millions of individuals are really needing to know about. Our own honest apologies for not expressing appreciation to you earlier.
I as well as my friends came digesting the excellent tips and tricks on your website and then before long I had a horrible suspicion I had not thanked the blog owner for those tips. The young men happened to be for that reason joyful to read all of them and have simply been having fun with them. Many thanks for actually being well thoughtful as well as for having variety of tremendous information millions of individuals are really eager to know about. Our honest regret for not saying thanks to earlier.
I wanted to put you the very little observation to be able to thank you very much the moment again on the pretty solutions you have shared in this case. This is quite shockingly open-handed with people like you to grant extensively just what a lot of folks would have offered for sale as an ebook in order to make some bucks for themselves, notably since you could have done it in the event you decided. Those strategies in addition acted to become fantastic way to fully grasp most people have similar dream like my very own to know many more on the subject of this matter. I know there are some more fun sessions ahead for people who examine your blog.
My wife and i got so fortunate when Peter could conclude his investigations by way of the ideas he grabbed through your web page. It’s not at all simplistic to simply happen to be giving for free tips and tricks which often people today may have been making money from. We really recognize we need the writer to thank for this. The entire explanations you have made, the simple site navigation, the relationships you can aid to instill – it’s all astonishing, and it’s letting our son and our family understand that concept is pleasurable, and that’s especially vital. Thanks for everything!
A lot of thanks for all of your efforts on this website. My niece really loves working on investigations and it is obvious why. Most of us learn all about the compelling mode you provide invaluable thoughts via the web blog and in addition encourage participation from the others on that issue then my simple princess is actually discovering a lot of things. Have fun with the remaining portion of the new year. You are always conducting a really good job.
I wanted to compose you this little bit of observation just to say thanks the moment again on your amazing pointers you have featured at this time. This has been certainly surprisingly generous of you to convey openly what many of us would have made available for an e-book to help with making some profit for their own end, specifically since you could possibly have done it if you desired. These suggestions in addition acted to be a fantastic way to recognize that other people online have the identical interest really like my personal own to grasp whole lot more when it comes to this issue. I think there are lots of more pleasant instances ahead for folks who browse through your site.
I would like to express my appreciation for your generosity giving support to individuals that have the need for help with this important study. Your personal commitment to passing the solution all through had become rather insightful and have always helped regular people like me to reach their desired goals. This useful information signifies much a person like me and additionally to my mates. With thanks; from all of us.
I simply wanted to compose a quick message so as to say thanks to you for these lovely items you are giving out at this website. My rather long internet lookup has now been recognized with incredibly good ideas to write about with my family members. I would assume that many of us visitors are quite lucky to be in a fabulous community with many lovely individuals with beneficial pointers. I feel truly lucky to have seen the website and look forward to tons of more fabulous times reading here. Thanks a lot once more for all the details.
I am just commenting to let you understand what a incredible experience my wife’s girl obtained visiting the blog. She noticed a good number of things, which included what it’s like to have an incredible helping mood to make the others without problems learn about specific impossible subject matter. You actually exceeded her desires. Thanks for producing these beneficial, dependable, educational not to mention unique thoughts on this topic to Mary.
I needed to post you one little remark to be able to say thank you again on your spectacular thoughts you have discussed at this time. It was simply wonderfully generous of you to give openly precisely what most of us could have supplied for an e-book to generate some cash on their own, notably considering that you could have tried it if you ever wanted. Those inspiring ideas likewise acted to provide a easy way to understand that the rest have the same passion much like my personal own to find out a little more with regards to this issue. I know there are thousands of more fun periods ahead for individuals who scan through your site.
Thank you for all your valuable effort on this web site. Gloria really loves getting into internet research and it’s simple to grasp why. A number of us notice all concerning the compelling tactic you convey very important things on your blog and even inspire response from others on that point so our favorite girl is truly discovering a great deal. Take advantage of the remaining portion of the year. You are performing a brilliant job.
Thanks for all your valuable effort on this web site. My mom take interest in conducting internet research and it’s easy to see why. Most people know all about the compelling way you offer important suggestions by means of the web blog and even improve response from other people on this subject matter plus our simple princess is certainly starting to learn a whole lot. Have fun with the remaining portion of the new year. You’re the one doing a good job.
I just wanted to write down a simple remark so as to express gratitude to you for those nice tricks you are sharing at this website. My time intensive internet search has now been compensated with good details to share with my friends and classmates. I would believe that we readers are unquestionably blessed to live in a fine site with many special professionals with great techniques. I feel very lucky to have discovered your site and look forward to so many more enjoyable moments reading here. Thanks once again for all the details.
My spouse and i ended up being cheerful John managed to deal with his inquiry via the precious recommendations he discovered through the site. It’s not at all simplistic to just continually be giving freely guidelines men and women have been making money from. And we fully understand we have the writer to appreciate for this. The main illustrations you’ve made, the simple web site navigation, the relationships your site make it easier to instill – it is mostly overwhelming, and it’s really letting our son and the family do think that idea is fun, which is very pressing. Thank you for all!
I really wanted to post a simple word to be able to say thanks to you for the lovely recommendations you are sharing on this website. My prolonged internet investigation has at the end been compensated with sensible facts and techniques to talk about with my company. I ‘d point out that many of us website visitors are undeniably fortunate to dwell in a useful community with very many outstanding people with beneficial tactics. I feel rather blessed to have discovered your webpages and look forward to so many more brilliant minutes reading here. Thanks once more for everything.
I precisely wished to thank you very much all over again. I do not know the things I could possibly have gone through in the absence of the type of tactics revealed by you directly on this industry. It was actually a very frustrating matter in my circumstances, but looking at a skilled way you treated that forced me to weep for gladness. I am just grateful for this guidance and even trust you realize what a powerful job you happen to be doing instructing many others through the use of your blog post. Most likely you haven’t encountered any of us.
I really wanted to send a small word in order to say thanks to you for these wonderful facts you are giving out on this website. My extensive internet look up has at the end been recognized with beneficial concept to exchange with my relatives. I ‘d mention that many of us website visitors are undeniably blessed to dwell in a superb network with very many marvellous professionals with valuable strategies. I feel very much blessed to have encountered your entire web pages and look forward to really more amazing moments reading here. Thank you once again for a lot of things.
I really wanted to post a simple word so as to appreciate you for all of the pleasant tips and tricks you are giving out on this site. My prolonged internet search has now been compensated with reasonable suggestions to write about with my friends. I ‘d express that most of us readers actually are really blessed to be in a magnificent website with so many brilliant professionals with useful pointers. I feel very fortunate to have seen the weblog and look forward to really more brilliant moments reading here. Thank you once more for all the details.
I must point out my admiration for your generosity giving support to those who actually need guidance on your area. Your very own commitment to getting the message all around became really important and has always empowered most people like me to realize their targets. Your new interesting instruction can mean this much to me and far more to my office workers. Warm regards; from each one of us.
I simply desired to say thanks yet again. I’m not certain the things that I would’ve created in the absence of the hints shared by you on my industry. It actually was a real traumatic case for me, however , understanding the very skilled manner you processed that forced me to cry for contentment. Extremely grateful for the work and then pray you recognize what a powerful job you happen to be doing instructing other individuals all through your web site. Probably you have never got to know any of us.
I must get across my respect for your generosity supporting men and women who need assistance with the concern. Your very own dedication to passing the message along had become quite valuable and have all the time empowered employees much like me to arrive at their targets. The valuable suggestions denotes so much a person like me and substantially more to my office workers. Thanks a lot; from all of us.
I not to mention my friends were found to be following the excellent procedures found on the blog then before long developed a horrible feeling I had not expressed respect to the website owner for them. The guys are already for that reason very interested to read them and already have unquestionably been enjoying these things. I appreciate you for being indeed thoughtful and for finding this kind of important issues millions of individuals are really desperate to learn about. Our sincere apologies for not saying thanks to you sooner.
I would like to show my thanks to you for bailing me out of such a instance. Just after scouting through the the net and obtaining techniques which were not pleasant, I thought my life was over. Living minus the answers to the issues you have resolved through your posting is a serious case, as well as the ones which may have in a negative way affected my entire career if I had not noticed your site. Your good competence and kindness in dealing with all the stuff was priceless. I’m not sure what I would have done if I hadn’t encountered such a subject like this. I can at this point look ahead to my future. Thanks very much for your impressive and amazing guide. I will not hesitate to endorse your web site to any person who should get tips about this topic.
Needed to write you this bit of remark to thank you again with your gorgeous tactics you’ve documented at this time. It’s certainly generous with you to grant openly just what a few individuals could possibly have offered for an ebook to make some cash for their own end, primarily seeing that you could possibly have done it in the event you desired. These solutions in addition served to become fantastic way to comprehend other people online have the identical fervor just like mine to see way more when it comes to this problem. Certainly there are several more enjoyable sessions ahead for many who looked at your site.
I must voice my affection for your kind-heartedness for visitors who really need help with this important subject matter. Your special dedication to getting the message throughout was surprisingly effective and have without exception allowed some individuals just like me to arrive at their aims. Your personal helpful hints and tips means much to me and even further to my office workers. With thanks; from all of us.
I really wanted to type a simple comment to say thanks to you for all the awesome facts you are giving out at this site. My time consuming internet investigation has now been paid with awesome concept to share with my colleagues. I would state that that we website visitors are truly fortunate to be in a decent network with so many brilliant individuals with very helpful suggestions. I feel very much lucky to have discovered your webpages and look forward to many more awesome moments reading here. Thank you once again for a lot of things.
Thanks for your own hard work on this site. Ellie really loves going through investigations and it is easy to understand why. I notice all about the lively mode you give sensible steps via the blog and as well as recommend participation from other ones on the situation then our own child is really studying a whole lot. Enjoy the rest of the year. You’re the one doing a glorious job.
My husband and i felt absolutely thrilled that John managed to conclude his investigations through the entire ideas he received when using the blog. It is now and again perplexing to just continually be giving out guidance that other folks might have been selling. We really do understand we have the blog owner to be grateful to for that. The most important explanations you’ve made, the straightforward blog navigation, the friendships you assist to create – it is everything awesome, and it’s making our son in addition to us reason why the subject is fun, which is certainly extremely vital. Thanks for the whole lot!
Thanks for your whole efforts on this site. My mother enjoys getting into research and it is easy to see why. My partner and i notice all of the powerful tactic you offer vital items via the web blog and in addition improve response from people on that subject matter plus my child is actually studying so much. Take advantage of the remaining portion of the year. You are conducting a tremendous job.
Thanks a lot for giving everyone remarkably superb possiblity to discover important secrets from this website. It is often so ideal plus full of a lot of fun for me personally and my office colleagues to search the blog the equivalent of 3 times in one week to study the fresh secrets you have got. And definitely, I’m so at all times pleased with your excellent advice served by you. Selected 4 areas on this page are truly the simplest we have all had.
My husband and i ended up being so excited Edward managed to finish up his homework with the ideas he acquired from your own weblog. It is now and again perplexing to just always be giving for free ideas that a number of people may have been trying to sell. So we consider we have got you to appreciate because of that. The illustrations you have made, the simple blog menu, the friendships you can give support to create – it’s all impressive, and it’s letting our son and us know that this matter is satisfying, and that is very vital. Many thanks for the whole thing!
I simply needed to thank you very much yet again. I do not know what I would’ve tried without the actual information contributed by you over this industry. It actually was the alarming crisis for me, nevertheless considering your specialized strategy you resolved that made me to jump with gladness. I will be happier for the support and expect you find out what a great job you were undertaking teaching others through the use of your web blog. Most likely you have never met all of us.
I and my guys were studying the good recommendations located on your web site while all of the sudden developed a terrible feeling I had not expressed respect to the blog owner for them. Most of the men appeared to be certainly stimulated to read them and have in effect extremely been making the most of those things. We appreciate you turning out to be indeed helpful and also for making a choice on this kind of decent themes most people are really eager to understand about. Our honest regret for not saying thanks to you earlier.
I must show my admiration for your kind-heartedness supporting individuals that should have guidance on this particular area. Your personal commitment to passing the message along had been exceedingly valuable and have consistently allowed some individuals much like me to achieve their objectives. Your important recommendations can mean a whole lot to me and additionally to my office workers. Warm regards; from each one of us.
I precisely had to thank you so much once again. I’m not certain the things I would’ve created in the absence of the type of basics contributed by you regarding such area. It seemed to be a very daunting crisis in my circumstances, nevertheless finding out your well-written tactic you processed the issue took me to cry over happiness. I am thankful for your help as well as hope you know what a powerful job you were undertaking instructing men and women through the use of your blog post. Most probably you’ve never encountered all of us.
Needed to post you one little bit of word to finally say thank you once again for all the awesome opinions you have provided on this page. It is simply incredibly generous with people like you to make easily precisely what a few individuals could possibly have advertised as an ebook to get some money for their own end, precisely considering that you might well have done it in case you wanted. Those things additionally acted to be a easy way to fully grasp other people have similar fervor like my personal own to figure out good deal more when considering this issue. I believe there are lots of more pleasant situations ahead for folks who look into your site.
Thank you for all of your efforts on this blog. My niece really likes participating in research and it is easy to understand why. We hear all regarding the dynamic ways you render simple guidelines by means of your blog and even strongly encourage contribution from some others about this situation and my girl has always been understanding so much. Enjoy the remaining portion of the new year. You’re the one conducting a fabulous job.
I needed to post you this tiny remark so as to thank you so much as before for all the stunning tactics you’ve featured on this page. This is really particularly generous with people like you to present extensively exactly what a number of people might have made available as an ebook to end up making some bucks for their own end, and in particular now that you could possibly have tried it in case you wanted. These guidelines also worked to become great way to be certain that many people have similar desire much like my personal own to figure out a little more around this condition. I believe there are thousands of more pleasant opportunities in the future for individuals who scan your blog.
I have to show my passion for your generosity in support of those who have the need for guidance on this content. Your real dedication to passing the message all around came to be especially productive and has all the time made somebody just like me to reach their endeavors. The informative advice implies much a person like me and far more to my office colleagues. Regards; from all of us.
Thank you for your own efforts on this blog. My daughter loves carrying out internet research and it’s easy to understand why. We all notice all regarding the compelling way you provide functional thoughts via your web site and therefore encourage response from other people on that topic while our own simple princess is really being taught a lot of things. Have fun with the remaining portion of the year. You’re conducting a brilliant job.
Thanks a lot for giving everyone an extraordinarily memorable possiblity to read critical reviews from here. It’s always so terrific plus stuffed with a great time for me personally and my office peers to visit the blog more than three times a week to study the fresh items you have got. And definitely, I’m at all times satisfied with all the mind-blowing secrets you give. Selected two tips in this posting are in fact the most suitable we have ever had.
I really wanted to write a word in order to express gratitude to you for all of the fabulous advice you are posting at this site. My extended internet lookup has finally been compensated with professional facts and techniques to talk about with my friends and family. I would mention that we site visitors are rather blessed to exist in a remarkable site with many perfect individuals with good tips. I feel rather blessed to have used the web site and look forward to some more enjoyable minutes reading here. Thanks a lot once again for a lot of things.