The Chinese government's takeover of Baoshang Bank has caused some pain but...
FILE PHOTO: A man walks past a building with an advertisement of Baoshang Bank in Beijing, China September 8, 2018. REUTERS/Stringer/File Photo
Chinese regulators had completed debt repayment and transfer for Baoshang bank’s big institutional and interbank clients as of June 7, and will move on to verify and evaluate the lender’s assets ahead of the restructuring, according to the Financial News article, published on the People’s Bank of China’s website.
The article said that since the takeover, individual savings have been stable, and there has been no bank run, showing depositors are supportive of the takeover measures. In addition, 99.98% of Baoshang Bank’s institutional creditors were fully repaid. There has been “a little bit of pain,” but if regulators turn a blind eye to moral hazards, “potential financial risks will get bigger and bigger, and morph into systemic risks,” it said.
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