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2010 Annual Report

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2010 Annual Report The Export-Import Bank of the Republic of China Annual Report Vision Strengthen Trade Finance and Assist External Trade Supporting government economic and trade policies by providing financial services to assist manufacturers in developing foreign trade Participating in international financial activities and enhancing international economic cooperation so as to promote Eximbank's international visibility Participating in major domestic economic construction programs in order to facilitate industrial development and increase employment Website：http：//www.eximbank.com.tw The Export-Import Bank of the Republic of China Annual Report I. Performance Summary 3 II. Business Report 4 1. Mission 4 2. Strategies 4 III. Bank Profile 8 1. Prole 8 2. Organization 9 IV. Operations Overview 13 1. Business Overview 13 2. "New Cheng Ho Plan-San Pao Project" Achievements 14 3. Market Overview 15 4. Prospects 17 V. Financial Statements 18 1. Balance Sheets 18 2. Income Statements 19 3. Statements of Cash Flows 20 4. Statements of Changes in Equity 21 5. Financial Analysis 22 6. Capital Adequacy 25 7. Notes to Financial Statements 27 VI. Risk Management 39 1. Credit Risk Management System and Capital Requirement 39 2. Operational Risk Management System and Capital Requirement 41 3. Market Risk Management System and Capital Requirement 42 4. Liquidity Risk 43 VII. Head Office and Branches 44 I. Perf0orman ce1 Summary Ⅰ P e r f o r m a n c e S NT$ Million u m m Year FY 2010 FY 2009 FY 2008 a r y Total Operating Revenues 1,757 2,358 3,766 Total Operating Expenses 1,504 1,838 3,234 Net Income Before Tax 253 520 532 Prots per Employee Before Tax 1.25 2.51 2.65 Loans Outstanding (Average) 83,066 78,715 75,497 Guarantees Undertaken 7,012 6,430 6,744 Export Credit Insurance Underwritten 63,957 58,053 38,188 Total Assets 85,980 86,992 84,993 Net Worth 17,978 18,406 18,347 BIS Ratio (%) 31.60 32.66 35.30 *The nal accounts of FY 2010 are subject to audit. **Eximbank's scal year runs from January 1 to December 31. 3 The Export-Import Bank of the Republic of China Annual Report T h e 02 E x p o II. Business Report r t a -I m in p h o C rt f B c o an bli k of the Repu Ⅱ B u s i n e s s R e p o r t 1. Mission 2. Strategies The Export-Import Bank of the Republic of China (1) Providing favorable nancial services to (Eximbank) is a state-owned export credit agency. help local rms cope with impacts of the Eximbank was established in 1979 with the aim recent global nancial crisis of supporting government economic and trade The recent global nancial crisis caused unfavorable policies by providing nancial services to assist local international economic and nancial developments. rms in developing International trade and making As a result, global trade decreased significantly overseas investment. Eximbank offers short-, and commercial risks increased worldwide. Local medium- and long-term financing and guarantee commercial banks and foreign insurance companies services to facilitate local rms to export consumer tended to withdraw from export credit insurance goods and capital goods, undertake overseas and trade nance. Thus, the Bureau of Foreign Trade construction projects, import precision machinery of the Ministry of Economic Affairs launched the and equipment and essential raw materials, as well two-year New Cheng Ho Plan in 2009 to help local as introduce advanced technology from abroad. firms cope with negative impacts of the global Eximbank also provides export credit insurance financial crisis. Eximbank in support of the Plan and overseas investment insurance in order to let provided exporters with export credit insurance local firms have adequate insurance cover against and export loans on better terms and conditions. commercial and political risks involved in export In 2010, Eximbank continued its favorable nancial and overseas investment. These financial services services to exporters for the second year. Total give local firms necessary support to expand their approved amount of export loans extended by international businesses. 4 Eximbank grew 56% in 2010 over the previous year, and total underwritten amount of export credit insurance grew 10%. As the global economy gradually recovered from recession and international trade regained its momentum, the Bureau of Foreign Trade terminated the two-year New Cheng Ho Plan at the end of 2010 as previously scheduled. (2) Extending relending facilities to more Ⅱ countries so as to help exporters B u s develop new markets i n e s s The relending facilities allow Eximbank to provide R e p funds to foreign importers through commercial o r t banks abroad for the purchase of Taiwanese products. In 2010, Eximbank extended relending facilities to four more countries, namely Honduras, Peru, Hungary and Slovakia. The number of Chair of the Board of Directors / cooperating banks for the relending facilities Yen Chrystal Shih increased by 15. At the end of 2010, Eximbank provided relending facilities to 58 banks in 22 (3) Promoting the whole turnover policy so countries, including Brazil, Argentina, Chile, the as to save its manpower and reduce the Dominican Republic, Honduras, Nicaragua, Peru, problem of anti-selection Egypt, Israel, Russia, Belarus, Ukraine, Hungary, Small and medium enterprises account for the Slovakia, Turkey, Mongolia, India, Indonesia, majority of Eximbank's export credit insurance Malaysia, the Philippines, Thailand and Vietnam. policy holders. In 2010, 89% of export credit Total approved amount of relending extended by insurance was attributed to small and medium Eximbank grew 24% in 2010 over the previous year. enterprises. Traditional export credit Insurance The extension of Eximbank's relending facilities policies for D/P, D/A, O/A or L/C are often in small could help exporters develop new markets for their amounts and very labor-intensive in handling. In products. addition, traditional export credit insurance policies have intrinsic problems of asymmetric information and anti-selections. Therefore, Eximbank introduced its GlobalSure credit insurance policy, a whole turnover policy, in 2005. Eximbank continued to promote its GlobalSure credit insurance policy by 5 The Export-Import Bank of the Republic of China Annual Report offering efficient and customized services as well (5) Strengthening cooperation with foreign as favorable insurance premium rates. In 2010, the export credit agencies underwritten amount of GlobalSure credit insurance To strengthen cooperation with foreign export credit grew 107.60%, and its share in total amount of agencies, Eximbank actively participates in activities export credit insurance underwritten by Eximbank held by the Berne Union, a global association went up from 20% in 2009 to 38% in 2010. for export credit and investment insurance with 49 members in 42 countries worldwide, in order (4) Using the extensive network of local to exchange views on international trade and commercial banks to promote export Ⅱ investment with counterparts. To further strengthen credit insurance B bilateral cooperation, Eximbank also signed u s i n Since Eximbank only has three branches In Taiwan, e cooperation agreements with the Export-Import s s R it is important for Eximbank to cooperate with local Bank of Malaysia Berhad (MEXIM) on July 15, 2010, e p o commercial banks in order to use their extensive and with the Eximgarant of Belarus on December r t marketing network to promote its export credit 31, 2010, in addition to the eight previously insurance to more potential clients. Under this signed export credit agencies, including Poland's cooperative scheme, local commercial banks' clients Export Credit Insurance Corporation Joint Stock in trade nance, following suggestions of the banks Company (KUKE), the Hungarian Export Credit to take out Eximbank's export credit insurance, Insurance Pte. Ltd. (MEHIB), Nippon Export and can cover losses arising from default on export investment Insurance (NEXI), the Czech Republic's receivables and/or political risk of unrecoverable Export Guarantee and Insurance Corporation capital and stock dividends from overseas (EGAP), Export-Import Bank of the Slovak Republic investments. Cooperating banks can not only (EXIMBANKA SR), Export Credit Bank of Turkey receive commissions from Eximbank but also ensure (TURK Eximbank), Export-Import Bank of Thailand their creditor's rights if their clients get insured by (Exim Thailand) and the PT. Asuransi Ekspor Eximbank. At the end of 2010, there were 10 local Indonesia (ASEI). In addition, Eximbank also signed commercial banks in cooperation with Eximbank in a reinsurance agreement with NEXI on September the promotion of export credit insurance, compared 8, 2010 to increase its underwriting capacity for with 6 banks at the previous year-end. Although local Japanese affiliated firms' risks in exports and total amount of export credit insurance transferred overseas investments. by cooperating banks was only NT$8,900 million in 2010, It was more than the double of the previous year. Extensive network of commercial banks oers good potential for marketing Eximbank's export credit insurance. 6 (7) Providing trade finance to local firms exporting to China and Chinese firms operating in Taiwan China has been Taiwan's largest exporting market. As the cross-strait relations improved, Eximbank asked for permission to extend credit to Taiwanese firms for export to China or investment in China as well as to Chinese firms operating in Taiwan for export and investment overseas. Eximbank Ⅱ B got permission from the Financial Supervision u s i n Commission on April 15, 2010. By the end of the e s s year, US$1.376 million worth of loans extended to R e p o Taiwanese rms for their export to China; however, r t Eximbank's total risk exposure to China was much larger since Eximbank was allowed to provide local rms with export credit insurance for their export to China in December 2007, and the OBU of Eximbank President / Rueen-Fong Chu was allowed to extend loans to Taiwanese firms operating in China in December 2008.
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