The Open Tender for the 3rd Short-Term Borrowing of Taipei City’s Debt Fund in Fiscal Year 2017 is Successfully Processed, Saving About NT$70 Million Interest Expense
On May 25th, 2017, in response to the need of fund management, the Department of Finance (DoF), Taipei City Government (TCG) held an open tender for the third short-term borrowing of Taipei City’s debt fund in Fiscal Year 2017.Five financial institutions participated in the bidding process, and the awarded bidder was Bank of Taiwan with a total amount of NT$10 billion. The annual interest rate was 0.455%, based on the quotation submitted during price comparison. The short-term borrowing effectively reduces the borrowing rate through the open price bidding by holding the open tender. Compared with long-term interest rate of municipal construction, TCG could save about NT$70 million interest expense year around.