2013 ANNUAL REPORT 中華民國 1 O2 年 年報 刊印日期 中華民國一 三年五月

2 4 13 21 22 23 24 28 31 102 4 102

102 91 6 18 4 60 62 6 63 64 12 3 3 81 5 82 10 83 8 84 84 90 847 3105 85 4 8 91 9 84 87 13 16 88 90 91 92 95 6 95 12 97 97 4 5 99 8 100 1 8 91 7 91 57 92 93 94 95 2

Annual Report 2013 96 97 99 99 4 17 99 5 ( ) 101 4 102 4 ( ) 102 44 93 10 694 2 8 96 9798 100 7 101 2 3 4 102 4 4 102 8 44 4 56 97 3 102 59 17 5 6 : Bills Finance Association of the Republic of China 3

102 2012 3.2 2013 20132.5 2014 2014 IMF International Monetary Fund 2014 3.7 IHS Global Insight 2014 3.3 102 1.44 101 2.69 1.31 101 2.95 102 2.11 103 2.82 102 103 102 1.875% 2.25% 4.125% 102 102 30 0.74% 0.6% 101 102 RP 0.69% 0.59% 102 5 10 20 49 119 147 102 102 12 102 4

Annual Report 2013 102 6 10 4 3 ( ) 102 101 5 1 102 9.81 101 19.8% 2 1 102 90 101 89.3% 102 6.46% 102 3,246 ( ) 3 100 3.39 101 3.66 102 3.99 1024 102 71.8%102 101 13.5% Bills Finance Association of the Republic of China 5

102 1 5 ( % ) 98(2009) 62,934-9.43 99(2010) 71,408 13.46 100(2011) 74,240 3.97 101(2012) 81,877 10.29 102(2013) 98,090 19.80 2 5 ( ) ( % ) ( % ) ( % ) ( % ) 98(2009) 53,977 85.77 4,388 6.97 219 0.35 4,350 6.91 62,934 99(2010) 59,034 82.67 8,393 11.75 331 0.46 3,650 5.11 71,408 100(2011) 62,705 84.46 8,022 10.81 301 0.41 3,212 4.33 74,240 101(2012) 73,116 89.30 5,869 7.17 242 0.30 2,650 3.24 81,877 102(2013) 88,274 89.99 6,335 6.46 234 0.24 3,246 3.31 98,090 3 102 142,710 32,118 4.44 77,744 20,948 3.71 93,734 24,750 3.79 28,639 6,447 4.44 20,209 6,054 3.34 30,410 8,051 3.78 24,187 5,933 4.08 16,042 4,284 3.74 433,674 108,585 3.99 6

Annual Report 2013 1 102 6.46% 0.24% 89.99% 3.31% 4 2 102 101 ( % ) ( % ) 2,060,701 8.56 1,876,115 9.95 1,343,355 5.58 1,047,225 5.56 1,557,680 6.47 1,318,308 6.99 363,499 1.51 345,807 1.83 250,860 1.04 184,495 0.98 613,754 2.55 609,568 3.23 416,823 1.73 432,769 2.30 182,136 0.76 160,438 0.85 6,788,808 28.19 5,974,724 31.70 17,294,190 71.81 12,875,845 68.30 24,082,998 100.00 18,850,569 100.00 Bills Finance Association of the Republic of China 7

102 ( ) 1025 36.55 101 5.52% 65 7 102 33.74 101 1.94 102 2 8 102 ( ) 5 5 ( % ) 98(2009) 420,964-8.89 99(2010) 371,564-11.73 100(2011) 396,139 6.61 101(2012) 386,884-2.34 102(2013) 365,545-5.52 6 2 102 101 ( % ) ( % ) 8,012,401 21.23 9,430,418 24.08 4,126,947 10.94 3,742,626 9.55 5,856,627 15.52 5,947,422 15.18 739,900 1.96 907,697 2.32 891,365 2.36 916,991 2.34 1,693,663 4.49 1,700,271 4.34 1,065,208 2.82 1,378,067 3.52 967,419 2.56 895,709 2.29 23,353,531 61.88 24,919,199 63.62 14,386,219 38.12 14,251,470 36.38 37,739,750 100.00 39,170,669 100.00 8

Annual Report 2013 7 5 ( % ) ( % ) ( % ) ( % ) 98(2009) 329,071 78.17 73,858 17.54 873 0.21 17,162 4.08-420,964 99(2010) 347,857 93.62 9,920 2.67 101 0.03 13,686 3.68-371,564 100(2011) 357,381 90.22 20,652 5.21 78 0.02 18,028 4.55-396,139 101(2012) 354,495 91.63 16,470 4.26 74 0.02 15,845 4.10-386,884 102(2013) 337,358 92.29 19,362 5.30 73 0.02 8,563 2.34 189 365,545 8 2 102 101 ( % ) ( % ) 86,624 23.70 57,831 14.95 37,908 10.37 35,941 9.29 18,558 5.08 26,969 6.97 13,093 3.58 16,010 4.14 173,762 47.54 191,910 49.60 3,446 0.94 4,313 1.11 32,153 8.80 53,909 13.93 365,545 100.00 386,884 100.00 102 30 2 10 1.4% 5 FED 102% 5 1.20% 2 10 1.8% 97 11 10 1.8% 5 20 2.15% 35 1029.28bp 5 1.0772% 10 1.6795% 20 2.01% 5 10 20 19 51 50 Bills Finance Association of the Republic of China 9

101 102 ( ) 102 101~102 102 9 102 101 9 102 ( ) 101 ( % ) 57,445 48,389 18.71 34,170 32,580 4.88 27,842 31,350-11.19 14,005 17,177-18.47 8,231 9,589-14.16 17,115 17,294-1.04 9,740 11,711-16.83 6,420 6,713-4.36 174,967 174,803 0.09 2 30 ( ) 30 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 10 11 12 0 10

Annual Report 2013 ( ) 10 1028,291 7,205101 7.91% 9.12% 1,086 101 5.8 380 10 102 101 ( % ) ( % ) ( % ) 829,104 100.00 768,315 100.00 60,789 7.91 720,519 86.90 660,310 85.94 60,209 9.12 108,585 13.10 108,005 14.06 580 0.54 ( ) 101~102 11 102 85.48 101 1.09 1.29% 11 102 101 ( ) % % % 3,054 35.73 3,349 39.68-295 -8.81 1,684 19.70 1,523 18.05 161 10.57 1,588 18.58 1,871 22.17-283 -15.13 412 4.82 383 4.54 29 7.57 694 8.12 181 2.14 513 283.43 413 4.83 405 4.80 8 1.98 465 5.44 536 6.35-71 -13.25 237 2.77 191 2.26 46 24.08 8,548 100.00 8,439 100.00 109 1.29 Bills Finance Association of the Republic of China 11

102 ( ) 12 102 4,337 101 380 253 101 0.23 0.06% 101 0.01% 12 102 101 253 276-23 433,674 395,721 37,953 % 0.06 0.07-0.01 102 ( ) 103 102 12

Annual Report 2013 102 102 (QE) 102 101 102 2% 102 101102 1 CPI CPI 2 CPI 1 3 1 CPI Core CPI ( / ) 98-0.87-0.04-8.74-1.81 1.25( 2 2 ) 99 0.96 0.58 5.46 10.72 1.625( 3 ) 100 1.42 1.26 4.32 4.04 1.875( 2 ) 101 1.93 1.00-1.16 1.26 1.875( ) 102 0.79 0.66-2.43 2.11 1.875( ) 1 1.36 1.19-3.08 1.44 1.875( ) 2 0.60 0.60-2.10 2.69 1.875( ) 3 0.84 0.64-2.57 1.31 1.875( ) 4 0.34 0.21-0.01 2.95 1.875( ) Bills Finance Association of the Republic of China 13

102 4 CPI CPI 1 1.44% 2 2.69% 3 1.31% 4 2.95% 1 4,184 2 794 3 4,224 4 2,516 2 / 96 352 304-390 -33-400 40 97 275 185-20 -49-123 -263 98 429 306 134-31 -103-541 99 399 265-4 -91-207 -402 100 417 277-317 -148-357 -62 101 507 307-317 -99-421 -155 102 576 370-412 -104-292 -113 102 113 51-89 -32-119 -22 102 140 104-74 -23-32 -39 102 149 104-109 -25-83 -26 102 171 111-139 -25-59 -27 14

Annual Report 2013 102 1113 89 2140 74 3149 109 4 3 3 ( ) (%) (%) (%) (%) 95 4,267 12.00 2,240 12.90 2,027 11.00 213 34.60 96 4,661 9.20 2,467 10.10 2,194 8.20 274 28.40 97 4,965 6.60 2,557 3.60 2,405 9.80 152-45.90 98 3,781-23.90 2,037-20.30 1,744-27.50 293 97.60 99 5,258 39.10 2,746 34.80 2,512 44.10 234-20.30 100 5,897 12.14 3,083 12.26 2,816 12.02 267 14.79 101 5,717-3.06 3,012-2.30 2,705-3.90 307 14.50 102 5,755 0.68 3,055 1.42 2,701-0.15 354 15.22 102 102 1.875% 2.25% 4.125% 102 12 M2 2.5% 6.5% 99 6 Bills Finance Association of the Republic of China 15

96 97 98 99 100 101 102-40 102 1 600 600 541 155 200 200 113 100 62 100 500 400 402 500 400 300 263 300-500 0-100 -200-300 -400 0-100 -200-300 -400-500 101 2 159 124 102/1 102/2 102/3 102/4 102/5 102/6 102/7 102/8 102/9 102/10 102/11 102/12 0 2 102 NCD 30 NCD ( ) NCD ( ) ( ) 1,000 900 800 700 600 1.0 0.9 0.8 0.7 0.6 500 400 300 200 100 0.5 0.4 0.3 0.2 0.1 0.0 16

Annual Report 2013 169 12 235 102 30 1 0.82% 12 0.74% 0.73% 0.61% 90 0.85% 12 0.77% 30 1 0.73% 12 0.61% 90 1 0.75% 12 0.64% 4 % / 1-30 31-90 91-180 1-30 31-90 91-180 1-30 31-90 99 0.185 0.47 0.58 0.60 0.33 0.38 0.46 0.621 0.659 100 0.341 0.79 0.85 0.97 0.66 0.70 0.81 0.818 0.879 101 0.428 0.85 0.90 0.92 0.76 0.79 0.85 0.870 0.930 102 0.386 0.78 0.81 0.77 0.67 0.69 0.73 0.870 0.930 102/1 0.387 0.82 0.85 0.83 0.73 0.75 0.78 0.870 0.930 102/2 0.387 0.82 0.84 0.81 0.71 0.73 0.76 0.870 0.930 102/3 0.387 0.80 0.85 0.80 0.70 0.72 0.76 0.870 0.930 102/4 0.386 0.80 0.82 0.80 0.70 0.71 0.77 0.870 0.930 102/5 0.386 0.78 0.83 0.76 0.69 0.70 0.73 0.870 0.930 102/6 0.386 0.79 0.81 0.77 0.68 0.70 0.72 0.870 0.930 102/7 0.386 0.79 0.81 0.81 0.67 0.70 0.74 0.870 0.930 102/8 0.386 0.77 0.81 0.77 0.66 0.68 0.71 0.870 0.930 102/9 0.386 0.76 0.78 0.74 0.64 0.67 0.70 0.870 0.930 102/10 0.387 0.76 0.78 0.74 0.64 0.66 0.70 0.870 0.930 102/11 0.386 0.74 0.78 0.72 0.63 0.64 0.68 0.870 0.930 102/12 0.387 0.74 0.77 0.73 0.61 0.64 0.69 0.870 0.930 Bills Finance Association of the Republic of China 17

102 102 30 1 0.82% 12 0.74% 0.73% 0.61% 90 0.85% 12 0.77% 30 1 0.73% 12 0.61% 90 1 0.75% 12 0.64% 102 5 20 23 8 15 ( ) 5 (TAIBIR) % / ( TAIBIR01 ) ( TAIBIR02 ) 30-90 180 30 90 180 102/1/31 1.1480 1.2740 1.4613 0.7770 0.8703 0.9740 102/2/27 1.1480 1.2740 1.4613 0.7763 0.8703 0.9740 102/3/29 1.1480 1.2740 1.4613 0.7763 0.8703 0.9740 102/4/30 1.1453 1.2707 1.4513 0.7790 0.8720 0.9760 102/5/31 1.1453 1.2707 1.4513 0.7740 0.8670 0.9723 102/6/28 1.1453 1.2707 1.4513 0.7740 0.8670 0.9723 102/7/31 1.1453 1.2707 1.4513 0.7740 0.8670 0.9723 102/8/30 1.1453 1.2707 1.4513 0.7677 0.8598 0.9673 102/9/30 1.1453 1.2707 1.4513 0.7677 0.8598 0.9673 102/10/31 1.1387 1.2680 1.4513 0.7590 0.8458 0.9597 102/11/29 1.1320 1.2647 1.4480 0.7517 0.8318 0.9523 102/12/31 1.1320 1.2647 1.4480 0.7463 0.8278 0.9453 102 0.386%-0.387% 18

Annual Report 2013 M2 102 11 M2 2 31 2.99% 3 3.78% 2 M2 4 5 6 6 4.82% M2 3 M2 9 5.54% 10 11 M2 11 6.05% 12 5.75% 6 M1A M1B M2 / M1A ( % ) M1B ( % ) M2 ( % ) 96 6.80 6.44 4.25 97 0.97-2.94 2.67 98 13.37 16.54 7.21 99 14.51 14.93 4.53 100 8.08 7.16 5.83 101 3.55 3.45 4.17 102 9.15 7.27 4.78 102/1 5.94 3.97 2.99 102/2 10.26 5.66 3.53 102/3 9.55 6.03 3.78 102/4 7.95 5.72 3.71 102/5 8.54 7.04 4.32 102/6 9.02 7.89 4.82 102/7 9.68 8.63 5.42 102/8 9.30 8.31 5.41 102/9 8.82 8.05 5.54 102/10 9.41 8.58 5.99 102/11 10.55 8.85 6.05 102/12 10.78 8.50 5.75 Bills Finance Association of the Republic of China 19

102 102 2.11% 103 102 4 16 20

Annual Report 2013 Bills Finance Association of the Republic of China 21

102 4 103 4 朱 玉 峯 4 103 4 22

Annual Report 2013 曁 102 12 蔡佳晋 Bills Finance Association of the Republic of China 23

102 102 91 6 18 102 8 483 59 2 1 6 102 17 18 101 NCD (FATCA) 8 102 11 25 24

Annual Report 2013 102 4 22 (FRCP) 0 102 9 6 29 30 15 102 4 Bills Finance Association of the Republic of China 25

102 102 ( )102 7 2013 ( )102 9 ( ) 1 0 2 6 ( ) 102 11 102 4 22 102 12 10 102 8 4 102 3 9 2 102 102 11 102 6 10 4 3108 102 723094% 102 6 64 6 22 102 463 351 26

Annual Report 2013 102 8 4 102 Bills Finance Association of the Republic of China 27

102 102/1/1 102 103 102/1/1 IFRSs 102/1/7 102/1/18 102/1/23 III 5 102 102/1/28 DBU 102/2/6 DBU 102/2/21 102/2/25 50 10 3 2.9% 102/2/27 4 11 102/3/1 102/3/25 102 1 (4 ) 102/3/28 1.875% 2.25% 4.125% 102/3/29 4 12 102/4/1 3 (MOU) 102/4/16 102/4/22 102/5/1 () 102 3 1 106 12 31 102/6/1 102 102/6/10 4 3108 102 7230 94% 102/6/10 4 13 102/6/25 8,500 28

Annual Report 2013 102/6/27 1.875% 2.25% 4.125% 102/6/27 102/6/27 102/6/29 102/7/10 102/7/19 102/7/24 2013A+ AA- F1 AA 102/7/26 102/8/4 102 102/8/5 8 9 100 2 10 2 2003 7 15390 102/8/19 4 14 102/8/29 S&P 102/8/30 102/9/4 102/9/14 3 1 2 3 102/9/24 103 1 1 115 103 7 1 19,273 102/9/26 1.875% 2.25% 4.125% 102/9/30 ( ) 102/10/1 285.7% 80.2% 102/10/10 Moody s 2013Aa3 1 Aa2 102/10/15 102/10/17 8 102/10/28 4 15 Bills Finance Association of the Republic of China 29

102 102/10/29 11 6 5 102/11/18 OSU 1 102/11/19 OBU OSU DBU DSU 102/11/25 102/11/30 102 102/12/4 102/12/24 103 3 102/12/26 1.875% 2.25% 4.125% 103 M2 2.5% 6.5% 102/12/26 102/12/27 OBU OBU 102/12/30 4 16 102 4 22 30

Annual Report 2013 103 5 02-23831616 91 5 http://www.megabills.com.tw 02-25181688 2 167 9 11 http://www.ibfc.com.tw/ 02-27991177 99 4 http://www.cbf.com.tw/ 02-27785577 88 4 4-1 4-2 4-3 http://www.dcbf.com.tw/ 02-25167968 2 123 3 http://www.etfc.com.tw/ 02-87802801 4 560 11 http://www.grandbill.com.tw/ 02-25816666 152 14 http://www.bill.taching.com.tw/ 02-25221656 2 85 87 14 http://www.tcb-bills.com.tw 02-23493456 1 120 http://www.bot.com.tw/ 02-23483456 46 http://www.landbank.com.tw/ 02-23118811 77 http://www.tcb-bank.com.tw/ 02-23481111 1 30 http://www.firstbank.com.tw/ 02-23713111 1 38 http://www.hncb.com.tw/ 02-25362951 2 57 http://www.chb.com.tw/ ( ) 02-87269600 1 15 http://www.citibank.com/ 02-25817111 1 2 https://www.scsb.com.tw/ 02-27716699 4 169 17 http://www.taipeifubon.com.tw/ 02-87226666 7 1 http://www.cathaybk.com.tw/ 07-5570535 2 168 http://www.bok.com.tw/ 02-25633156 100 http://www.megabank.com.tw/ 03-5245131 106 ( 168 1 2 9 ) http://www.standardchartered.com.tw/ 04-22236021 87 http://www.tcbbank.com.tw/ 02-23895858 1 66 26 http://www.skbank.com.tw/ 02-28208166 255 http://www.sunnybank.com.tw/ 02-29629170 2 68 http://www.bop.com.tw/ 02-25568500 1 105 http://www.ubot.com.tw/ 02-21736699 1 66 1 3 5 8 68 1 2 https://www.yuantabank.com.tw/ 02-21751313 3 115 117 http://www.esunbank.com.tw/ 02-27011777 364 1 2 1 http://www.cosmosbank.com.tw/ 02-23268899 118 13 http://www.taishinbank.com.tw/ Bills Finance Association of the Republic of China 31

102 02-87869788 5 2 14 http://www.tcbank.com.tw/ 02-25615888 1 10 http://www.jihsunbank.com.tw/ 02-27189999 3 126 http://www.entiebank.com.tw/ 02-27222002 166 6 http://www.chinatrust.com/ 02-87269700 1 15 http://www.citibank.com/ 02-87583101 5 7 71 (A B E ) 72 72 1(A B C ) http://www.bnpparibas.com 02-27166261 168 http://www.standardchartered.com 02-27175252 167 16 http://www.ca-cib.com/ 02-25597171 30 http://www.tbb.com.tw/ 02-25063333 3 36 http://www.banksinopac.com.tw/ 02-25073275 121 http://www.bbl.com.tw/ 02-27259800 5 106 3 8 9 108 3 8 http://www.jpmorgan.com/ 02-27230088 1 333 13 http://www.hsbc.com.tw/tw/chinese/ 02-87227888 7 1 5 13 21 A 22 23 http://www.ubs.com/ 06-2141271 1 506 http://www.ktb.com.tw/ 02-21924666 4 296 10 http://www.db.com/taiwan/ 02-87225000 7 12 16 17 18 http://www.anz.com/ 02-81011288 5 7 48 http://www.bankofamerica.com/ 02-27525252 33 12 http://www.hwataibank.com.tw/ ( ) 02-27230088 1 333 13 14 http://www.hsbc.com.tw/ ( ) 02-66129889 32 36 15 16 17 http://www.dbs.com/tw/zh/pages/ index.aspx ( ) 02-87225000 7 12 16 17 18 http://anz.com.tw 02-27181234 3 225 11 14 http://www.yuanta.com.tw/ 02-23465123 1 2 7 8 18 http://www.nsc.com.tw/ 02-23255818 2 97 22 http://www.masterlink.com.tw/ 02-87898888 101 14 http://www.capital.com.tw/ 02-23813939 2 10 http://www.jcic.org.tw/ 02-26319800 81 http://www.fisc.com.tw/ 02-27195805 363 11 http://www.tdcc.com.tw/ 32