China Banking Regulatory Commission (CBRC) set up an office to help clearing up the country's commercial banks' backlogged cases of dead loans, in an effort to maintain economic stability amid global financial crisis. At a seminar jointly held by the CBRC and the Supreme People's Court, Cai E'sheng, CBRC vice chairman, said that the office's main function is to coordinate court order enforcement of financial cases and protect creditor's rights.
Lately, the Supreme People’s Court and People’s Bank of China has reached a preliminary consensus: courts have the rights to get access to the bank account information of related individuals and organizations, as a special offer from the banking sector to promote the execution of long-delayed cases and a notice will be issued in a few days. It will assist the courts to master the banks deposits of the concerned individuals and/or organizations swiftly and effectively so as to ensure successful clear up of the banks’ logged cases of dead loans. (Jan.9th 2009)