To redress the problems caused by the Second Financial Reform, which started in 2004 under former president Chen Shui-bian, the government now plans to launch another round of bank mergers soon, which Premier Wu Den-yih emphasizes will be implemented under the principles of transparency, legality and selflessness.

Financial ministries under the Ma administration will promote a new wave of mergers in the banking sector based on the principles of transparency, legality and selflessness.

The effort will be aimed at correcting problems that have emerged from the second-phase financial reform.

According to Minister of Financial Supervisory Commission Chen Yu-chang, there's a need for banks to expand their scales with the premises to respect business mechanism and protect the interests of shareholders.

The second-phase financial reform was carried out in a less-than-satisfactory manner and left a negative impression.

This time around, the government aims to stick to the ethnical principles.

The premier declines to comment on what banks are on the target list since he wants to avoid causing fluctuations in the stock prices of the concerned banks.

While the effort will be aimed at correcting problems, financial minister Lee Sush-der stresses the government will definitely uphold its own interests in promoting mergers that involve state controlled banks.