Central Bank of the Republic of China-About the Bank-Operations of the Bank-Fiscal Agency Functions

Fiscal Agency Functions

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As the fiscal agent of the government, the Bank performs various services for the national treasury. These services include handling the treasury deposit account, managing central government agency deposit accounts, and undertaking the issuance, registration, redemption, and interest payment of central government bonds and treasury bills.

Since the Bank launched the Central Government Securities Settlement System (CGSS) in September 1997, central government bonds have been issued in book-entry form. In October 2001, treasury bill settlements were added to the system, and treasury bills have been issued in book-entry form since then. In April 2008, the Bank linked the CGSS to the CBC Interbank Funds-Transfer System (CIFS), enabling delivery-versus-payment (DVP) settlement for book-entry central government bonds and treasury bills.