The FSC recently imposed an administrative fine of NT$12 million on Cathay United Bank after discovering malfunctions in the bank's server room power equipment and slow transaction speeds in its online banking and mobile banking services. These problems were found to constitute violations of Article 45-1, paragraph 1 of the "Banking Act" as well as Articles 3 and 8 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries," which were issued upon the authority of Article 45-1, Paragraph 1 of the "Banking Act," and also constituted a likely hindrance to sound operations. The amount of the fine was set in accordance with the provisions of Article 129, subparagraph 7 of the "Banking Act." The FSC also issued Cathay United Bank an official reprimand in accordance with Article 61-1, paragraph 1 of the "Banking Act," and in accordance with subparagraph 9 under that same paragraph the FSC also ordered that the monthly salary of the bank president be reduced by 30% for three months.