THSRC is already paying heavily for the delays after the original opening date of October 2005 was missed. An agreement for a loan worth NT$40·7bn was signed on July 31 with a group of seven Taiwanese banks. Chairman Nita Ing told local media that the new loan was 'the foundation of our company's new financing plan', suggesting that further funds will need to be raised soon. An agreement with Deutsche Bank for an issue of euro convertible bonds worth US$200m has also been initialled. Concerns remain over technical and operational issues. For example, most train drivers recruited to date are French. While they may have expertise in driving TGVs, their unfamiliarity with the Series 700T rolling stock and Japanese train control systems implies a huge learning curve. Before commercial services can start THSRC must obtain an operating certificate from the Bureau of Taiwan High Speed Rail, which is the government body overseeing the project.