EXHIBIT 8.1


                        [LETTERHEAD OF SCHIFF HARDIN LLP]


                                 August 11, 2006

New Asia Bancorp, Inc.
222 West Cermak Road
Chicago, IL  60614


      RE:  MERGER OF NEW ASIA BANCORP, INC.WITH AND INTO CATHAY
           GENERAL BANCORP


Ladies and Gentlemen:

     Reference  is made to the  Registration  statement  on Form S-4 (as amended
through  the date  hereof,  the  "REGISTRATION  STATEMENT")  of  Cathay  General
Bancorp, a Delaware corporation registered under the Bank Holding Company Act of
1956,  as  amended  ("CATHAY"),  relating  to the  proposed  merger  of New Asia
Bancorp,  Inc., a Delaware corporation registered under the Bank Holding Company
Act of 1956, as amended, with and into Cathay, with Cathay surviving the merger.

     We have  participated in the preparation of the discussion set forth in the
section  entitled  "THE  MERGER -  Material  United  States  Federal  Income Tax
Consequences of the Merger" in the Registration  Statement. In our opinion, such
discussion,  insofar as it purports to constitute summaries of the United States
federal tax law or legal conclusions with respect thereto,  constitutes accurate
summaries of the matters described therein in all material respects.

     We hereby  consent to the filing of this  opinion with the  Securities  and
Exchange  Commission  as an exhibit to the  Registration  Statement,  and to the
references therein to us.

                               Very truly yours,

                               SCHIFF HARDIN LLP



                               By:  /s/ Larry Jacobson
                                    --------------------------
                                        Larry Jacobson