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S Korea's financial watchdog to enhance stability in real estate, job market
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14:19, September 07, 2009

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South Korea's financial watchdog will closely monitor financial markets in a bid to prevent any signs of market jitters, its chief said Monday.

"We will act promptly against any down risk in the market before it becomes a serious threat to the whole economy," Chin Dong-soo, chairman of the Financial Services Commission (FSC), said, citing unemployment and recent hike in the real estate market.

His remarks came after the FSS earlier on Friday reported that August's monthly rise of South Korea's mortgage loans hovered over4 trillion won (3.2 billion U.S. dollars) for the third consecutive month, which may hint at destabilization in the housing market.

Against mortgage loan increase moves, the FSS in July announced to impose stricter regulations on home-backed loans, revising down local banks' loan threshold to 50 percent of a residence value in Seoul from 60 percent.

"In particular, we will keep an eye on the increased liquidity generated on the side lines of tackling the financial crisis," Chin said, vowing that it will prevent the liquidity from becoming a source of market threat.

Source:Xinhua



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