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S Korea ready to reform regulations on bank's foreign currency liquidity
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19:40, September 23, 2009

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South Korea will revise its regulations on foreign currency liquidity to fix local banks' foreign-exchange related problems, chief of the financial watchdog said Wednesday.

"In order to fix banks' foreign-exchange related weakness, we will make improvements in rules regulating their foreign currency debt structure," Chin Dong-soo, chairman of the Financial Services Commission (FSC), said in a speech to a forum in Seoul.

As global focus has been moved from crisis resolution efforts to post-crisis system reformation, local lenders are also required to raise their capital base to be able to absorb potential losses, Chin said.

The remark came as local banks have experienced a maturity mismatch, accruing short-term overseas debt to extend mid-to-long-term loans, amid a global financial turmoil.

It has been said that domestic lenders should raise medium-to-long-term debts with maturity of more than one year and reduce short-term borrowing in order to secure foreign currency liquidity.

As of end-June, the ratio of South Korean lenders' foreign debt with maturity of less than one year marked 38.7 percent, down 0.9 percentage point from three months earlier.

Source: Xinhua

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