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Korea Accounting Standards Board Announces Korean Translation of International Financial Reporting Standards

    Korea Accounting Standards Board Announces Korean Translation of International Financial Reporting Standards

    December 24, 2007
  • The Korea Accounting Institute (KAI)/Korea Accounting Standards Board (KASB) released Korean translation of International Financial Reporting Standards (“K-IFRS”) in support of Korea’s full adoption of IFRS. The announcement of K-IFRS, a key implementation step of the IFRS roadmap that the FSC/FSS and KAI/KASB announced on March 15, marks the completion and acceptance of the translations of the 58 accounting standards and interpretations—37 standards and 21 interpretations—that will become Korea’s Generally Accepted Accounting Principles by 2011.


  

FSC/FSS to Host IOSCO Asia-Pacific Regional Committee on November 28

    FSC/FSS to Host IOSCO Asia-Pacific Regional Committee on November 28

    November 27, 2007
  • The Financial Supervisory Commission and the Financial Supervisory Service will host International Organization of Securities Commissions Asia-Pacific Regional Committee (IOSCO-APRC) and Roundtable Meetings on Wednesday, November 28, at the Lotte Hotel in Seoul.

  

Fund Assets Under Management: October, 2007

    Fund Assets Under Management: October, 2007

    November 16, 2007
  • Assets under management (AUM) of funds that invest at home and overseas totaled KRW330.8 trillion as of end-October, up sharply from KRW243 trillion at end-2006 and KRW218.2 trillion at end-2005. With surging stock markets at home and abroad, stock funds saw a KRW85.6 trillion increase in AUM since the beginning of the year.

  

Chairman/Governor Kim Yong-Duk Calls for Strong Bilateral Financial Services Investment between Australia and Korea before Australia’s Business Leaders

    Chairman/Governor Kim Yong-Duk Calls for Strong Bilateral Financial Services Investment between Australia and Korea before Australia’s Business Leaders

    November 06, 2007
  • Chairman/Governor Kim Yong-Duk met with senior business executives from Australia’s financial services firms on November 5 at a meeting hosted by the Investment and Financial Services Association (IFSA) of Australia and called for strong bilateral financial services investment between Australia and Korea. The meeting was held in Sydney, the first leg of Chairman/Governor Kim’s overseas trip in Australia and Japan.

  

FSC/FSS Announces

    FSC/FSS Announces "Roadmap for Advanced Financial Supervision" Aimed at Taking Korea’s Financial Supervision to the Next Level

    October 23, 2007
  • The Financial Supervisory Commission and the Financial Supervisory Service announced the formation of Committee for Advanced Financial Supervision jointly headed by Chairman/Governor Kim Yong-Duk and Vice President Choi Woon-Youl of Sogang University and the release of “Roadmap for Advanced Financial Supervision” following the Committee’s first meeting on October 22. The roadmap is a product of a public-private sector collaboration involving the FSC/FSS and 30 private sector representatives and experts from the academia, research institutes, the financial services industry, and civic organizations.

  

Bank BIS Capital Ratios, June, 2007

    Bank BIS Capital Ratios, June, 2007

    October 18, 2007
  • Bank BIS capital ratios as of the end of June, 2007, averaged 12.87%, compared with 12.75% at end-2006. With bank net income totaling KRW9.9 trillion for the first six months of the year, bank capital increased 10.16% (KRW12.0 trillion) while risk-weighted assets grew 9.16% (KRW85.2 trillion). Tier-1 capital rose 12.49% (KRW10.6 trillion), but tier-2 capital showed a smaller increase of 2.01% (KRW700 billion). The capital ratio jumped for eight banks but fell for the ten others from end-2006.

  

Updated English Translation of Supervisory Regulations to Go Online September 20, 2007

    Updated English Translation of Supervisory Regulations to Go Online September 20, 2007

    September 19, 2007
  • The Financial Supervisory Service announced that newly updated English translation of supervisory regulations will be available online beginning September 20, 2007. The translation, which covers the entire 43 supervisory regulations currently in effect, can be accessed free of charge at the FSS English Internet homepage (http://english.fss.or.kr) under “Laws and Regulations.”

  

Financial Holding Companies' Net Income: First Half, 2007

    Financial Holding Companies' Net Income: First Half, 2007

    September 17, 2007
  • The net income of the four domestic financial holding companies—Woori Financial Group, Shinhan Financial Group, Hana Financial Group, and Korea Investment Holdings—totaled KRW4.02 trillion on a consolidated basis for the first six months of 2007, an increase of KRW1.10 trillion or 37.8% from the same period a year earlier. Excluding the one-time gains (KRW1.17 trillion in pretax income) from the sale of shares in LG Card by the holding companies, net income for the period drops to KRW3.17 trillion.

  

Bank Net Income: First Half, 2007

    Bank Net Income: First Half, 2007

    September 03, 2007
  • Bank net income for the first half of 2007 totaled KRW9.92 trillion, up KRW1.88 trillion from KRW8.04 trillion a year earlier. Bank income for the first half of the year was helped by after-tax gains totaling KRW3.1 trillion from the sale of domestic banks’ equity stakes in LG Card (KRW2.9 trillion) and SK Networks (KRW200 billion). Excluding these gains, net income for the period totaled KRW6.8 trillion, compared with KRW7.2 trillion a year earlier.

  

Bank Loans Classified as Substandard or Below: June, 2007

    Bank Loans Classified as Substandard or Below: June, 2007

    August 31, 2007
  • The ratio of bank loans classified as substandard or below (SBL ratio) came to 0.78% at end-June, 2007, down from 0.84% at end-2006 and the lowest level since the adoption of forward-looking criteria in 1999. A drop in new delinquencies (from KRW6.4 trillion to KRW5.7 trillion) as well as an increase in total outstanding loans (from KRW930.2 trillion to KRW999.5 trillion) during the first half of the year from the second half of 2006 led to the drop in the overall SBL ratio for the period.