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  • 12 / 24 / 2007
  • Korea Accounting Standards Board Announces Korean Translation of International Financial Reporting Standards

  • 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.

  • pdf FILE_1198474987505.pdf
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  • 11 / 27 / 2007
  • FSC/FSS to Host IOSCO Asia-Pacific Regional Committee on November 28

  • 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.
  • pdf FSC-FSS to Host IOSCO Asia-Pacific Regional Committee on November 28.pdf
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  • 11 / 16 / 2007
  • Fund Assets Under Management: October, 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.
  • pdf Fund Assets Under Management, October, 2007.pdf
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  • 11 / 06 / 2007
  • 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 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.
  • pdf Chairman-Governor Kim Yong-Duk Calls for Strong Bilateral Financial Services Investment between Australia and Korea.pdf
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  • 10 / 23 / 2007
  • FSC/FSS Announces "Roadmap for Advanced Financial Supervision" Aimed at Taking Korea¡¯s Financial Supervision to the Next Level

  • 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.
  • pdf FSC-FSS announces roadmap for advanced financial supervision.pdf
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  • 10 / 18 / 2007
  • Bank BIS Capital Ratios, June, 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.
  • pdf FILE_1192680272893.pdf
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  • 09 / 19 / 2007
  • Updated English Translation of Supervisory Regulations to Go Online September 20, 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.¡±
  • pdf Updated English Translation of Supervisory Regulations to go online.pdf
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  • 09 / 17 / 2007
  • Financial Holding Companies' Net Income: First Half, 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.
  • pdf Financial Holding Gompanies'Net Income,H1.pdf
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  • 09 / 03 / 2007
  • Bank Net Income: First Half, 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.
  • pdf Bank Net Income-First Half 2007.pdf
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  • 08 / 31 / 2007
  • Bank Loans Classified as Substandard or Below: June, 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.
  • pdf Bank Loans Classified as Substandard or Below- June, 2007.pdf
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