Press Releases - Financial Services Commission

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May 04, 2009

Notice of Amendments to the KAMCO Act

On April 29, 2009, the National Assembly has approved amendments to be applied to the KAMCO Act’s enforcement decree. Accordingly, from May 4 to May 11, the government will make official announcements of these amendments.The main purpose is to activate the KAMCO’s role of purchasing troubled assets from distressed financial institutions and companies that will undergo restructuring through establishing a pre-announced Restructuring Fund.Therefore the amendments will be made in the following areas:Improvement in Payment Method for Acquiring Troubled Assets;- Allow payments to be made with bonds from the Restructuring Fund.Executive Rights Given to the KAMCO;- Allow the KAMCO to exercise executive actions to manage the buyer/seller companies’ assets.Settlement of Residual Assets for the Restructuring Fund;- The process of returning the Fund’s residual assets back to the government must beclear and straight-forward. The return may be made in kind, if in agreement with the Ministry of Strategy and Finance. When residual assets are to be placed with the national treasury, a full list of assets and a balance sheet of the Restructuring Fund must be completed prior to the event. After the return of residual assets, a statement of accounts must be created.The amendments will be reviewed by the Ministry of Government Legislation and presented to the Cabinet Council meeting, which then will be officially promulgated and take effect within May 2009.* Please refer to the attached PDF for details.
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Apr 09, 2009

Progress in Credit Gurantee to SMEs

1. Loans to SMEs including micro-enterprisesEncouraged by the initiatives to boost credit guarantees and roll-overs the total loan amount extended to small-, medium-, and micro-enterprises, SMEs hereafter, has been steadily increasing despite the economic recession (Monthly average of KRW3.3 trillion).Even compared to that in household loans (KRW1.1 trillion) and corporate loans (KRW0.7 trillion), the rate of increase in SME loans (KRW 3.3 trillion) is greater.A mid-term liquidity through the Fast Track program was provided to 1,812 SMEs totaling KRW2.97 trillion during the month of March this year.2. Supply of Credit GuaranteeWithin the Q1 of 2009 the total amount of credit supply is KRW16.6 trillion, 2.3 times as big as that in the same term last year (KRW7.1 trillion), demonstrating smooth progress in the SME lending since the launch of the initiative.* Please refer to the attached PDF for details.
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Apr 09, 2009

Promotion of Government Bond ETFs

As a follow up step to the Financial Investment Services Capital Markets Act launched in February this year, the Financial Services Commission has issued an initiative to promote Exchange Trade Funds, or ETFs, by allowing a broader scope of investment; currently, only equity-linked ETFs are being traded in the Korean market. Under the new initiative, a diversified array of products will be traded as in other advanced markets such as the U.S. and the E.U.: i.e. ETFs linked to bonds, commodities, gold and crude oil ETFs, inverse ETFs, leveraged ETF, etc., trading of which will be based on trading prices or index.For the government bond linked ETFs, the FSC will revise current regulations to adjust the required number of principle assets from minimum 10 items to 3 items.The FSC believes that such market-friendly steps will result in favorable market response particularly among small private investors and foreign investors, encouraging their active partaking in the government bond trading. This is expected to have positive impacts on the market by stimulating the government bond issuance and the overall trading markets.For the successful launch of new ETFs, the FSC will also revise ‘Financial Investment Act’ and ‘IPO Operation Code ’ of the Korea Stock Exchange by May or June this year.* Please refer to the attached PDF for details.
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Mar 20, 2009

Bank Recapitalization Fund's Execution Blueprint

The Bank Recapitalization Fund Oversight Committee has unveiled its third blueprint as to the basic guidelines for the first round of purchasing banks’ hybrid bonds and subordinate bonds scheduled at the end of March. The purchasing criteria will be determined based on the current and past interest rates, and the interest spread for those bonds.Also, the government evaluated the progress banks have made based on the Fund’s policy objectives and the progress of subject banks’ implementation of their MOU commitment, prerequisite to the government guarantee on their external debts.As for regional banks, to account for the considerable discrepancy in thier credit ratings as opposed to nation-wide banks, 30bp difference will be assumed.The Korea Exchange Bank has informed the FSC that it would not use its credit line for issuing hybrid bonds but would go ahead as planned with issuing subordinate bonds (KRW 250 billion).The first round of bond purchasing will be implemented at the end of March after receiving banks’ application to sell their bonds during the month.Based on the result of the market survey, it is expected that the first round will total approximately KRW 3.8 trillion for hybrid bonds and KRW 0.5 trillion for subordinate bonds.The fund will be operated via a “matching” method in which the fund amount will be set to match the amount in demand in accordance with the needs in supporting the real economic sectors, corporate restructuring, and foreign currency markets.By monitoring the progress the participating banks have made with their implementation of the MoU, those who have inadequately served their commitment to supporting the real economic sectors and other preconditions to the Fund, several countermeasures could be applied to them such as limiting their access amount and raising applicable interest rates.* Please refer to the attached PDF for details.
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Mar 18, 2009

FSC Meets the Press and Investors in London

Headed by the Vice Chairman, Dr. Rhee Chang Yong, the FSC delegates met with representatives from major British media and financial institutions in London on Friday, March 13, 2009.ParticipantsPress: The Economist, the Financial Times, Reuters, BBCFinancial Institutions: HSBC, Barclays Capital, Standard Chartered, Duetsche BankThe main mission of the seminar was, before the impending G-20 Summit meeting in London, to update its local press and financial communities on Korea’s current economic and financial positions by providing detailed data.This has provided opportunities to set up communication channel with influential media such as BBC, the Economist, the Financial Times, and Reuters.For clear communication on Korean economy and financial markets, the FSC has set up bi-weekly teleconferences with the media and foreign investors, and this fact was also delivered at the meetings. Key Points DiscussedThe FSC addressed major issues raised by the media and investors: foreign debt, liquidity in foreign currency, mortgage loans, impact of Eastern European market risks on Korea, and business prospects for Korean shipbuilding companies.The FSC delegates stressed the importance for advanced economies to stand firmly by the Free-Market Principles not regressing to trade protectionism. Also was emphasized the need for G-20 countries to have a portion of massive liquidity injection accessible to emerging market countries.Regarding Fitch’s Stress Test results, the FSC expressed its regret on behalf of the Korean government and bank industry, that the results based on extreme speculation on the banking sector were actually reported by the press.The FSC engaged in talks with the Bank of England and financial experts regarding policy efforts in both jurisdictions for crisis management.The FSC called for wider and fairer coverage of Korean economy, which is often surmised in a package with emerging economies in the Asian region.A view was shared among the participants that th
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Mar 13, 2009

Fitch Ratings' Stress Test

1. Summary of Fitch Ratings’stress test on Korean banksGlobal credit rating agency, Fitch Ratings, announced the results of its stress test on Korean banks on Thursday, March 12th at around 22:00 (Seoul time).A summary of the stress test results is as follows:Under a stress scenario during the period from June 2008 through December 2010, Korean banks would see a decline in capitalization totaling KRW 42 trillion due to credit costs, losses on equity and debt securities holdings and asset growth through the inflation of foreign currency assets given the depreciation of the Korean won in the past year.The banks’ combined equity-to-assets ratio would decline from 6.4 percent in June 2008 to 4.0 percent in December 2010.The KRW 42 trillion reduction in capitalization would require additional capital raisings by the banks, and such capital may have to come from the government. The government’s current KRW 20 trillion Bank Recapitalization Fund may not be sufficient, particularly to the extent it is used to buy subordinated debt and lower quality hybrid debt from the banks.2. Government’s response to the stress test resultsA. The results of the stress test are based on variables and assumptions (e.g. estimated loss rates on bonds and securities), which can be easily altered by future economic events. Therefore, the government finds it inappropriate for Fitch to release such speculative results on Korean banks when this could adversely impact their international credibility and financial soundness.B. Even if the worst possible scenario were to be materialized, in which the expected loss of 42 trillion won were to be taken into account and no new recapitalization were to be assumed, the tangible common equity (TCE) ratio of Korean banks would be 4.0 percent as of the end of 2010, which would be still higher than the current TCE ratios of major leading banks worldwide. The Bank for International Settlements (BIS) ratio would be 8.7 percent, still higher than th
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Mar 06, 2009

FSC Article Published in AWSJ

By Rhee ChangyoungSEOUL—South Korea, like all other advanced economies, has inevitably been affected by the financial-market turmoil seeping the globe. Yet the precise nature of these effects on our economy has too often been misunderstood. Some commentators claim that Korea is facing another major financial crisis similar to what it experienced during the Asian financial crisis. This is untrue, and it is important to set the record straight.The Korean economy is often inaccurately characterized as weak because of its external debt. It is true that Korea’s total external debt up for repayment within 2009 is $194 billion. But $39 billion of that amount is considered non-obligatory debt, such as foreign-exchange hedging and advanced payment receipts for ship orders that will clear off the books when the ships are delivered. Korea’s net external debt totals $155 billion, or 77% of Korea’s foreign reserves of $201.5 billion as of last month. The current roll-over ratio of foreign debt as of February is over 91%. Inother words, our banks and corporations are experiencing no problems repaying or refinancing their debts. Looking at the banking sector alone, out of total external debt of $171.7 billion as of the end of 2008, debt held by branches of foreign banks accounts for $72.3 billion, which does not affect the solvency of domestic banks. The actual amount of external debt held by domestic banks as of the end of 2008 is $99.4 billion—only half of Korea’s foreign reserves.Nonetheless, some market commentators have openly expressed their pessimism. Perhaps such pessimism might be traced back to Korea’s 1997 crisis and the fear that it may be repeated. Such a possibility, however, is slim. The Korean economy today is very different from what it was a decade ago.First, the corporate sector whose debts helped trigger the Asian financial crisis in Korea has been transformed, and is now sound and transparent. The ratio of corporate debt to equity, for instance,
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Feb 27, 2009

Korean Banking sector

1. Korean banks' borrowing in foreign currenciesKorean banks’ borrowing in foreign currencies as of end-Jan. 2009 totaled at $92.6 billion, out of which $38.3 billion is scheduled to mature within 2009.In addition to the total external borrowing by Korean banks, $67.76 billion, the figure released by the Bank of Korea on February 19 takes into account both foreign banks' loans and domestic loans in foreign currencies.- The debts maturing within this year amounts to $38.3 billion ($64 billion if government aid is included).Foreign bank branches' borrowing in foreign currency stood at $64 billion as of end-Jan, of which an estimated amount of $62.6 billion will mature within 2009.2. External debt (released on Feb. 20) and offshore borrowing in foreign currency (on Feb. 19)The FSC would like to clarify on the difference between current figures of Korean banks' external debts as released on February 20 and borrowings in foreign currencies as released on February 19 by Bank of Korea.**Statistics Released◇ Korean banks' total external debts: $99.39 billion (as of end-Dec. 2008) External debts maturing in 2009: $45.24 billion◇ External borrowing in foreign currencies (excluding Citi and SCFirst): $67.76 billion (as of end-Jan. 2009)⇒ There is $31.63 billion difference between the balance of external debts and that of external borrowing.①Definition of external debt and offshore borrowing in foreign currencyBy definition, external debts refer to debts owed by residents to non-residents; accordingly, the transaction between residents (i.e. between domestic banks) should not be regarded as external debts.- External debts include non-debt liabilities such as deposits and payable spot exchanges.The total sum of offshore borrowing in foreign currencies is calculated based on the amount borrowed that actually becomes a burden on domestic banks in terms of their solvency.- Offshore borrowing indicates banks’ actual funding situation in foreign currency.②Comparing exte
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Feb 27, 2009

Corrections for The Economist Article

The Ministry of Strategy and Finance and the Financial Services Commission issue the following explanations to correct factual errors and questionable assertions made in the article titled "Domino theory" published by 'The Economist' on February 26, 2009. *Please read the attached file for details.
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Feb 24, 2009

Remodeling Currency Futures Products Market

BackgroundIn response to increasing demand for Currency Futures Products (CFPs) for hedging purpose, especially by corporate international traders, the Financial Services Commission and Korea Exchange (KRX) have decided to push ahead with "remodeling" the currency futures market so as to allow easier access of the instruments in place of riskier OTC derivatives.Currently, CFPs in major currencies--US dollar, Euro and Yen--are traded in large units with rigid trading restrictions, failing to meet the demands in the market which becomes increasingly diversified in terms of units, maturities and contract conditions.Because of rigid CFPs trading restrictions, international traders prefer OTC derivatives for foreign currency hedging as the latter allows more flexibility for the traders and their counterparties in forging contracts.Most OTC derivatives carry high risks especially for traders with insufficient knowledge in such complex products as KIKOs. Further, the OTC derivatives markets have shrunk under high pressures of current crisis.* Please refer to the attached PDF for details.
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Feb 16, 2009

FSCMA and Common Concerns

IntroductionSince the inauguration of the new administration, the government has put great emphasis on the importance of the financial industry as a main engine of growth for the nation's economy. To that end, the government is committed to providing all the support necessary with a particular focus on fostering the regulatory environment in which the financial market can thrive with maximum autonomy and momentum. In this way, the government wants to help laying out a solid basis for the local financial market to grow as an advanced market.The Financial Investment Services and Capital Markets Act (FSCMA) was legislated in August 2007 and went into effect on February 4, 2009. The Act's main purpose is to sharpen Korean capital market's competitive edge in the global market. In line with this aim, the Act contains regulatory changes to enable the industry to provide combined products and services to consumers. This can be possible through the expansion of business scopes and implementation of more function-based regulations rather than sector-based ones.As for the expansion of their business operational scopes, financial institutions are to enjoy much flexibility in product development, especially in diversifying financial products and services in line with the global trend toward diversification and securitization. Accordingly, the government's policy also aims to cultivate sophisticated financial environments, suitable for the current climate in the global financial market.* Please refer to the attached PDF for details.
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Feb 16, 2009

Joint Workshop Report

Banks' Decision to Roll Over All Corporate Loans Maturing in 2009In response to the recent decision to roll over all existing Kibo and KODIT guarantees maturing for a year in 2009, nine Korean banks have pledged to roll over all existing corporate loans maturing in 2009, regardless of whether the loans are backed by the credit guarantees. The loans to companies that have shut down and bankrupt companies are not included.The expanded payment guarantees and support from the bank recapitalisation fund are expected to allow banks to increase new lending by reducing their burden of maintaining the BIS ratios.* Please refer to the attached PDF for details.
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Feb 09, 2009

Moody's Credit Rating Adjustment

On February 9, Moody's credit rating agency adjusted the ratings of foreign currency long-term debts of eight Korean banks to the level of Korea's sovereign credit rating (A2): Hana Bank, IBK, KEXIM, Kookmin Bank, KDB, NACF, Shinhan Bank and Woori Bank. This is a follow-up action on Moody's earlier announcement (January 15) of its plan to review Korean banks' foreign debt ratings.It should be noted that this rating adjustment reflects the change in Moody's method of rating banks' credit rating, and not any deterioration in Korean banks' creditworthiness or in their external funding status, which remain the same.* Please refer to the attached PDF for details.
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Feb 05, 2009

Korea Economy Overview

Ladies and gentlemen, I would like to welcome all of you and thank you for taking the time to be with us today.My presentation today largely consists of three parts.Firstly, I will give you a brief overview of Korea’s real economy and financial market and move on to talk about newly emerging risk factors in the Korean economy and their effect on the economy.Then, I will close by introducing how the Korean government is responding to the economic challenges.Now, let me start with the current status of the Korean economy and financial market.First of all, let me talk to you about the current status of Korea’s real economy.As some foreign investors are concerned, it is true that Korea’s real economy is fast deteriorating. Domestic demand is slowing down rapidly with 19.8 percent fall in December industrial output from a year earlier as well as 7.0 percent decline in consumer goods sales. Exports in December also fell by 17.9 percent year-on-year (by 29 percent according to the estimation for the period from Jan. 1 to Jan. 20).However, let me emphasize that such economic slowdown is not limited to Korea and is witnessed commonly around the world following the global financial crisis. The Korean economy is doing rather well compared to other Asian countries like Hong Kong, Taiwan and Singapore.If we compare December industrial output, Korea saw 19.8 percent fall while Taiwan and Singapore suffered 32.4 percent and 13.5 percent decline respectively. Even in terms of export, which is one of the main causes of concern, we see that Taiwan and Singapore have recorded greater fall than Korea with 41.9 percent and 20.8 percent decline respectively.Moreover, Korea is maintaining relatively low unemployment rate of 3.3 percent as of last December.However, things are looking better in the financial market. To our relief, the global financial market volatility has eased slightly, improving investor confidence and financial stability in Korea.The Korean stock market has recent
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Jan 28, 2009

Understanding Korean Economy (FAQs)

Q1: How has Korea reacted to the economic difficulties so far?A: The Korean government has worked on expansionary liquidity supply of USD55 billion, tax reduction of USD35 billion, and increased fiscal expenditure of USD16 billion.The Korean government has taken preventive, decisive and sufficient policy measures to get out of the global economic turmoil. The measures mainly cover liquidity supply, FX market stabilization, and tax reduction and expansionary fiscal expenditure. To provide more liquidity in the market and lower interest rates, the Bank of Korea lowered a benchmark interest rate four times by 225bp from 5.25 percent to 3.00 percent. Also, the government has supplied the liquidity of KWR19,500 billion through RP purchases and credit limit raise for small- and medium- sized enterprises (SMEs).Foreign liquidity supply of USD55 billion will have been provided with USD37.6 billion already provided by the end of Dec. ’08. Currency swap arrangements with the US, Japan, and China, amounting to USD30 billion each, have been completed along with the IMF Short-term Liquidity Facility of USD22 billion fixed. The government guarantee on banks’ borrowing in foreign currencies will total USD100 billion.A total of USD35 billion tax reduction will have been implemented from ’08 to ’12 through an oil tax rebate and income/corporate tax reduction. Additional budgets of USD16 billion will have been allocated from ’08 to ’09, which are earmarked for overcoming economic difficulties including high energy prices.Deregulations to boost corporate investment, various job maintenance efforts such as promoting employment of female, the young and old, and social safety net reinforcement are among other measures the Korean government has taken.Q2: What are the key economic policies for 2009? A: The key economic polices for 2009 can be summarized as preparation for the future and job creation. The Korean government will take offensive measures to revitalize the economy a
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Jan 22, 2009

YOIDO, SEOUL AND MUNHYEON, BUSAN AS INTERNATIONAL FINANCIAL CENTERS

Summary of the Financial Center Promotion Committee MeetingOn January 21, 2009 the Financial Center Promotion Committee* meeting, chaired by the FSC Chairman, was held and deliberated the designation of international financial center(s). Based on the assessment report on five candidate cities,* prepared by the Evaluation Panel, the Committee members discussed what city or cities to be designated to serve as an international financial center in the region.*Financial Center Promotion Committee was convened on the basis of “Enforcement Decree of the Act on the Creation and Development of Financial Center.” The Committee has 25 members: 10 financial experts, 10 presidents of financial regulatory agencies, and 5 government officials (FSC and Ministry of Strategy and Finance).*Five candidate cities: Seoul (Yoido), Busan (Munhyeon, Bukhang), Incheon (Songdo), Gyeung-gi (Goyang), Jeju (Seoguipo)As a result of careful deliberation, the Committee has reached a consensus to designate Yoido, Seoul as the main Financial Center and Munhyeon, Busan as its specialized financial center. The decision will be submitted to the FSC Committee for its final approval.Detailed plans will be made to develop these two cities as financial centers within a first half of this year through consultation with the related government ministries and regional governments. To facilitate the process, the Financial Center Promotion Committee will form a subcommittee.Major ProgressesIn December 2007 the government enacted legislation called “Enforcement Decree of the Act on the Creation and Development of Financial Center” with an aim to designate and develop a region as an international financial center.* Selection process was set off by operative direction initiatives made in March 2008 and deliberation by the Promotion Committee (convened in June 2008). *According to the “Act on the Creation and Development of Financial Center” a financial center is defined as a region in which both domestic
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Jan 12, 2009

IFSB-FSC/FSS to Host Seminar on Islamic Finance in Seoul

The Islamic Financial Services Board (IFSB) and the Financial Services Commission/Financial Supervisory Service will jointly host the Seminar on Islamic Finance in Seoul from January 13 to 14, 2009, at the Sogong-dong Lotte Hotel. The FSC/FSS joined the IFSB as an Observer member onAugust 8, 2008, and through this seminar hope to develop a growing interest in Islamic finance.Five separate sessions, which include presentations and discussions, are scheduled during the two-day seminar. Among the topics to be discussed are potential legal and organizational issues for non-Islamic countries attempting to implement Islamic financial systems and their solutions, how to use Shari’ah in cooperation with the current regulatory system, recent developments in the Islamic bond market and issues related to credit rating, and challenges and opportunities for Korea.Approximately 300 participants from home and abroad, including 17 speakers, 14 from abroad, together with participants representing the government, financial institutions, and academic institutions, are expected to attend the seminar. Dr. Jun Kwang-Woo, Chairman of the FSC, will deliver the opening remarks of President Lee Myuang-Bak.The Seminar on Islamic Finance will provide an opportunity to participants to gain comprehensive and practical knowledge of Islamic finance while also offering the chance to network with Islamic finance regulators and financial experts.The IFSB is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry. Founded in Kuala Lumpur, Malaysia on November, 2002, the IFSB, as of December, 2008, has 178 members from 34 countries.* Please refer to the attached PDF for details.
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Jan 09, 2009

Review of Financial Assistance to SMEs

I. Review of Financial Assistance to SMEs in 20081. Banks Loans to SMEs(2008) Outstanding amount of loans to SMEs by 18 domestic banks increased by KRW 52.4trl. (from KRW 370trl in 2007 to KRW 422.2trl in 2008)(December 2008) With the year-end effect, the amount of SMEs loans decreased by KRW 1.8trl. However, when including special set-off between loans and deposits carried out to support SMEs (KRW 0.7trl), amortization and sell-off of bad debts (KRW 0.9trl), the actual amount of SME loans was decreased only by KRW 70.9bn.* With the year-end effect (settlement of financial statements at the end of the year, settlement of B2B transaction, etc.), SMEs loans tends to decrease usually in December.When comparing the average decrease amount of SME loans in December for the past 5 years (KRW -2.8trl) with the decreased amount in December last year (KRW -3.6trl), it is not so noticeable.2. Fast-Track (Special Assistance Program to Tackle Liquidity Problems of SMEs)KRW 2.8trl was provided to 1,672 companies through the Fast Track Program from October 13 to December 31, 2008.KRW 1.4trl was provided to 413 companies which experienced loss from currency option such as KIKO.Assistance through the Fast Track Program has been accelerated since last December; the number of assisted enterprises increased by 2.5 times.3. Issuance of P-CBOKRW 1trl of P-CBO was issued in 2008 to help solve financial difficulties of SMEs which could not issue corporate bond due to their poor credit rating.Corporate Bond Market Stabilization Fund underwrote the 3rd issuance, which benefited joined enterprises with lower issuing rate (from 8.4% to 6.6%) and lower additional rate. (from 50bp to 5bp)4. Consultation on SMEs' Financial DifficultiesSince the opening of the ｢Consultation Center for Financial Difficulties of SMEs｣, the accumulated number of consultation cases reached 1,060. (including the consultation carried in related organization of banks)Banks admitted 526 cases (49.6%) and provided KRW
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Dec 30, 2008

Review of Indemnification Provisions for Financial Institution

Review of Indemnification Provisions for Financial Institution its OfficersBackgroundBackgroundThe government took a decisive step against the current financial difficulties byprovisionally indemnifying financial institution and its officers after convening theEconomy and Finance Policy Meeting earlier today. This measure will allow financialinstitutions to extend greater support to firms and others suffering from the credit freeze.Summary of Current ProvisionsSanctioning AuthorityThe FSC has the authority to both suggest the dismissal of directors and executives fromoffice and suspend their business duties while the FSS governor has the authority toissue warnings and caveats.Current Indemnification ProvisionsThe ‘Regulation on Examination and Sanctions against Financial Institution and itsOfficers’ either suspends or renders a lighter sentence on financial institution and itsofficers in cases where extraneous circumstances outside of its control are recognized,including when loans become distressed as a result.Regulation on Examination and Sanctions against Financial Institution and its OfficersArticle 23: Imposition of Lighter Sanctions against Financial Institution and its OfficersA financial institution and its officers may be subject to a lighter sanction or discharged from asanction against the occurrence of bad loans, etc. in cases of the following items and otherinevitable circumstances. 1. Case that it was caused by general financial and economic environment’s regression;2. Case recognized as in accordance to the necessities of the national industrial policy;3. Case that it was recognized that adequate credit analysis and sufficient review of the businessplan were performed in advance;4. Case that it was caused by the change of the asset classification standards;5. Case that the overall rating of evaluation for the management status is raised by more than onegrade in comparison with the preceding period with outstanding management; or6. Case found to
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Dec 24, 2008

Invitation to Seminar on Islamic Finance 2009

You are cordially invited to the Seminar on Islamic Finance 2009 that the FinancialServices Commission and Financial Supervisory Service of Korea will co-host with the Islamic Financial Services Board on January 13-14, 2009, at the Lotte Hotel in Seoul,Korea.The Seminar on Islamic Finance 2009 will cover recent developments in the banking,capital market and insurance segments of the Islamic financial services industry fromwide-ranging perspectives. It is also intended to facilitate the awareness and developmentof Islamic finance in Korea.We also planned a gala dinner with a special traditional dance performance in the eveningof January 13 and a half-day tour of Seoul on the January 14 to make your visit to Seoul apleasant and memorable one. Both events are free and open to all registered seminarparticipants.Enclosed with this invitation are the preliminary program agenda and the seminarregistration form you can use to let us know your attendance. You may return theregistration form either by e-mail (intlconf@fss.or.kr) or by fax (+82-2-3786-7286).Ifpossible, we would like to hear from you by Wednesday, December 31, 2008.For additional information or any questions you may have for the seminar, please contactMs. Sue Kim (telephone: +82-2-3786-7281) or Mr. Henry Jun (telephone: +82-2-3786-7283).We look forward to hearing from you and welcoming you in Seoul.* Please refer to the attached PDF for details.
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