S Korea to buttress financial industry against economic stress

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SEOUL : South Korea will change regulations to buttress financial companies against economic stress, the deputy chief of the financial regulatory agency said on Thursday, moving to head off problems that have twice hit the country since the late 1990s.Korea Deposit Insurance Corporation (KDIC) would be al

SEOUL : South Korea will change regulations to buttress financial companies against economic stress, the deputy chief of the financial regulatory agency said on Thursday, moving to head off problems that have twice hit the country since the late 1990s.

Under current rules, the deposit insurance agency can intervene in the liquidation process of a failed financial company but has no right to help one pre-emptively - for example, by recapitalising it as it weakens.

 

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