12/23/2008

Korean Financial Supervisory Commission Annual Report in English

The Korean Financial Supervisory Commission has published it 2009 report to the President.

The report can be found at: http://www.fsc.go.kr/eng/

The Commission noted many needed steps to stregthen Korea's economy including:

  1. Extending loans to SMEs
  2. Supplying most loans in the first half of 2009
  3. Allowing Conglomerate Privity Equity Funds to Purchase other companies
  4. Allowing Conglomerates, that register as a holding companies, to own controlling interests in financial companies
  5. Privatize the Korean Develpment Bank
  6. Extension of maturity date of home loans for low and medium income workers with declining home values

The most significant issue to be recommended by the Commission is allowing holding companies to purchase controlling interests in financial institutions.

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SeanHayes@ipglegal.com