The Financial Services Commission announced on July 6 that it has approved the recovery plans prepared by D-SIFIs (2023) and their resolution plans drawn up by the Korea Deposit Insurance Corporation as recommended by the Financial Stability Board.

The FSC found that the recovery and resolution plans on ten D-SIFIs selected for 2023—Shinhan, KB, KEB Hana, Woori and NongHyup financial holding companies and their banks—mostly meet international standards including recommendations of the FSB.

Compared to the previous year, the recovery and resolution plans approved by the FSC this year carry tools and mechanisms enabling large financial companies to more preemptively respond to risk situations and allow authorities to more swiftly carry out resolution proceedings, thereby helping to ensure stability in the financial system more thoroughly.

The recovery and resolution plans are operated on a yearly basis and the authorities plan to review and approve the recovery and resolution plans for D-SIFIs selected for 2024 in the future.

* Please refer to the attached file for details.