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Oct 17, 2008
- Corrections, Clarifications and Explanations for October 14 Financial Times News Article “Sinking feeling”
- The Financial Services Commission and the Financial Supervisory Service issue the following corrections, clarifications and explanations for factual errors and questionable assertions made in the October 14 Financial Times news article “Sinking feeling.”*****Purpose of Finance Minister Kang Man-Soo’s meetings with U.S. business executives“Kang Man-Soo, finance minister, is taking his plea for dollars to Wall Street, where he is due to meet with executives of banks such as Citigroup and Morgan Stanley.”Minister Kang Man-Soo met with Mr. Stephen Roach, chief economist at Morgan Stanley, and Mr. Robert Rubin, the former Treasury Secretary, on Tuesday, October 14, for discussions on the global financial crisis and their market views and assessment. Minister Kang did not meet with Wall Street executives to plea for dollars as the article falsely asserted. He did not take his plea to Wall Street as the news article speculated.POSCO overseas bond offering“Posco, the steel maker, said last week it would sell $1bn of bonds overseas as part of efforts to stabilise the won.”In a press release dated October 10, POSCO announced that it is planning a US$1 billion oversea bond offering some time in the fourth quarter this year. The press release explicitly stated that the proceeds from the bond offering would be used for future investment and operating funds. It did not say that the proceeds would be used to stabilize the won as the news article erroneously reported.Remarks attributed to Finance Minister Kang Man-Soo“Mr. Kang recently told a parliamentary session that ‘apart from exports, everything—including investment, consumption, employment and the current account balance—is showing a trend similar to that seen during the [Asian crisis].”The quote attributed to Minister Kang appears to refer to one of the many remarks he made at a National Assembly hearing on July 22, 2008, in response to questions on the outlook for the economy from National Assembly m
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Oct 14, 2008
- Briefing for Analysts
- 1. Total Foreign DebtRecent debts have largely been incurred as a result of bridge-financing (based on anticipated future returns) such as currency forwards. This type of financing has different characteristics to that of liabilities incurred to finance current account deficits which were prevalent prior to the Asian Financial Crisis.As of the end of June 2008, it is estimated that $151.8 billion out of a total of $419.8 billion of foreign debt by BOK will be not be subject to any repayment burdens, and thus reduce the actual foreign debt amount to $268 billion. The exclusion of debts which are not subject to any repayment burdens will result in an actual net foreign asset amounting to $154.5 billion.The current external debt ratio as of the end of June 2008 stands at 86.1%. However, the figure falls to 54.4% when foreign bank branches are excluded, significantly reducing external debt risks.2. External Debt by Sector A. Government Sector The bulk of the government sector debt ($51.8 billion out of $63.1 billion) consists of KRW-denominated government bonds and currency stabilization bonds purchased by foreigners, for which the Korean government and the BOK has ample repayment capacity.The remainder consists of $3.3 billion in foreign currency-denominated FX equilibrium bonds, $3.4 billion in public loans, etc. (i.e. long-term external debts that pose little risk). B. Banking SectorForeign debts without any repayment burdens incurred from shipbuilders' currency hedging, etc. account for 44.6%, or approx. $93.8 billion, of the external banking sector debt. Foreign debts incurred by domestic branches of foreign banks from their headquarters abroad are very low-risk compared with those of Korean banks.* Foreign bank branches hold 43.1% of total external banking sector debts, and 57.7% of short-term debts.We are applying stringent criteria for FX liquidity to domestic banks than observed in other countries; hence, our current FX liquidity level remains stable.* Develope
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Oct 13, 2008
- Domestic Banks’ Loan to Deposit Ratio
- The Financial Services Commission and the Financial Supervisory Service hereby issue a correction to the inference several newspaper articles have recently made from a cursory look at Korean banks’ loan/deposit ratios that Korean banks are funding local lending with foreign borrowing.The won-denominated loan/deposit ratio (including CDs) of domestic banks was 103.2% at end-September, 2008. Because of their deposit-like characteristics, CDs are included in determining the loan/deposit ratio, as is the convention in many countries. They are also classified as liabilities and thus subject to strict reserve requirements under the Bank of Korea Act. It should also be noted that over-the-counter bank teller sale of CDs account for approximately 80% of the total and that the average maturity of the CDs sold over-the- counter is five months. Furthermore, the loan/deposit ratio drops to 85.0% if bank-issued bonds are included in the ratio computation, meaning funding from local sources easily exceed local lending.Thus, the inference drawn from Korean banks’ loan/deposit ratios, ex-CDs and bank-issued bonds, that domestic banks are funding home lending with foreign borrowing is erroneous because local deposits and CDs have been, and continue to be, the primary sources of local funding for Korean banks.* Please refer to the attached PDF below.
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Oct 10, 2008
- Key Issues on Korean Economy
- This document is prepared with the purpose to explain the following key issues on Korean economy.- External Debt- Foreign exchange reserve- Export- Current Account Balance- Korean Banks- FX Liquidity- Policy Responses 1. External Debt □ (Size) The ratio of external debt to GDP stands at 39% as of late 2007, which is lower than that of major developed economies1) and tolerable given the size of our economy.□ (Nature) Recent growth of external debt in Korea has risen as a counterpart to hedging activities undertaken by shipbuilders and overseas investors.ㅇ This is in stark contrast to massive foreign currency short-term borrowings induced for excessive investment by Korean Chaebols that led to the 1997 financial crisis.ㅇ As of June 2008, $152 billion out of $420 billion external debt are free of repayment burden, making the size of foreign debt with repayment burden reduced to $268 billion.ㅇ In addition, 22% of the total external debt (45% of short-term external debt) belongs to local branches of foreign banks, which makes it unfitting to be regarded as net external debt.ㅇ The IMF expressed that today's foreign debt increase in Korea not as risky as in the past. (08. 6.24, IMF Annual Consultation)1) the ratio of external debt to GDP as end of 2006 : UK(394%), Germany(144%), US(85%), Japan(35%) 2. Foreign exchange reserve□ (Size) Korea holds the 6th largest foreign exchange reserve in the world, which is deemed adequate.ㅇ The size is well beyond the IMF guideline, which is a global reference for the adequate size of FX reserve.2)ㅇ The IMF(Sep.4) and Fitch(July.16), a global credit rating agency, affirmed that Korea's reserve was sufficient.□ (Composition) Korea's reserve is composed of assets with low risk such as deposits, sovereign bonds, federal agency securities and supernational bonds.ㅇ As of September 2008, the total of $240 billion reserve can be cashed in immediately.2) IMF guideline for adequate FX reserve is a total of 3-month current pa
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Oct 09, 2008
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Oct 09, 2008
- News Briefing for Foreign Correspondents
- Soundness of Domestic Banks- Korea’s banking sector is sound in terms of asset strength, capital adequacy, profitability, and other soundness measures. Domestic banks’ ROA and ROE ratios, at 0.88% and 12.53%, respectively, are in line with or better than many banks in the developed countries.- Domestic banks’ average delinquency rate has risen slightly from 0.70% at end- 2007 to 0.87% at end-September, 2008. The average coverage ratio (a measure of reserves against potential loan losses) of 197.1% and BIS capital ratio of 11.36% strongly suggest that domestic banks will be able to easily absorb loan losses.- The Korean won-based liquidity ratio was 107.7% at end-August, while foreign currency-based liquidity ratio was 100.5% at end-September, both higher than the recommended level of 100% and 85%, respectively.- The loan/deposit ratio (including CDs) stood at 103.2% at end-September, slightly lower than 105.4% at end-July. Because of their deposit-like characteristics, CDs are often included in determining the loan/deposit ratio (e.g., the U.S.). The over- the-counter sale of CDs accounts for approximately 80% of the total.- It has been reported that Korean banks are borrowing in dollars and lending in won. This is incorrect because local banks are mostly financing won-denominated loans with deposits, CDs, and won-denominated bond issues.- As of end-June, 2008, foreign currency assets came to US$227.7 billion, which closely matched US$236.2 billion in foreign currency liabilities.Household Mortgages- Bank household mortgage loans outstanding totaled KRW231.8 trillion at end- September.- In 2008, bank mortgage lending rose by roughly KRW1.4 trillion a month.- Mortgage loans are sound, particularly when the low loan-to-value ratio (47.0%) and delinquency rate (0.44%) and the high coverage ratio (311.7%) are taken into account.SME Lending- The growth of bank lending to small- and medium-sized enterprises (SMEs) has slowed somewhat since August. SME loans outstand
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Sep 10, 2008
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Aug 25, 2008
- FSC’S Policy Efforts for Financial System Advancement and Future Tasks
- Since the establishment of FSC, instability in the external environment has aggravated due to the sub-prime mortgage related global stock market shock, global investment banks’ fragility, anxiety of stagflation due to combined factors of increased oil price and economic recession. Internally, there have been difficulties in the construction and SME sectors due to the domestic recession. Under such challenging circumstances, FSC has not only provided support to stabilize the domestic financial market, but also to perform an essential role as a growth engine to drive the Korean economy. In particular, FSC is focusing on policies to further develop the financial industry, offer financial support to create a sharing society, and construct a global financial network, among others.1. Policies implemented since the establishment of FSC- Exert various policy efforts to stabilize the financial marketFSC has closely examined the money flow at home and abroad by constructing a market monitoring system with the Financial Supervisory Service (FSS) and other financial institutions in order to manage the financial market volatility caused by the global credit crunch.FSC has mitigated the market anxiety through active information notification and strengthened supervision. For example, FSC attempted to intercept the spreading anxiety by notifying the public of correct government information on the domestic banks’ foreign currency liquidity status and the rumor about the September crisis. In addition, FSC has not only strengthened supervision on risk factors such as marketable demand deposits in the banking industry, project finance loans, foreign currency liquidity, possibilities of unfair transactions, including market price control, but also expanded the foundation to detect and respond to risks at an early stage by applying the Early Warning System in the financial sector.- Promote political tasks to develop the financial industryFSC has triggered innovation in the financial
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Jul 29, 2008
- FSC Releases Draft Amendment to the Act on External Audit of Stock Companies
- The Financial Services Commission organized a joint private-public Task Force (from Apr. to June, 2008) composed of officials from the government/supervisory authority, business representatives and accounting experts to establish an advanced accounting system. The Task Force conducted a rigorous review of major issues relevant to Korea's accounting system and devised improvement measures. Based on the review and a public hearing held on June 4, the FSC drafted the Amendment to Act on the External Audit of Stock Companies and the Amendment to Certified Public Accountant Law.Opinions collected during the 20-day announcement period from July 29 to August 17 are to be reflected in the Amendments before submitting them to the upcoming regular National Assembly session after completing relevant procedures like deliberation by the Regulatory Reform Committee/the Ministry of Legislation and the vice ministerial- cabinet meeting. Announcement of the revised Enforcement Decree of the Act on External Audit of Stock Companies is scheduled in August.Key ChangesThe primary objective of the draft amendments is to bring about changes that will facilitate international convergence of accounting standards and efficiency in line with the full introduction of IFRS by: (i) relieving unlisted companies of the excessive accounting burden; (ii) build infrastructure including legislation for the adoption of IFRS, and (ii) improving supervisory system and reinforce expertise to boost accounting transparency.1. Revision of the Act on External Audit on Stock Companies- Changes in Title/Composition of Financial Statements and Consolidated Financial Statements (draft article 1-2)Change title/composition of financial statements to align with the IFRS, (as is) balance sheets, statements of income, statements of appropriations of retained earnings, statements of change in equity, statements of cash flows, (to be) statement of financial position, statement of comprehensive income, statement of chang
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Jun 19, 2008
- Memorandum of Understanding between MEF of the Kingdom of Cambodia and FSC of The Republic of Korea
- Memorandum of UnderstandingbetweenThe Ministry of Economy and Finance of the Kingdom of CambodiaandThe Financial Services Commission ofThe Republic of KoreaThe Ministry of Economy and Finance (MEF) of the Kingdom of Cambodia andthe Financial Services Commission (FSC) of the Republic of Korea (hereinafter referred to as the “Authorities”),Desiring to promote co-operation in the field of securities-related and insurancesupervision on the basis of equality and mutual benefit,Recognizing that such co-operation will promote economic co-operation andenhance the friendly relationship between the two countries,Have agreed as follows:Purpose and PrincipleArticle 11. The purpose of this Memorandum of Understanding (“Memorandum”) is tostrengthen co-operation between the two authorities in the field of securitiesrelatedand insurance supervision on the basis of equality and mutual benefit,within the scope of laws and regulations of the two countries.2. This Memorandum does not modify or supersede any laws or regulatoryrequirements in force in, or applying to, the Kingdom of Cambodia or theRepublic of Korea. This Memorandum sets forth a statement of intent, andaccordingly neither creates any enforceable rights nor obligations by theparties hereto and third parties. This Memorandum does not affect anyprovisions or arrangements under other Memorandums.3. The Authorities acknowledge that they may only provide information underthis Memorandum if permitted or not prevented under the applicable laws,regulations and requirements of the Kingdom of Cambodia or the Republic ofKorea, and if provision of such information does not negatively affect nationalinterest of either country.Scope of CooperationArticle 2The co-operation may include, in particular, the following forms:a) Sharing of supervisory information and other information on trends in thesecurities markets and supervision policies of the two countries;b) High level dialogue;c) Exchange of examination and supervision techni
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Jun 13, 2008
- FSC/FSS to Host IAIS Triannual Meetings and Global Seminar in Seoul
- FSC/FSS to Host IAIS Triannual Meetings and Global Seminar in SeoulThe Financial Services Commission and the Financial Supervisory Service will host the International Association of Insurance Supervisors (IAIS) Triannual Meetings and Global Seminar from June 16 to 20 at the Lotte Hotel in Seoul, Korea.Approximately 200 participants from home and abroad, including representatives from National Association of Insurance Commissioners of U.S., Financial Services Authority of U.K., Financial Services Agency of Japan, and International Monetary Fund, are expected to attend the Seoul meetings.The IAIS Triannual Meetings give insurance supervisors and market participants an opportunity to exchange views on issues of key concern in the insurance industry and global supervisory/regulatory standards. Four committee meetings—Executive Committee, Technical Committee, Budget Committee, and Implementation Committee—as well as seven subcommittee meetings—including Regional Coordination Subcommittee and Governance and Compliance Subcommittee—are planned throughout the week.The first Global Seminar will also take place from June 18 to 20, with the aim of facilitating understanding and implementation of insurance supervisory standards. Presentations on six topics—IASB Phase II Project on Insurance Accounting and IAIS’s Views on it, Three Solvency Guidance Papers Developed in 2007, Group Supervision, Reinsurance Mutual Recognition, Multilateral Memorandum of Understanding, and Asset Liability Management—will be given by distinguished speakers.Chairman Jun Kwang-Woo of the Financial Services Commission will deliver the welcoming remarks at the dinner held on June 17 and Governor Kim Jong Chang of the Financial Supervisory Service will give the opening address for the Global Seminar on June 18.* Please refer to the attached PDF below.
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Jun 02, 2008
- The Plan for Privatization of KDB and Establishment of KDF
- Ⅰ. Purpose◇ Privatization of KDB is not intended for restructuring of public companies. It is a progressive strategy to develop the financial industry into a new growth engine by turning it into a high value-added industry.◇ Korea Development Fund (KDF), an advanced market-friendly policy financing vehicle to be established with funds from KDB's privatization, will support promising SMEs. - The privatization initiative provides the optimal solution to realizing the national agenda of nurturing a competitive CIB (corporate and investment bank).ㅇ By combining KDB, which has a strong corporate bankingcapacity, with Daewoo Securities, Korea's leadingsecurities house, the foundation will be laid to secure a competitive investment bank.ㅇ Advancement of innovative value-added industries will take place by securing a competitive investment bank, which will act as a core intermediary of the capital market.* An investment bank that provides risk capital to innovative industries, which will be central to the future Korean economy, is a must. - The privatization of KDB will trigger reorganizationand further advancement of the financial industry.ㅇ Domestic financial institutions typically stay complacent in the limited domestic market, maintaining their retail banking-focused revenue structure.* Currently, competitiveness of domestic banks and securities firms is limited as they concentrate on retail-banking and brokerage fees, respectively.* Overseas assets of leading global investment banks are over 50% of their total assets (e.g. Citi: 51%, HSBC: 56%, UBS: 91%). Yet, the average figure for domestic banks in 2006 was only 2.5%.ㅇ KDBH itself will actively seek MA opportunities to develop into a global investment bank through diversification of revenue structure and expansion of overseas business. By presenting new business models, it will act as a benchmark for other financial institutions. ⇨ This will provide domestic financial institutions with a new impetus a
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May 29, 2008
- Major meeting of FIUs in Korea progresses the fight against money laundering and terrorist financing
- The Prime Minister of the Republic of Korea, His Excellency Mr. Han Seung-soo opened the annual meeting of the Egmont Group of financial intelligence units.The Egmont Group consists of 108 financial intelligence units (FIUs) from across the world. Financial intelligence units are responsible for following the money trail, to counter money laundering and terrorism financing. FIUs are an essential component of the international fight against money laundering, the financing of terrorism, and related crime. Their ability to transform data into financial intelligence is a key element in the fight against money laundering and the financing of terrorism.In reflecting on the commitment of continued support by the Republic of Korea, Prime Minister Han Seung-soo said, “the Egmont Group has played a key role in the AML/CFT collaboration among government agencies.”This year’s meeting represents a milestone for the Egmont Group. Hosted by the Korean Financial Intelligence Unit (KoFIU), headed by Commissioner Young Kwa Kim, the meeting, the first plenary meeting in Asia, was attended by approximately 250 people from over 85 Egmont members, five (5) candidate/observer FIUs, and numerous international bodies.Mr. William Baity, Chair of the Egmont Committee said “this meeting reflects the commitment of the Republic of Korea and this region in the fight against money laundering and terrorist financing.”During the meeting, the FIUs of Moldova and the Turks and Caicos Islands were admitted as new members of the Egmont Group.In expanding and systematizing the exchange of financial intelligence information and fostering better communications among FIUs, more than 30 bilateral cooperation agreements were signed between Egmont members.The importance of the meeting was highlighted by the attendance of the incoming president of the Financial Action Task Force (FATF), the global standard setter for anti-money laundering and countering terrorism financing. Mr. Antonio Gustavo Rodrigu
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Mar 19, 2008
- Domestic Financial Institutions’ Bear Stearns-Related Credit Exposures and Supervisory Authorities’ Assessment
- The Financial Services Commission and the Financial Supervisory Service held a joint meeting on March 18 to take stock of domestic financial institutions' Bear Stearns-related credit exposures and appraise the ongoing financial market developments at home and abroad. The meeting was chaired by FSC Vice Chairman Rhee Chang-Yong and concluded with an action plan to step up market monitoring.Bear Stearns-related exposureDomestic financial institutions' Bear Stearns-related exposure was estimated at KRW443.1 billion (approximately US$434 million). Bank exposures totaled about KRW40.0 billion, which included KRW30 billion in Bear Stearns's debt securities, KRW7 to 10 billion in synthetic CDOs, and KRW400 million in derivatives (futures and options). Securities companies' investment in ELS by Bear Sterns was estimated at KRW211.1 billion. For insurance companies, the total exposure was put at KRW192.0 billion-KRW122.0 billion in debt securities and KRW70.0 billion in securitized assets including CDOs and CLNs.Assessment and responseWith J.P.Morgan Chase's assumption of Bear Stearns' liabilities, losses to be incurred by domestic financial are expected to be immaterial. The affirmation of the credit ratings of J.P. Morgan Chase by Moody's on March 17 following the Bear Stearns takeover is also expected to boost the prospect for minimal losses for domestic financial institutions. In response to the ongoing turmoil in the global credit markets and its likely adverse impact on domestic financial institutions, the FSC and the FSS agreed to form a joint market monitoring task force to keep a close watch on financial market developments and step up monitoring of sector-specific risks. This will include identifying domestic financial institutions' exposure to non-Bear Stearns assets, funding conditions for foreign currencies, unwinding of yen-carry trades, asset-liability maturity mismatch, and roll-over ratios.* Please refer to the attached PDF below.
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Feb 18, 2008
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Feb 14, 2008
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Feb 13, 2008
- Domestic Banks’ Net Income Estimated at KRW15.02 Trillion for 2007
- Preliminary figures put domestic banks’ combined net income for 2007 atKRW15.02 trillion, up KRW1.44 trillion from KRW13.57 trillion for 2006. Bank net income for 2007 was boosted by after-tax gains totaling KRW3.4 trillion from the sale of shares in LG Card (KRW3 trillion), SK Networks (KRW200 billion), and others that domestic banks held from debt-equity swaps in previous years.Excluding these one-time gains, bank net income for 2007 drops to KRW11.65 trillion, compared with KRW12.04 trillion for 2006.Interest income for 2007 was estimated at KRW31.2 trillion, an increase of KRW1.7 trillion or 5.8% from 2006. Non-interest income on the other hand jumped KRW3.4 trillion or 45.1% to KRW10.8 trillion on the back of robust increases in commission and securities-related gains. Service fee income, mostly from money transfer and ATM services, fell from KRW776.8 billion in 2006 to KRW701.9 billion in 2007, down 74.9 billion or 9.6%. But commission income from the sale of funds and bancassurance increased KRW1.1 trillion to KRW2.8 trillion.Domestic banks’ ROA for the year averaged 1.10%, down slightly from 1.13% a year earlier; net of gains from sale of debt-equity swap shares, ROA for 2007 falls to 0.85%, compared with 1.00% for 2006. Net interest margin was estimated at 2.45%, compared with 2.64% for 2006 and 2.81% for 2005.* Please refer to the attached PDF below.
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Jan 23, 2008
- Loan-Loss Provisioning to Be Adjusted for Credit Card Companies
- The FSC/FSS plans to adopt regulatory changes that will raise provisioning forcertain classes of assets of credit card companies and incorporate a higher proportion of asset-backed securities in the computation of adjusted capital ratio. The new fine- tuning measures are intended to level uneven provisioning rules currently in place for banks and credit card companies and to ensure adequate provisioning as a cushion against losses.Provisioning rules for bank credit card assets have been reinforced in anticipation of the implementation of Basel II. In December, 2005, provisioning rules previously applicable only to the undrawn cash advance amount—total cash advances available to a credit card customer less the amount drawn or used—were extended to cover the total undrawn line of credit. In December, 2006, provisioning rate was raised from 1% to 1.5% for credit card assets classified as normal and from 12% to 15% for assets classified as precautionary. But these rule changes have not been extended to credit card companies.New provisioning rates for normal and precautionary assetsUnder the proposed changes, the provisioning rates applicable to credit card companies are to be raised from 1% to 1.5% for assets classified as normal and from 12% to 15% for assets classified as precautionary. The rates for the three other classes of assets—those classified as substandard, doubtful, and presumed loss—to remain unchanged at 20%, 60%, and 100%, respectively. These adjustments will mean that both banks and credit card companies will be subject to the same provisioning rates for their credit card assets.Provisioning for total undrawn line of creditProvisioning against undrawn cash advances is to be extended to cover the total undrawn line of credit given to credit card customers (same as bank credit card customers). The 0.5% provisioning rate currently in effect is also to be changed to the new provisioning rates to be applied to each of the five asset categories.Higher
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Jan 09, 2008
- Bank BIS Capital Ratios, September, 2007, and Implementation of Basel II in 2008
- BIS Capital Ratios, September, 2007Bank BIS capital ratios at end-September, 2007, averaged 12.71%, down modestly from 12.75% at end-2006. A 14.02% (KRW130.3 trillion) increase in risk-weighted assets led by loan growth of small- and medium-sized companies more than offset the 13.6% (KRW16.1 trillion) increase in bank capital and lowered the overall BIS ratio for the period.With bank net income totaling KRW13.2 trillion for the first nine months of the year, tier-1 capital rose 15.81% (KRW13.4 trillion) and tier-2 capital 8.01% (KRW2.7 trillion). Of the 13 commercial banks, the capital ratio rose for 8 banks but fell for 5 others during the January-September period.Basel II Implementation in 2008Implementation of Basel II is set to begin in 2008 as scheduled for domestic banks. Of the 18 domestic banks, Kookmin has received regulatory approval for the use of internal-ratings-based (IRB) approach; the 17 others are to begin with the standardized approach. Both the Industrial Bank of Korea and the Korea Development Bank are also working on regulatory approval for the use of IRB approach in 2009. As the implementation of Basel II progresses, the BIS capital ratios of domestic banks are expected to initially fall by one to two percentage points from the pre- Basel II ratios, a relatively minor drop given domestic banks’ robust accumulated net profits (estimated at KRW15.8 trillion for 2007) and the ample capacity to boost both tier-1 and tier-2 capital. Moreover, with a reduced risk weight (from 100% to 75%) for loans less than KRW1 billion to small- and medium-sized companies as well as other downward risk weight fine-tuning provided under the Basel II-based capital rules, domestic banks are not expected to see any material changes in their capital base. For the six regional commercial banks, the drop under Basel II is expected to be even smaller.With most domestic banks aiming for the adoption of advanced IRB currently set to be introduced in 2009, the implementatio
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Jan 09, 2008
