The FSC and the FSS held the first meeting of the taskforce on improving business management and operating practices of banks on February 22 along with private sector experts, representatives from all financial industry associations and research institutions. At the beginning of the meeting, Vice Chairman Kim So-young delivered opening remarks and spoke about the main purpose and key review agendas of the taskforce. The taskforce will review the following issues--(a) promoting competition and improving industrial structure in the banking sector, (b) improving banks’ employee pay system such as bonuses and severance pays, (c) improving banks’ loss absorbing capacity, (d) expanding the proportion of non-interest revenues of banks, (e) improving banks’ interest rate system through an expanded availability of fixed interest rates, and (f) promoting corporate social responsibility in the banking sector--and prepare specific measures for improvement by the end of June.