The FSC and the FSS held the 3rd working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 15, chaired by FSC Vice Chairman Kim So-young. At the meeting, authorities discussed measures to revamp the soundness requirements in the banking sector to improve bank's loss absorbing capacity and looked into the current status of major banks' bonus remuneration system to seek improvements. At the beginning of the meeting, Vice Chairman Kim So-young said that despite recent failures of Silicon Valley Bank and Signature Bank in the U.S., domestic banks appear to be operating with sufficient liquidity, adequate soundness and without significant exposures to those banks. However, as there are possibilities of rising market volatility in the future, the Vice Chairman said that authorities will spare no effort in maintaining financial stability. The 4th working group meeting expected to be held on March 22 will deal with the current progress in the savings comparison and recommendation services and ways to boost the competitiveness of internet-only banks.