FSC Vice Chairman Kim So-young met with the heads of all local banks on April 6 and urged active cooperation for improving the management and operating practices of banks and banking system. In his opening remarks, Vice Chairman Kim spoke about some of the positive outcomes of operating a taskforce for this effort including the expanded availability of loan transfer infrastructure, introduction of online deposit product brokerage services and improvement in disclosure of interest rate differences between deposits and loans. To promote competition in the banking sector, Vice Chairman said that policy decisions should be made from a perspective of bringing about more benefits for the public based on financial market stability and consumer protection. Regarding the banking sector's bonus remuneration system, the Vice Chairman said that an assessment should take place on employees' innovative efforts while giving sufficient consideration for their prudential management and consumer protection efforts as well. After operating the taskforce until the end of June, Vice Chairman Kim said that authorities will draw up specific measures for improvement.