The FSC and the FSS held the 12th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on June 14, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to make disclosure of information on banks' management and operating status more transparent, detailed and easy-to-understand for consumers. A draft document form on banks' management and operating status was prepared by the Korea Federation of Banks containing largely three components--(a) asset/liability status, (b) profit/cost status and (c) how banks use net profits for capitalization and dividend distribution. At the meeting, Vice Chairman Kim said that it is important for banks to better communicate with consumers about how they make profits and how and where their profits are being used to facilitate better understanding by consumers and build trust with the public. In this regard, Vice Chairman Kim said that the proposed form on banks's management and operating status will help increase transparency and promote competition between banks.