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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea agrees to guarantee banks' foreign loans Reuters - 2 hours 27 minutes ago SEOUL, Nov 15 - South Korea's financial watchdog said on Saturday it has signed an agreement with local banks that guarantee their foreign debt. The moves comes amid mounting worries that banks in the country are facing difficulties raising funds and rising bad debt as Asia's fourth-largest economy is hit by a global recession. Under the memorandum of understanding, the banks will seek to raise their capital ratios to 11-12 percent, the Financial Supervisory Service said in a statement. Local banks' capital ratios, guided by the Bank of International Settlements, slid to an average of 10.79 percent at the end of September, the lowest in 7-½ years, due to investment losses and and an increase in risky assets. The banks will also seek to expand credit lines, diversify methods of securing foreign currency, and sell minor foreign assets. The agreement also includes a 10-30 percent cut in salary and stock options for senior employees, the watchdog said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business G20 to agree to reform roadmap, stimulus effortsAFP - 28 minutes ago Taiwan's fiscal deficit to widen on econ-boosting movesReuters - 57 minutes ago Malaysia to ease race-based ownership rule again-paperReuters - 2 hours 8 minutes ago 110 banks have asked for $170B under bailout planAP - 2 hours 18 minutes ago S.Korea agrees to guarantee banks' foreign loansReuters - 2 hours 27 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Britney Spears's son hospitalized: statement China mulls crackdown on lip-synching View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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