InfoAnda - FACTBOX-A look at South Korea's bank recapitalisation fund

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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: FACTBOX-A look at South Korea's bank recapitalisation fund Reuters - 1 hour 28 minutes ago (For related story, click on [ID:nSEO228641] Dec 18 - South Korea will launch a 20 trillion won fund in January to help banks replenish capital and encourage them to lend into the cash-strapped economy, the top regulator said on Thursday. Following are details on how the Bank Recapitalisation Fund is to be financed and what it may buy, according to a statement and comments from the Financial Services Commission . **STAKEHOLDERS - Bank of Korea would put 10 trillion won into the fund without a pre-set maturity, once it has approval from its Monetary Policy Committee. - Public and institutional investors will inject an additional 8 trillion won via the purchase of securities the fund issues with different maturities. - The state-owned Korea Development Bank is set to pump in the remaining 2 trillion won. **INVESTMENTS - Will buy preferred shares and hybrid securities to lift tier-1 capital at banks temporarily in 2009. **MATURITY - Banks can exercise a call option to return money to investors after five years from the fund launch. **DILUTION FOR EXISTING SHAREHOLDERS? - Seungtae Lim, FSC's secretary general, said the fund was not public money and therefore, the government would minimise its intervention with banks. - "This plan is not aimed at diluting the interests of existing shareholders," Lim said. **ANTICIPATED EFFECT IN BANKS - Banks can cushion themselves from possible economic depression and a shake-up in the sector with sufficient capital secured. - Banks will have bigger room to lend to small- and medium-sized companies, and exporters, as well as to help restructuring of corporate borrowers such as builders. - Lending by the Bank of Korea to the fund will bring down cost of capital for commercial banks, and result in lowering market interest rates. **NEW LENDING TO SMALLER FIRMS - FSC will guide banks to lend a combined fresh 5 trillion won to smaller companies on a monthly basis in the first half of 2009, compared with 3.4 trillion won and 4.3 trillion won in October and November 2008, respectively. **OTHER SUPPORT TO BANKS - State debt clearer, Korea Asset Management Corp, will buy 3 trillion won of bad loans arising from banks in 2009. - Korea Housing Finance Corp will securitise up to 7 trillion won in mortgage loans extended by banks, a transaction that could be financed by the Bank of Korea. 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 Palm Beach pawnshop's business up thanks to MadoffAP - 14 minutes ago British Airways-Qantas merger talks fail: BAAFP - 17 minutes ago Turkey's Ford Otosan suspends output due low demandReuters - 23 minutes ago Australia's CBA raises $1.4 bln, shares diveReuters - 23 minutes ago Hu Jintao pledges open China amid 30-year celebrationAFP - 23 minutes ago Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine OPEC agrees to record cut in oil output: Saudi minister Fed cuts rate to virtually zero, will expand stimulus moves View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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