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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World FACTBOX-S.Korean officials' comments on property boom Reuters - Monday, October 5 Send IM Story Print Oct 5 - The Bank of Korea has repeatedly hinted it would start to raise interest rates ahead of other central banks if a boom in house prices and mortgage lending continues. The Finance Ministry opposes a rate rise. But investors and analysts increasingly believe the Bank of Korea will raise its policy interest rate as early as November, which could make it the first G20 central bank to resume tightening following the global financial crisis. Following are comments from officials at South Korea's government, regulator and central bank: FINANCIAL SERVICES COMMISSION CHAIRMAN CHIN DONG-SOO, to reporters, on Sept. 25: "We are closely watching details on loans by non-bank financial companies. If their lending is found to reduce the effect of recent measures on banks as concerned, we are preparing more steps." [ID:nSEO144752] - - - - BANK OF KOREA, in a draft report to parliament obtained by Reuters, on Sept. 22: "We will take proper steps including monetary policy if necessary, taking a look at conditions of financial markets and the economy in the future." [ID:nSEO240935] - - - - BANK OF KOREA, quoted by the Dong-a Ilbo, on Sept. 19: "In contrast to advanced countries where real estate prices have collapsed, South Korea's real estate prices have been rising since April, even after undergoing only a small correction." The newspaper also quoted the central bank as saying in a report to parliament that authorities would "have to use monetary policy" as well as regulatory measures, such as lending controls, to prevent a property price bubble. [ID:nSEO189770] - - - - BANK OF KOREA DEPUTY GOVERNOR LEE KWANG-JUNE, to lawmakers, on Sept. 17: Lee said South Korea needed to take both macro- and micro-economic policy measures to tackle growing property market problems. [ID:nSEO364306] - - - - BANK OF KOREA GOVERNOR LEE SEONG-TAE, at a news conference after the central bank decided to leave interest rates unchanged, on Sept. 10 : "There's no problem at the moment with consumer prices and international balance of payments but I am worried about the housing sector." "One concern is that despite the regulatory authorities' efforts, mortgage lending has continued to increase significantly until recently, along with a steady rise in housing prices over the past several months." "We need to wait a little to see how a series of mortgage control measures, introduced recently, take effect, and we hope these measures help stabilise the housing market." [ID:nSEO285454] - - - - FINANCIAL SERVICES COMMISSION CHAIRMAN CHIN DONG-SOO, to reporters, on Sept. 7: "As for the trends in short-term funds, household debts and corporate lending, we will conduct vigilant monitoring and take aggressive action on any tipping effect or abnormal movement of capital." [ID:nSEW000134] - - - - INTERNATIONAL MONETARY FUND, in a report, on Aug. 21: "They agreed that prudential regulation should be the first line of defence against frothy asset markets, as evidenced by a recent tightening of loan-to-value ratios in selected Seoul neighbourhoods. However, the authorities did not rule out interest rate hikes should more generalised asset price rises become a concern." [ID:nSEO219430] - - - - MINISTRY OF STRATEGY AND FINANCE, in a statement, on Aug. 20: " shared a view that the housing market could show instability in parts of the country in the autumn moving season and agreed to watch the market trend more closely." [ID:nSEO287783] - - - - FINANCE MINISTER YOON JEUNG-HYUN, quoted by a local online news provider, on Aug. 10: "The recent move in the property market is on the way to stabilisation, given trading volumes and values. I do not feel any necessity of additional measures." [ID:nSEO256000] LINKS: > POLL-Property to rise 6.5 pct before peaking [ID:nT117819] > POLL-Reuters poll on S.Korean housing prices [ID:nHKG221983] > S.Korean c.bank ready to clamp down on housing[ID:nSEO327329] > GRAPHICS-S.Korea gets tough on property boom [ID:nSEO61240] > For full coverage of Korean economy [ID:nECONKR] > For live coverage of Korean data <ECONKR> (Reporting by Cheon Jong-woo in SEOUL; Editing by Yoo Choonsik) Recommend Send IM Story Print Related Articles India Corporate Debt - Issuers to stay on sidelines Reuters - Monday, October 5 Indonesia Sept FX reserves at $62.29 bln-c.bank Reuters - Monday, October 5 MONEY MARKETS-Sharp jump in Aussie rate expectations Reuters - Monday, October 5 Fast Retailing shares surge on sales jump, upgrade Reuters - Monday, October 5 India o/n call rate ends near rev repo on cash Reuters - Tuesday, October 6 News Search Top Stories Dairy farmers bring Brussels to a standstill Brazil joins emerging-nation boost to IMF funds Brazil switches roles with helping hand for IMF US trio win Nobel Medicine Prize for research on ageing Victorious F1 driver Vettel now looks to Brazil More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Mother in plea to Elton John over adoption plan Oldest hominid skeleton sheds light on human origins T-Rex fails to impress Las Vegas bidders 13 million premature births worldwide: US charity Nobel guessing game at fever pitch More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Nanoparticles could pose threat to humans: scientists Oldest hominid skeleton sheds light on human origins Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! 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FACTBOX-S.Korean officials' comments on property boom
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