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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: Bank of Korea to supply up to 3.4 bln dlrs for bond fund AFP - Monday, November 24 SEOUL (AFP) - - South Korea's central bank said Monday it would supply up to five trillion won (3.38 billion dollars) in liquidity for a planned fund to stabilise the local bond market. The watchdog Financial Services Commission this month announced plans to create a 10 trillion won fund to ease a corporate funding squeeze. The Bank of Korea (BOK) said it would take part in the fund by printing fresh money and buying treasury bonds via repurchase agreement operations, as well as buying back monetary stabilisation bonds from banks and financial firms. "The liquidity support for the fund is aimed at helping to smooth liquidity flow in the corporate bond and commercial paper (markets)," BOK deputy governor Lee Ju-Yeol told Dow Jones Newswires. The fund was designed to ease the credit crunch by purchasing bonds, with banks, insurers, brokerages and pension funds set to contribute. But local treasuries have dropped sharply on expectations that financial institutions may face intense pressure to sell their bond holdings to contribute to the fund, triggering a sell-off led by foreign investors. The central bank's recent steep rate cuts have done little to bring lending rates down as banks continue to suffer from a liquidity squeeze. South Korea has announced a series of steps to lessen the effect of the global slowdown, including 16 billion dollars in loans to ease a dollar shortage for firms importing raw materials and exporting goods. But private banks have been increasingly reluctant to extend loans, especially to smaller firms, as credit dries up while the export-led economy slows down. Corporate bankruptcies hit a three-year high in October. 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: China's Economy China president in Greece for $1 billion port dealAP - 29 minutes ago China addresses stimulus doubts with proposal listAP - 1 hour 28 minutes ago China stocks down as rate cut rumors fizzleAP - 1 hour 52 minutes ago Euro briefly dips, Bund futures slip after weak IfoReuters - 2 hours 36 minutes ago Related Articles: Business OUTLOOK-India steel may nudge higher on import dutyReuters - 22 minutes ago Malaysia c.bank cuts key rate to 3.25 pctReuters - 22 minutes ago CORRECTED - CORRECTED-UPDATE 4-China provinces propose $1.5 trillion in inveReuters - 23 minutes ago China president in Greece for $1 billion port dealAP - 29 minutes ago European stocks higher on Citigroup rescueAP - 31 minutes ago Enlarge Photo Bank of Korea to supply up to 3.4 bln dlrs for bond fund Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Michael Jackson settles court case: spokeswoman Stricken German public bank KfW expects further losses Over 200 narwhal trapped in Canadian ice Slump in Europe spreads wider Japan scientists eye made-to-order bones View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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