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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: S.Korean financial system sound despite turmoil-c.bank Reuters - Sunday, November 2 SEOUL, Nov 2 - South Korea's financial system is resilient enough to absorb external shocks thanks to stricter risk management regimes implemented while experiencing two major crises in the past 11 years, the central bank said on Sunday. "There does not seem to be a likelihood of the unrest in domestic financial markets that originated in the international financial markets developing into a crisis for the Korean financial system as a whole," it said in a scheduled report. South Korea has strengthened regulations and supervision on its financial sector in the aftermath of a crunch in foreign-currency reserves during the 1997-1998 Asian economic crisis and after a 2003 crisis ignited by the bust in a domestic consumer credit bubble. "There are no grounds for concern over debt servicing capacity thanks to the moderation of reckless borrowings in the wake of the foreign currency crisis and the credit card debacle," the Bank of Korea said. But it said some non-banking financial firms, including some small mutual savings firms, could see their asset quality eroded by a deepening slump in the domestic real estate market and persistently sluggish domestic demand. The central bank did not say if the 85-page report was written after taking into account a series of emergency measures taken in recent weeks to shield the local financial system and Asia's fourth-largest economy from the global financial crisis. The government and the central bank have offered a combined $135 billion to help the commercial banks and home builders, while the Bank of Korea slashed interest rates by a record 1 percentage point in October in two steps. 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 East Asia cautious on Obama trade policyAFP - 19 minutes ago Dubai's du telecom turns profitable, shares riseReuters - 47 minutes ago Australia's Bowen sees economic boost after US electionReuters - 1 hour 4 minutes ago China's Wen says maintaining growth is top priorityReuters - 1 hour 18 minutes ago CORRECTED - CORRECTED-UPDATE 2-India cuts rates to ease cash squeeze, supporReuters - 1 hour 50 minutes ago Most Popular – Business Viewed US presidential race enters final weekend Consumers curb spending, deepening recession fears Australian F1 race posts record financial loss Millions remember Philippine dead When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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