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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: CHRONOLOGY-S.Korea acts to tackle financial, economic crisis Reuters - Monday, January 19 Jan 19 - South Korea's unpopular president replaced his top economic and financial officials in the face of criticism over the government's handling of an economy slipping closer to its first recession in 11 years. The following is a chronology of key measures South Korea has taken to tackle the financial crisis and boost its flagging economy: Jan. 19 - President Lee Myung-bak replaces the Minister of Strategy and Finance and the Chairman of the Financial Services Commission in a partial cabinet reshuffle focused on reviving Asia's fourth-largest economy. Jan. 9 - The Bank of Korea cuts its key interest rate for the fifth time in three months by 50 basis points to a record low of 2.50 percent; troubled auto maker Ssangyong Motor <003620.KS> files for court receivership. [ID:nSEO82504] Jan. 8 - South Korean President Lee Myung-bak orders officials to take pre-emptive steps to counter what he calls a state of national economic emergency during the first economic crisis meeting with top officials. [ID:nSEO338164] Jan. 6 - The government announces a plan to invest 50 trillion won over the next four years in major infrastructure and environment projects to create 960,000 jobs.[ID:nSEO18713] Jan. 4 - The Bank of Korea reaffirms that its interest rate policy will focus on supporting growth and improving the flow of funds through the local financial system. [ID:nSEO337753] Dec. 25 - The Labour Ministry releases a plan to spend 5.4 trillion won in 2009 to stabilise the job market. [ID:nSEO265771] Dec. 18 - South Korea's top regulator says the country will launch a 20 trillion won fund in January to help banks replenish capital [ID:SEO228641]. The finance ministry also pledges to bolster the economy through aggressive liquidity-providing open market operations.[ID:nSEW000029] Dec. 17 - A government-proposed bond market stabilisation fund to purchase unpopular corporate bonds worth up to 10 trillion won launched. The central bank initially chips in about 2.1 trillion won. [ID:nSEO223140] Dec. 16 - Seoul announces plan to pump $1.2 billion worth of securities into three state-run banks to boost their capital and help them provide funding to cash-poor companies.[ID:nSEO121733] Dec. 15 - The government announces plans to spend about 14 trillion won over the next four years on improving and redeveloping the country's four main rivers and adjacent areas. [ID:nSEO165586] Dec.14 - South Korea's total state spending for 2009 is finalised at 284.5 trillion won, up 10.6 percent from 2008. The government plans to spend 60 percent of the budget in the first half of the year to achieve a 3 percent growth. [ID:nT143631] Dec. 12 - The Bank of Korea signs bilateral currency swap deals with Japan and China beefing up its credit lines to about $62 billion equivalent from $17 billion. [ID:nSP283370] Dec. 12 - State debt clearer Korea Asset Management Corp says it will buy 1 trillion won of bad loans from banks in December, on top of a previous 2008 target of 800 billion. [ID:nSEO112352] Dec. 11 - The Bank of Korea cuts its key interest rate by an unprecedented full one percentage point to a record low of 3 percent. [ID:nSEV000545] Dec. 11 - The Bank of Korea says it will add 12 local brokerage houses to the list of its repurchase agreement trading partners in a bid to ease credit squeeze. [ID:nSEO94121] Dec. 9 - South Korea will step up efforts to weed out and close troubled companies, including ailing builders, as the economic downturn is expected to send more firms into financial difficulty, a top financial regulator says. [ID:nSEO28671] Nov. 11 - The Bank of Korea begins to buy bank bonds. The central bank injects 1 trillion won into local banking system via 63-day repurchase agreements with bonds issued by banks serving as collateral. [ID:nSEL000336] Nov. 7 - The Bank of Korea cuts its policy rate by 25 basis points to 4.00 percent, the third cut in a month. [ID:nSEO51448] Nov. 3 - The government unveils an economic stimulus package worth at least 14 trillion won. [ID:nSEV000528] Oct. 30 - The Bank of Korea ties up a $30 billion currency swap facility with the U.S. Federal Reserve to ease a dollar crunch at local financial companies. [ID:nSP414786] Oct. 27 - The Bank of Korea cuts its base rate by 75 basis points to 4.25 percent in an emergency action to stabilise markets and boost the economy. It also cuts its special rate for lending to small-and medium companies by the same margin. [ID:nSEU000096] Oct. 23 - The central bank raises the ceiling on low-interest loans to smaller companies for the first time in seven years. Oct. 21 - The government earmarks 5 trillion won for purchases of unsold new homes and land that local builders want to sell to cover their debt payments. [ID:nSEO346755] Oct. 19 - The country's top three financial authorities jointly announce measures to calm markets, including a plan to provide government guarantee on foreign-currency borrowings worth up to $100 billion. [ID:nSEO366228] Oct. 9 - The central bank cuts its main interest rate by 25 basis points to 5.0 percent, joining worldwide rate cuts. [ID:nSEO278751] Sept. 30 - South Korea bans short-selling of all listed stocks and allows companies traded on the main exchange to buy back 10 times more of their own shares from the market. [ID:nSEO281652]. (Reporting by Seo Eun-kyung and Cheon Jong-woo in SEOUL; Editing by Yoo Choonsik) 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 Singapore's K-REIT announces S$1 bln medium-term noteReuters - 41 minutes ago Oil prices drop as weak demand bitesAFP - 48 minutes ago Indian swaps steady; traders seek rate cuesReuters - 51 minutes ago Russia's Wimm-Bill-Dann secures credit lineReuters - 52 minutes ago China's Baosteel raises March prices after Feb hikeReuters - 1 hour 3 minutes ago Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Faulty gene condemns millions in India to heart disease: study Hamas announces one-week truce after Israel ceasefire View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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