Financial Safety Net in Korea
The financial safety net in Korea consists of the KDIC, the financial supervisory authorities (Financial Services Commission & Financial Supervisory Service), the Ministry of Strategy and Finance, and the Bank of Korea. To ensure effective cooperation among the financial safety net players, several measures have been put in place.
- There are MOUs signed by the KDIC, financial supervisory authorities, and the Bank of Korea agreeing on joint examinations and sharing of financial information. The MOUs are crucial to achieving balanced financial supervision and exchange of financial information.
- When necessary, the KDIC can request insured institutions and the Financial Supervisory Service to provide data.
- The KDIC can also either request the Financial Supervisory Service to examine a particular financial institution and inform the KDIC of the result, or request the Financial Supervisory Service for a joint examination.
- Also, high-ranking officials from each of the organizations participate in the others' top decision making committee.
Read more about this topic: Korea Deposit Insurance Corporation
Famous quotes containing the words financial, safety and/or net:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“I nightly offer up my prayers to the throne of grace for the health and safety of you all, and that we ought all to rely with confidence on the promises of our dear redeemer, and give him our hearts. This is all he requires and all that we can do, and if we sincerely do this, we are sure of salvation through his atonement.”
—Andrew Jackson (1767–1845)
“Hard times accounted in large part for the fact that the exposition was a financial disappointment in its first year, but Sally Rand and her fan dancers accomplished what applied science had failed to do, and the exposition closed in 1934 with a net profit, which was donated to participating cultural institutions, excluding Sally Rand.”
—For the State of Illinois, U.S. public relief program (1935-1943)