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
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