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KOREAN WATCHDOG TO BOOST MONITORING OF BANKS' FOREIGN BORROWING.
SEOUL, May 3 Asia Pulse - South Korea's financial regulator said Wednesday that it will strengthen its monitoring of foreign borrowing by local banks in preparation for expected hikes in global interest rates.
"We will check to see whether local banks are being vigilant concerning their borrowing conditions overseas," said Lee Woo-cheol, deputy governor of the Financial Supervisory Service (FSS). "They (local banks) should prepare for expected global rate hikes."
According to the financial regulator, the ratio of foreign assets against foreign debts held by local banks stood at 105.1 per cent as of end-February, well higher than the required 85 per cent.
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Source: HighBeam Research, KOREAN WATCHDOG TO BOOST MONITORING OF BANKS' FOREIGN BORROWING.