Republic of Korea: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems
IMF Staff Country Reports, March 19, 2003
Source details
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- Republic of Korea: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems
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Bibliographic details
- Published: March 19, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451822151.002
Summary / Key findings
- Presents key findings of the Financial System Stability Assessment for the Republic of Korea, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems.
- Korea has achieved a high degree of observance of key standards and codes through newly revised laws and competent supervision.
- Reform of the banking sector has restored profitability and improved its strength and resilience.
- Supervisory independence could be strengthened to improve the ability to provide authoritative guidance and interpretation.
Observance of standards and codes
- Coverage includes: Monetary and Financial Policy Transparency; Banking Supervision; Securities Regulation; Insurance Regulation; Corporate Governance; Payment Systems.
- Assessment emphasizes high degree of observance attributable to newly revised laws and competent supervision.
- Identified gap: need to strengthen supervisory independence to enhance authoritative guidance and interpretation.
Banking sector assessment
- Reform of the banking sector has:
- Restored profitability.
- Improved strength and resilience.
Policy implications and recommendations (implicit in findings)
- Strengthen supervisory independence to improve the capacity to provide authoritative guidance and interpretation.
- Maintain and build on legal and supervisory reforms that supported high observance of standards and codes.
- Continue oversight and reforms that sustain banking-sector profitability, strength, and resilience.
Subject areas and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, Financial institutions, Insurance, Insurance companies, Securities
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), balance sheet, banking sector, central bank, Commercial banks, CR, due diligence, financial market, Global, government bond, Insurance, Insurance companies, investment trust, ISCR, Securities