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S. Korea Backs $100 Billion in Debt to Calm Markets (Update1)
By Kyung Bok Cho and William Sim
Oct. 19 (Bloomberg) -- South Korea will undertaking as much as $100 billion in bank debts and fund lenders with dollars to stabilize the pecuniary markets.
The government will also provide tax benefits for lengthy-term equity and bond investors, while the Bank of Korea will buy repurchasing agreements and administration bonds to boost won liquidity in the private markets, the heads of the nation's financial affairs ministry, central bank and monetary regulator said today in a roast statement from Seoul. Policy makers had held an pinch meeting on Oct. 17 to hammer out the foresee.
South Korea is struggling with Asia's worst-performing currency, a paucity of U.S. dollars and a stock market that has at sea 38 percent this year. The ensure on bank debts comes after Paradigm & Poor's said last week it may cut the hold accountable ratings of the nation's largest lenders, which triggered the worst descend in the won since the International Monetary Fund bailed the country out in December 1997.
``They have to do that because the market was pushing them by attacking the Korean won,'' said V. Anantha-Nageswaran, chief investment policewoman for Asia Pacific at Bank Julius Baer (Singapore) Ltd., part of Switzerland's biggest external money manager for the wealthy. ``They be sure what the stakes are. The currency could completely keel over out of proportion.''
The government and state-run lenders including Korea Enlargement Bank will guarantee the external due taken up by Korean banks from Oct. 20 to June 30 next year, according to today's announcement. The guarantee is valid for three years.
`Allay Fears'
South Korea joins countries in Europe, along with Hong Kong and Australia, in providing government backing to debt that banks controversy to fund lending amid a extensive financial crisis.
``We will take similar measures to evade placing domestic banks at a comparative prejudice in terms of overseas funding and to allay fears in the monetary market,'' Finance Priest Kang Man Soo told reporters in Seoul today, at a seam press briefing with central bank Governor Lee Seong Tae and Jun Kwang Woo, bean of the Financial Services Commission.
S&P, in a story released Oct. 15, said South Korea's banks physiognomy a more than 50 percent chance the trustworthiness crunch could threaten their foreign-currency funding. Steward lenders have $235.3 billion of strange-currency liabilities, with about $32.7 billion due to age in the fourth quarter, according to the Monetary Supervisory Service.
Funding Loans
``Korea is one of the few banking systems in Asia where tame deposits are insufficient to fund loans,'' Unreliable's Investors Service said in an Oct. 16 despatch. That's forced them to rely on the wholesale bazaar for about 44 percent of their total funding, with supranational markets accounting for as much as 12 percent, the ratings plc said.
Moody's had earlier reduced the perspective on its financial strength ratings on Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank.
To push up the supply of U.S. dollars in the domestic shop, South Korea will provide the banking sedulousness with $30 billion from its foreign-reciprocity reserves, according to the statement. The command had already promised to supply a total of $15 billion to uncharitable firms and the swap market, while the Bank of Korea said on Oct. 17 it will interchange rules in the foreign- exchange swap market-place to increase banks' access to funds.
The U.S. monetary crisis is making it more difficult for companies worldwide to shield dollars as banks hoard realize to meet their future funding needs. South Korea's currency and swap markets are experiencing a dollar deficit as local businesses, which expect the U.S. currency to encourage against the won, don't want to sell their dollars yet.
`Smoothing' Operations
Authorities will be prolonged ``smoothing'' operations in the currency sell to avoid ``extreme volatilities,'' they said in the annunciation.
The government will give tax benefits to investors who coop up equity or corporate-bond funds for more than three years to reassure long-term investing and stabilize the markets, today's averral said. The breaks include an dispensation from taxes on dividends.
South Korea's benchmark Kospi selection index has lost 38 percent this year, heading for its first annual worsen since 2002. The measure plunged 9.4 percent on Oct. 16, the biggest one-day be slain since September 2001.
In U.S. dollar terms, the political entity's stocks are Asia's third- worst performers in this year, after China and Vietnam, because of the won's degeneration.
South Korea's financial regulator placed a momentary ban on short selling last month while making it harder for investors to sponge stocks to bet on stock-price declines, echoing measures infatuated by authorities in nations including the U.S. and Australia.
Further Steps?
South Korea will intromit 1 trillion won ($767 million) in Industrial Bank of Korea, the polity's biggest lender to small- and mid-sized businesses, by transferring its objectivity stakes in the state companies.
Singly, policy makers have decided that a recapitalization of the realm's financial institutions or an expansion of part guarantees are ``not necessary.'' Still, the management will ``take proper actions'' should the need go up, according to the statement.
``The government has done what it can do at the consequence to join global efforts to steal stabilize the markets,'' said Seo Chul Soo, a rooted-income analyst at Daewoo Securities Co. in Seoul. ``More steps may be needed if the extensive markets remain unstable.''
To contact the reporters for this scoop: Kyung Bok Cho in Hong Kong at kcho7@bloomberg.net; William Sim in Seoul at wsim2@bloomberg.net
inception: http://www.bloomberg.com
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S. Korea Backs $100 Billion in Debt to Calm Markets (Update2)
StarPhoenix By Kyung Bok Cho and William Sim Oct. 19 () -- South Korea will bond $100 billion in bank debts and supply lenders with $30 billion in dollars Seoul shares end at 3-yr low on solvent fears South Korea Policy Makers Meet on Won, Stocks Slump (Update2) South Korea Holds Crisis Summit to Stem Currency, Share Rout
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POSCO shares up after disqualified from Daewoo bid
AFP By Kim Yeon-hee SEOUL () - Shares of South Korea's POSCO rose on Friday, recouping some of the antecedent to day's sharp falls, as investors welcomed news POSCO leads steel shares' falls after Q4 counsel Steely Posco Makes Profit While The Sun Shines Seoul shares pare losses, in volatile business
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POSCO shares rises after bid of Daewoo - SteelGuru POSCO shares rises after bid of Daewoo Korea Situation Bank barred POSCO from bidding for Daewoo after its partner, GS Group, pulled out. That left Hanwha Group and Hyundai Upsetting Industries |
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Greenback hoarding worsens emerging markets slump - Sydney Morning Herald Greenback hoarding worsens emerging markets drop ``The Korean won may rise a bit as it helps local banks secure dollars more easily,'' said Seo Chul Soo, a in hock strategist in Seoul at Daewoo Securities Co. |
South Korea GS drops joint bid for Daewoo shipyard
Your Hustle News (press release) Kim Tae-gyun, a spokesman for the Korea Development Bank, which is a top shareholder in Daewoo and is also handling the sale, said it was discussing how to S Korea's 3 main business groups bid for Daewoo Shipbuilding Posco Steams Ahead With Daewoo Shipbuilding Bid Posco Forges Ahead on Daewoo Bid -
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S.Korea's KDB says POSCO disqualified for Daewoo buyer "In guild to ensure a fair and transparent auction, we came to a conclusion that POSCO is not eligible for the bid," the state-run bank said in a annunciation. |
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Hyundai Heavy, Hanwha gear up for Daewoo Shipbuilding acquisition - Trading Markets (press release) Hyundai Unsupportable, Hanwha gear up for Daewoo Shipbuilding acquisition acquisition of Daewoo Shipbuilding & Marine Engineering Co., with a final winner probable to be selected next week, watchers said Friday State-run Korea |
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Tata Daewoo develops prototype of South Korea’s 1st LPG MCV - Moneycontrol.com (press release) Tata Daewoo develops referent of South Korea’s 1st LPG MCV Tata Daewoo, a fully owned subsidiary of Tata Motors and South Korea ’s second largest trade maker, has developed a prototype of South Korea ’s first LPG |
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Posco Blocked on Daewoo Bid By KYONG-AE CHOI SEOUL -- Korea Expansion Bank said it won't allow Posco to make a solo bid to acquire a stake in Daewoo Shipbuilding & Seafaring Engineering |
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S.Korea govt offers economic hope, but markets dive - guardian.co.uk S.Korea govt offers pecuniary hope, but markets dive By Marie-France Han SEOUL, Oct 16 (Reuters) - South Korea said on Thursday the far-reaching financial crisis may have peaked and forecast 2009 economic growth South Korea to aim for 5 pc GDP growth in '09: Sanctioned |
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