ID :
27092
Tue, 10/28/2008 - 18:28
Auther :
Shortlink :
https://www.oananews.org//node/27092
The shortlink copeid
Parliamentary committee OKs bank bailout plan
SEOUL, Oct. 28 (Yonhap) -- A South Korean parliamentary committee on Tuesday approved a massive financial bailout scheme offering state payment guarantees for local banks' foreign debts.
Under the motion ratified by the Strategy and Finance Committee of the National
Assembly, the Bank of Korea will guarantee up to $100 billion in foreign-currency
loans to be raised by domestic banks through June next year for a period of three
years.
The Assembly is scheduled to vote on the motion in a plenary session on Wednesday
at the earliest, according to lawmakers of rival parties.
The latest market stabilization efforts by the Lee government come as analysts
question South Korean banks' ability to acquire enough dollars to pay off
maturing foreign loans amid the global credit crunch.
Under the motion ratified by the Strategy and Finance Committee of the National
Assembly, the Bank of Korea will guarantee up to $100 billion in foreign-currency
loans to be raised by domestic banks through June next year for a period of three
years.
The Assembly is scheduled to vote on the motion in a plenary session on Wednesday
at the earliest, according to lawmakers of rival parties.
The latest market stabilization efforts by the Lee government come as analysts
question South Korean banks' ability to acquire enough dollars to pay off
maturing foreign loans amid the global credit crunch.
