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S. Korea to prepare for new global banking rules

All News 15:26 December 08, 2017

SEOUL, Dec. 8 (Yonhap) -- South Korea will closely examine the impact of new global regulations for banks and spare no efforts to adopt them without a hitch, the nation's financial regulator said Friday.

Global financial regulators agreed on the new banking regulations, known as Basel III, in Frankfurt on Thursday, the Basel Committee on Banking Supervision said in a statement.

The new rules, including revisions of calculation systems for capital requirements and credit risks, were set in the aftermath of the 2008-09 global financial crisis.

In a statement, the Financial Supervisory Service (FSS) said it will make its utmost efforts for South Korean banks to smoothly adapt to the new rules, which are expected to take effect in 2022.

Choe Heung-sik, governor of the FSS, attended the Frankfurt meeting this week, it said.

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