Press Briefing on the Short-Term Benchmark Rate System

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Good afternoon folks.

I went to the press briefing “Current Stance on the Short-Term Benchmark Rate System and Future Policy Measure”. The briefing was led by the Financial Policy Bureau, FSC. The Certificate Deposit (CD) rate and its related concerns are the one of the most heatedly debated issues these days. I guess many of you are also very interested in the issues, and this briefing would be an eye-catching one.

Here I am outlining the main points at the briefing. If you want any further information, you can refer to FSC’s press release for more details.

The big picture of briefing is announcing “Key Improvements to the Short-Term Benchmark Rate System”. The improvements are derived from FSC’s efforts through a special task force which has been gathering lots of information and having discussions.

Key improvements are as follows;

We are yet to know how these new measures are actually going to work, but it is expected that these measures will ease the current concerns over the CD rate. Why? The special task force was composed of not only FSC, but also other affiliated agencies, the academia, and trade group, and their various views are well reflected in the improvements.

Cheers,
Frank

Press Release is available at
http://www.fsc.go.kr/eng/wn/list_qu.jsp?menu=01&bbsid=BBS0048#27286

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