FSC Chairman Shin Je-Yoon returned from a three-day trip to the UK with fruitful results. During the trip, officials from the Ministry of Finance and Strategy, Ministry of Land and Transport, Financial Supervisory Service, Korea Development Bank, Korea Export and Import Bank, Korea Investment Corporation, National Pension Service, and commercial banks accompanied the chairman to participate in “Korea-UK Financial Cooperation Forum”, an event co-hosted by the financial authorities of both countries. From the UK counterpart, Lord Mayor of the City of London, officials from HM Treasury, Prudential Regulation Authority, Financial Conduct Authority, Bank of England, Standard Chartered, HSBC, Barclays, Aviva and many others joined the discussion.
Both parties went through a profound discussion on forging inter-bank partnership when launching new businesses in a third country, financial consumer protection, recovery and resolution plan and many other issues. The participants made an agreement to put more efforts to realize and put into force the 11 MOUs signed during President Park’s visit to the UK as soon as possible.
One day prior to the forum, Chairman Shin participated in the general meeting of the Financial Stability Board hosted by the Bank of England. Participants actively shared opinions on the recent risk factors of the emerging markets. Chairman Shin Je-Yoon emphasized the importance of increasing the foreign reserves and signing currency swap agreements in order to effectively tackle the potential difficulties that the emerging markets face.
Chairman Shin Je-Yoon also called for louder voices of the emerging nations in the FSB, pointing out the fact that the roles of those countries are restricted when discussing issues related to international financial regulations due to limited number of assigned seats.
Moreover, he shared with the participants Korea’s experiences of overcoming number of financial and economic crisis which drew great interest and attention of the FSB members.