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The Bank of Korea and the Financial Supervisory Service will collaborate on sharing financial information related to non-bank deposit-taking institutions.
On the 31st, the Bank of Korea announced, "We have mutually agreed and signed a memorandum of understanding with the Financial Supervisory Service to expand information sharing and strengthen monitoring functions for non-bank deposit-taking institutions (savings banks, credit unions, agricultural cooperatives, fisheries cooperatives, and forestry cooperatives) and to coordinate policies."
It added, "In particular, regarding the loan system reform that the Bank of Korea is promoting to swiftly decide on liquidity support for non-bank deposit-taking institutions facing significant difficulties in fundraising, both institutions have discussed ways to expand data sharing."
With the signing of this memorandum of understanding, the Bank of Korea and the Financial Supervisory Service plan to share not only regular reports related to non-bank deposit-taking institutions but also individually obtained financial information. They will establish a working-level consultative body to discuss detailed matters related to information sharing, which will be held quarterly.
The Bank of Korea stated, "Going forward, both institutions will continue efforts to expand the information base and conduct thorough inspections of the non-bank sector to ensure the stability of the financial system."
The Bank of Korea and the Financial Supervisory Service signed a memorandum of understanding on the 30th regarding the sharing of financial information among non-bank deposit-taking institutions. Photo by Bank of Korea
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