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S. Korea state-run banks to provide at least $1.5-B support to credit union

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South Korea’s state-run banks are providing at least two trillion won ($1.54 billion) of liquidity support to a credit union hit by customers withdrawals through repurchase agreements, joining commercial banks also offering financing. | Reuters

South Korea’s financial services regulator has also asked major commercial banks to prepare around 5 trillion won in financing to support the credit union, Reuters reported on Monday.

There have not been any indications so far that the situation at MGCCC is affecting South Korea’s major commercial banks. Credit default swap premiums at the lenders were little changed this month after a spike late last year.

 

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South Korea asks banks to prepare $4B to support credit union – sourcesSouth Korea’s financial services regulator has asked major commercial banks to prepare about $4 billion in financing to support a credit cooperative hit by customer withdrawals, two banking sources familiar with the matter said. | Reuters
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