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Korea Deposit Insurance Corporation

1,234 bytes removed, 2 years ago
remove section Financial Safety Net in Korea -- is this relevant?
* Feb. Deposits in DC(Defined Contribution) retirement pension and IRP(Individual Retirement Pension) are separately protected, coverage up to KRW 50 million.
==Financial Safety Net in Korea==
The financial safety net in Korea consists of the KDIC, the financial supervisory authorities ([[Financial Services Commission (South Korea)|Financial Services Commission]] & [[Financial Supervisory Service]]), the [[Ministry of Strategy and Finance]], and the [[Bank of Korea]]. To ensure effective cooperation among the financial safety net players, several measures have been put in place.
* There are [[Memorandum of understanding|MOU]]s signed by the KDIC, financial supervisory authorities, and the [[Bank of Korea]] agreeing on joint examinations and sharing of financial information. The [[Memorandum of understanding|MOU]]s are crucial to achieving balanced financial supervision and exchange of financial information.
* When necessary, the KDIC can request insured institutions and the [[Financial Supervisory Service]] to provide data.
* The KDIC can also either request the [[Financial Supervisory Service]] to examine a particular financial institution and inform the KDIC of the result, or request the [[Financial Supervisory Service]] for a joint examination.
* Also, high-ranking officials from each of the organizations participate in the others' top decision making committee.
==Overcoming the Financial Crises==