Finance
Savings banks special account extended one year; industry steps up soundness drive
South Korea’s Financial Services Commission will extend the operating period of the Deposit Insurance Fund’s special account for savings banks by 1 year, keeping it through end-2027 to handle remaining liabilities. The move follows an industry meeting where all financial sectors agreed to bear additional costs via deposit insurance premiums. Authorities expect a 1-year extension to be sufficient to clear residual debt, while the savings bank sector continues to dispose of non-performing assets and improve soundness.
