Just the Rules in Korean are official. This English translation associated with the Rules is certainly not formal and it is given to informational function just. The Ministry of Strategy and Finance is certainly not in charge of the correctness with this English interpretation, as well as the audience is recommended to refer to your documents that are original Korean. The original Korean documents shall be controlling if this English translation is different from or inconsistent with the original Korean documents.
Guidelines when it comes to continuing State Guarantee of External Debt of Korean Banking institutions (the В“RulesВ”)
Article 1 (Function)
The goal of these guidelines is always to set forth the range of qualified financial obligation, the range associated with guarantee, the procedures for the guarantee as well as other information on the state guarantee system pursuant to your В“Approval associated with the State Guarantee associated with the Foreign Currency Debt of Domestic Banks owed to Non-ResidentsВ” passed by the National Assembly (the В“ Program В”, as well as the state guarantee under such Program, the В“ State Guarantee В”), relative to the nationwide Finance Act, Enforcement Decree associated with the National Finance Act therefore the Rules for the handling of State Guarantees.
Article 2 (Definitions)
| (1) | В“ Domestic Bank В” means some of the after banks: (i) Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Korea Exchange Bank, Citibank Korea, Standard Chartered First Bank Korea, Pusan Bank, Daegu Bank, Kwang Ju Bank, Kyongnam Bank, Jeonbuk Bank and Jeju Bank, each established underneath the Banking Act; (ii) the Korea developing Bank established beneath the Korea developing Bank Act; (iii) Industrial Bank of Korea established beneath the Industrial Bank of Korea Act; (iv) the Export-Import Bank of Korea established underneath the Export-Import Bank of Korea Act; (v) nationwide Agricultural Cooperative Federation established beneath the Agricultural Cooperatives Act; and (vi) National Federation of Fisheries Cooperatives established under the Fisheries Cooperatives Act. В“Domestic BankВ” includes international branches of a Domestic Bank. |
| (2) | В“ Non-resident В” means В“non-residentВ” (including branches of international banks situated in Korea) as defined in Article 3, Paragraph 1, Subparagraph 13 for the forex Transactions Act. |
| (3) | В“ Guarantee Obligation В” means the responsibility associated with the Republic of Korea (the В“RepublicВ”) incurred due to their state Guarantee of this Eligible forex financial obligation as defined in Article 3 of this Rules. |
Article 3 (Qualified Debt)
Financial obligation denominated in foreign exchange, released or lent (including extensions of readiness) by a Domestic Bank between 20, 2008 and June 30, 2009 and owed to a Non-resident (the В“ Eligible Foreign Currency Debt В”) will be eligible for the State Guarantee october. Foreign exchange deposits and debt that is subordinated never be entitled to the State Guarantee.
Article 4 (Maximum quantity of Guarantee)
| (1) | The Minister of Strategy and Finance may issue their state Guarantee for the Eligible Foreign Currency Debt of Domestic Banks up into the aggregate optimum outstanding level of US$100 billion or even very same thereto (the В“ Aggregate optimum Guarantee Amount В”). |
The Minister of Strategy and Finance shall make certain that the outstanding guarantee quantity for each Domestic Bank shall perhaps maybe maybe not surpass the relevant restriction for such Domestic Bank as established in Schedule 1 hereto (the В“ Individual optimum Guarantee Amount В”); supplied , but , that the Minister of Strategy and Finance may adjust the in-patient optimum Guarantee Amount for Domestic Banking institutions if
such modification is viewed as necessary after consideration of domestic and international economic and money market conditions, performance of covenants by Domestic Banking institutions because set forth when you look at the guarantee that is applicable Notices issued pursuant to Article 3 for the guidelines for the handling of State Guarantees as well as other appropriate factors; supplied further that the aggregate most popular online dating sites outstanding number of State Guarantee for many Domestic Banking institutions shall perhaps maybe not go beyond the Aggregate Maximum Guarantee Amount after such adjustment.
| (3) | For purposes of determining whether or not the outstanding level of guarantees will not go beyond the Aggregate Maximum Guarantee Amount and Individual optimum Guarantee Amount because set forth in Paragraphs (1) and (2) above, correspondingly, the aggregate outstanding guarantee amount for several Domestic Banking institutions therefore the outstanding guarantee quantity for every single Domestic Bank shall be determined on the basis of the day-to-day stability of this amount of the key level of Guaranteed financial obligation (as defined below) and accrued interest (including any standard interest and associated costs) on such amount that is principal. |
Article 5 (Term associated with Guarantee)
| (1) | The Minister of Strategy and Finance can set the expression of this State Guarantee, which will be within 36 months through the initial effective date of this Eligible Foreign Currency Debt (in the event of an expansion of readiness, the effective date of these expansion). |
| (2) | The State Guarantee shall succeed only regarding the re re re payment responsibilities underneath the Guaranteed financial obligation that are payable (at maturity, on planned due dates, by acceleration or perhaps) on or before June 30, 2012. |
Article 6 (Application for the Guarantee)
| (1) | A Domestic Bank applying for the State Guarantee (the В“ В” that is applicant can submit an application for hawaii Guarantee in the Individual optimum Guarantee Amount applicable to such Applicant. |
To be able to make an application for the State Guarantee prior to Paragraph (1) above, the Applicant shall finish the В“Application for Guarantee Approval (Single Debt)В” within the type connected hereto as Form 1 and submit it towards the Minister of Strategy and Finance; offered , however , that the Applicant may finish and submit the В“Monthly Application for Guarantee ApprovalВ” within the type connected hereto as Form 2 for applications associated with short-term loans, instantly loans, commercial paper as well as other financial obligation which can be determined become perhaps perhaps not suited to single-debt application (A Monthly Application for Guarantee Approval for almost any thirty days will probably be submitted no later on than the 25 th time associated with the preceding thirty days; supplied, but, that the Minister of Strategy and Finance may set an alternate deadline for the very very first Monthly Application for Guarantee Approval).
No responses yet