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IMF Executive Board Concludes Financial System Stability Assessment with the Republic of Korea

https://www.imf.org/en/News/Articles/2020/04/20/pr20174-republic-of-korea-imf-executive-board-concludes-financial-system-stability-assessment

April 20, 2020

WASHINGTON, DC – the Executive Board of the International Monetary Fund (IMF) concluded the Financial System Stability Assessment [1] with the Republic of Korea on March 27, 2020 without a meeting. [2]

워싱턴 DC – 국제 통화 기금 (IMF) 집행위원회는 2020 년 3 월 27 일 대한민국의 금융 시스템 안정성 평가 [1]를 회의없이 마무리했습니다. [2] 

The FSSA was prepared by a staff team of the IMF for the Executive Board’s consideration on Friday, March 27. The staff report reflects discussions with the Korean authorities in September and December 2019 and is based on the information available as of end June 2019. It focuses on Korea’s near and medium-term financial stability challenges and policy priorities and was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. It, therefore, does not reflect the implications of these developments and related policy priorities. Staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in Korea and globally.

FSSA는 3 월 27 일 금요일에 IMF 임원진이 집행위원회의 고려를 위해 준비한 것입니다. 직원 보고서는 2019 년 9 월과 12 월의 한국 당국과의 토론을 반영하며 2019 년 6 월 말 현재 이용 가능한 정보를 기반으로합니다. 한국의 단기 및 중기 재무 안정성 문제와 정책 우선 순위에 중점을두고 COVID-19가 전 세계적으로 유행하여 세계 무역, 상품 및 금융 시장에서 전례없는 긴장을 겪기 전에 준비되었습니다. 따라서 이러한 발전(코로나진행 상황)  및 관련 정책 우선 순위의 영향을 반영하지 않습니다. 직원은 상황을 면밀히 모니터링하고 있으며 한국 및 전 세계에서 그 영향과 관련 정책 대응을 평가하기 위해 계속 노력할 것입니다. 

According to the FSSA, operating within a trade dependent open economy, Korea’s financial system is among the most developed and internationally connected in Asia. The authorities maintain a comprehensive, rules-based oversight system. The overall financial system appeared resilient, but with growing vulnerabilities. Stress tests suggested that banks and insurers, in aggregate, can weather severe macro financial shocks (similar to a potential near term COVID-19 implied fallout on economic activity and the financial sector), although some banks would make use of capital conservation buffers. Growth-related uncertainties in view of the global macroeconomic conditions, COVID-19 crisis, and elevated household debt remain key risks to financial stability.

무역 의존적 개방 경제 내에서 운영되는 FSSA에 따르면 한국의 금융 시스템은 아시아에서 가장 발전되고 국제적으로 연결된 시스템 중 하나입니다. 당국은 포괄적 인 규칙 기반 감독 시스템을 유지 관리합니다. 전반적인 금융 시스템은 탄력적으로 보이지만 취약점이 커졌습니다. 스트레스 테스트에 따르면 은행과 보험사들은 총체적으로 심각한 거시 금융 쇼크 (경제 활동 및 금융 부문에 대한 잠재적 COBID-19의 암시 가능성과 유사)와 유사한 심각한 충격을 극복 할 수 있지만 일부 은행은 자본 보존 버퍼를 사용할 수 있다고 제안했습니다. 세계 거시 경제 상황, COVID-19 위기, 가계부 채 증가 등을 감안할 때 성장 관련 불확실성은 여전히 ​​금융 안정성의 주요 위험 요소입니다. 

The Korean authorities have continued their efforts at upgrading the prudential, legal, and supervisory framework for the financial sector, and keeping up with international standards and practices in other G20 jurisdictions. The authorities have been strengthening the system with micro and macroprudential measures (MPMs) against vulnerabilities, strengthening the crisis management framework, and upgrading the prudential and legal framework.

한국 당국은 금융 부문에 대한 건전성, 법적, 감독 체계를 개선하고 다른 G20 관할 지역의 국제 표준과 관행을 준수하기 위해 계속 노력하고 있습니다. 당국은 취약성에 대한 MPM (micro and macroprudential measure)을 통해 시스템을 강화하고 위기 관리 프레임 워크를 강화하며 건전하고 법적 프레임 워크를 업그레이드하고 있습니다. 

Looking ahead, the FSSA suggests moving toward a more forward-looking monitoring and systemic risk identification mechanism. The reliability of various stress tests could be augmented with advanced methods, system-wide monitoring, and testing the overall leverage related to residential properties, households’ resilience to adverse shocks, and sovereign contingent liabilities. Stronger focus is required on systemic risks emanating from securities market activities that can amplify contagion, including sudden redemption and liquidity pressures in the funds and asset management industry. Financial conglomerates and others connected directly or indirectly with the Korean financial system need to come under the purview of systemic monitoring. Onshore financial markets, including the foreign exchange (FX) market must deepen to expand options for managing currency and capital flow risks. A review would be beneficial of housing market financing structures and implicit subsidies, pension funds market, and the overall role of state-owned banks in the financial system.

FSSA는 미래 지향적 인 모니터링 및 체계적인 위험 식별 메커니즘으로의 전환을 제안합니다. 고급 방법과  시스템 전체 모니터링 및 주거용 부동산, 가정의 불리한 충격에 대한 복원력 및 주된 우발 부채와 관련된 전반적인 레버리지 테스트를 통해 다양한 스트레스 테스트의 신뢰성을 높일 수 있습니다. 펀드 및 자산 관리 산업의 갑작스러운 상환 및 유동성 압력을 포함하여 전염을 증폭시킬 수있는 유가 증권 시장 활동으로 인한 시스템 위험에 더 중점을두고 있습니다. 한국 금융 시스템과 직간접 적으로 연결된 금융 대기업 및 기타 기업은 체계적인 모니터링을 받아야합니다. 외환 (FX) 시장을 포함한 육상 금융 시장은 통화 및 자본 흐름 위험 관리 옵션을 확대하기 위해 심화되어야합니다. 검토 보고서는 주택 시장 자금 조달 구조 및 암묵적 보조금, 연금 기금 시장 및 금융 시스템에서 국유 은행의 전반적인 역할에 도움이 될 것입니다.

[1] The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs provide input for Article IV consultations and thus enhance Fund surveillance. FSAPs are mandatory for the 29 jurisdictions with systemically important financial sectors and otherwise conducted upon request from member countries. The key findings of an FSAP are summarized in a Financial System Stability Assessment (FSSA).

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications DepartmentMEDIA RELATIONS

PRESS OFFICER: KEIKO UTSUNOMIYA

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

@IMFSpokesperson