BuseongKang

2009-01-19T01:14:00.000-08:00

[기획재정부 국고채 10년물 입찰 결과]
1. 입 찰 개 요

□ 입찰일시 : ’09.1.19(월) 10:40∼11:00 (발행일: ’08.9.10)
□ 입찰금액 : 10년물 8,000억원

2. 응 찰 결 과

□ 응찰금액 (응찰율) : 5,500억원(68.75%)
□ 응찰금리 : 4.20%∼4.63%

3. 입 찰 결 과

□ 낙찰금액 : 4,260억원
□ 낙찰금리 : 4.53%
□ 부분낙찰율 : 0%

(LEAD) S. Korea names army commander to head unit supporting U.S. base relocation

By Sam Kim
SEOUL, Jan. 19 (Yonhap) -- A South Korean army corps deputy commander was appointed Monday to head a key unit supporting the relocation of U.S. forces here, a spokesman said, following a scandal that forced his predecessor to resign.

About 28,500 U.S. troops are stationed in South Korea as a deterrent against North Korea -- a legacy of the 1950-53 Korean War. As part of its global realignment plan, the U.S. Forces Korea (USFK) is working to move most of its frontline bases to south of Seoul.

Since 2006, South Korea's Ministry of National Defense (MND) has operated a unit known as MURO to support the move. The ministry said Monday it has named Lt. Gen. Kim Young-hoo of the Third Republic of Korea Army to lead the unit.

"Kim is a specialist in supplies and possesses linguistic capabilities that will help him cooperate with the U.S. side," spokesman Won Tae-jae said, adding the appointment marks the second time a lieutenant general has been named to the post.

The appointment of Kim, 58, came after a key advisor to the MURO unit resigned last week over a lobbying scandal.

The top post of MURO, short for MND USFK Relocation Office, has been vacant since November when Maj. Gen. Park Byung-hee retired to take office as an advisor. Park is alleged to have been involved in lobbying by a construction company before he took office as chief of the unit, which oversees an approximately 10-trillion-won (US$7.4 billion) budget related to the relocation. Presidential office says five ministers will be replaced

SEOUL, Jan. 19 (Yonhap) -- Seoul's presidential office will announce on Monday the nominees for five ministerial-level government posts and 15 vice ministers, an official said.

The presidential office "will announce at 2 p.m. the nominees for five ministerial and 15 vice-ministerial posts," the official at the presidential office Cheong Wa Dae told reporters.

The Cabinet shakeup was largely expected to include finance minister Kang Man-soo, who has been severely criticized for failing to predict the ongoing economic slump, as well as unification minister Kim Ha-joong, the country's point man on North Korea.

The scheduled announcement comes one day after Cheong Wa Dae named nominees for the heads of the national intelligence and police agencies.

The Cabinet reshuffle is also expected to include the successor for public administration minister Won Sei-hoon, who was tapped Sunday as the head of the National Intelligence Service.

Asian Debt Is Still Attractive After Rally, Lion Global Says

©2009 Bloomberg News

By Patricia Lui
Jan. 19 (Bloomberg) -- Asia’s dollar bonds are still attractive after a three-month rally because regional economies are stronger than those of the U.S. and Europe, said Lion Global Investors Ltd.
The extra yield investors demand to own emerging-market debt instead of U.S. Treasuries was 6.79 percentage points on Jan. 16, down from October’s six-year high of 8.65 percentage points, according to JPMorgan Chase & Co.’s EMBI+ Index. The spread averaged 3 percentage points in the five years prior to the collapse of Lehman Brothers Holdings Inc. in September.
“Asian credit spreads have come off a bit but there is still some value out there,” said Daniel Chan, chief executive officer of the Singapore-based fund management company that overseas the equivalent of $18 billion in assets. He said in an interview he favors government and corporate dollar-denominated debt in South Korea, Malaysia and the Philippines.
Lehman’s bankruptcy prompted U.S. and European investors to raise cash by selling emerging-market assets, causing the MSCI Asia Pacific Index excluding Japan to drop 53 percent last year, compared with the 34 percent decline in the Dow Jones Industrial Average. Asian banks avoided the worst of the credit losses after regulators tightened lending rules following the regional currency collapse in 1997.
“Asian markets have been sold off far more than the U.S. and Europe even though the fundamentals here are better,” said Chan. “Banks and corporations in Asia are far healthier after the 1997 crisis.”
Financial companies in Asia have reported $31 billion in credit-market losses since the start of 2007, compared with $1.04 trillion worldwide, according to data compiled by Bloomberg. The World Bank predicted on Dec. 9 growth in developing economies will slow to 4.5 percent in 2009 from 6.3 percent last year, faster than global expansion of 0.9 percent.

Currency Outlook

Asian currencies have extended last year’s losses with nine out of the 10 most active currencies excluding the yen down against the dollar since the start of the year. The Korean won fell 6.6 percent in 2009 after dropping 26 percent last year.
“Asian currencies won’t weaken much from current levels as Asia’s economic fundamentals are relatively strong,” Chan said. “Currently, the weakness is from repatriation to the U.S. which I see as temporary. They should bottom out soon, maybe by the middle of the year.”
South Korean bonds are attractive as falling oil prices and support to exporters from a weaker won improve the nation’s trade balance, Chan said. Lion Global on Jan. 7 started marketing its LionGlobal Opportunities Fund, aimed at global equities and fixed income.
Chan also favors bonds linked to Malaysian state-owned investment arm Khazanah Nasional Bhd., Russian oil-company debt and securities from Middle-Eastern countries like Abu Dhabi.
The investment climate will be “challenging” as risk aversion is still the dominant theme this year, Chan said. “Most of the pension funds and institutional investors are still not clear on what they want to do,” he said.

--Editors: Sandy Hendry

Hana Says It Doesn’t Plan to Tap State-Backed Fund for Capital

©2009 Bloomberg News

By Bomi Lim
Jan. 19 (Bloomberg) -- Hana Financial Group Inc., the company controlling South Korea’s fourth-biggest bank, said it doesn’t plan to tap a state-initiated fund for capital, at least in the first half of the year.
“Hana Financial won’t need to seek support from the government’s recapitalization fund in the first two quarters,” President and Chief Executive Officer Kim Jong Yeol told employees yesterday, according to an e-mailed copy of his speech. The government plans to allow banks to seek support from the 20 trillion won ($14.8 billion) fund starting in the first quarter.
Hana Financial injected 1.5 trillion won in capital into its Hana Bank unit in December as a buffer against a potential rise in bad loans amid a slowing economy. The Seoul-based bank cut 327 jobs this month, offering early retirement packages for the first time in five years.
With the latest capital injection Hana Bank’s tier 1 capital rose to 9.2 percent and its overall capital-adequacy ratio climbed above 13 percent, Kim said.
Presidential office says five ministers will be replaced

SEOUL, Jan. 19 (Yonhap) -- Seoul's presidential office will announce on Monday the nominees for five ministerial-level government posts and 15 vice ministers, an official said.

The presidential office "will announce at 2 p.m. the nominees for five ministerial and 15 vice-ministerial posts," the official at the presidential office Cheong Wa Dae told reporters.

The Cabinet shakeup was largely expected to include finance minister Kang Man-soo, who has been severely criticized for failing to predict the ongoing economic slump, as well as unification minister Kim Ha-joong, the country's point man on North Korea.

The scheduled announcement comes one day after Cheong Wa Dae named nominees for the heads of the national intelligence and police agencies.

The Cabinet reshuffle is also expected to include the successor for public administration minister Won Sei-hoon, who was tapped Sunday as the head of the National Intelligence Service.

현대차, 포스코, 하이닉스의 협력업체가 약 7000억원의 자금을 지원 받는다. 어려움을 겪고 있는 중소 납품업체가 대기업, 은행, 정부 보증기관의 도움을 받아 장기ㆍ저리로 대출을 받을 수 있는 길이 열린 것이다.

19일 오전 10시 지식경제부, 금융위원회는 서울 반포동 메리어트호텔에서 이런 내용의 ‘상생보증 프로그램’ 협약식을 개최했다.

협력업체 지원을 위해 현대차, 포스코, 하이닉스 등 대기업 3개사는 210억원을 출연하고 여기 기업 신한 우리은행 등 3곳이 210억원을 더해 총 420억원을 신보, 기보에 특별 출연한다. 신보, 기보는 출연금의 약 16.5배에 달하는 7000억원 규모 대출자금을 보증해준다. 대출금이 100% 보증되는 만큼 은행은 협력업체에 저금리로 장기 대출을 해줄 방침이다.

자금 지원을 받는 협력사는 각 대기업이 선별해 추천할 예정이다. 1차 부품ㆍ소재업체 뿐만 아니라 2, 3차 하청업체도 지원 대상에 포함된다. 대기업의 추천과 은행과 심사를 거쳐 다음달 초부터 자금이 해당 협력업체에 풀릴 전망이다.

김영학 지경부 산업경제실장은 “경제적 파급 효과가 큰 자동차, 철강, 반도체 업체를 대상으로 1차 협약을 우선 추진했다”면서 “대기업과 금융권과의 협의 하에 지원 업종과 대상을 확대해나갈 계획”이라고 말했다. 이어 그는 “현대차 2, 3차 납품업체에 쌍용차, GM대우 협력업체도 일부 포함되는 만큼 전체 자동차 부품업계에 대한 지원 효과가 날 것으로 기대하고 있다”고 설명했다.

한편 이날 협약식에는 이윤호 지경부 장관, 전광우 금융위원장을 비롯해 윤여철 현대차 부회장, 윤석만 포스코 사장, 김종갑 하이닉스 사장, 신상훈 신한은행장, 이종희 우리은행장, 윤용로 기업은행장 등이 참석했다.

조현숙 기자/newear@heraldm.com

‘It’s Time to Sell’ Treasuries, Biggest Korean Investor Says

©2009 Bloomberg News

By Wes Goodman
Jan. 19 (Bloomberg) -- A rally that sent U.S. Treasuries to their best year since 1995 is coming to an end, South Korea’s National Pension Service, the country’s biggest investor, said.
U.S. government efforts to combat the recession will prompt the Federal Reserve to raise interest rates this year, said Kim Heeseok, who oversees $160 billion as head of global investments for the service in Seoul. The decline would snap a surge that sent the securities up 14 percent last year, according to Merrill Lynch & Co.’s U.S. Treasury Master index, as investors sought the relative safety of debt.
“It’s time to sell U.S. Treasuries,” said Kim, who took over as head of investments at the start of the year. “The stimulus plan may cause inflation. The U.S. will raise the benchmark interest rate.”
U.S. government securities headed for their first monthly loss since October after President-elect Barack Obama, who takes office tomorrow, said he will do “whatever it takes” to battle what he called the biggest economic crisis since the Great Depression. Obama is planning an $850 stimulus plan, on top a $700 billion approved by President George W. Bush.
Ten-year Treasury yields, used as benchmarks for corporate and government borrowing costs, will rise to 3.08 percent by year-end from 2.32 percent now, a Bloomberg survey of banks and securities companies shows. An investor who bought today would lose 3.3 percent including reinvested interest if the forecast proves accurate, according to data compiled by Bloomberg.
Two-year rates will climb to 1.43 percent from 0.73 percent, according to the survey, which gives heavier weightings to the most recent forecasts.

Higher Rates

The Fed will increase its target rate for overnight loans between banks to 0.75 percent by March 31, 2010, the poll shows. The U.S. central bank last month cut the target to a range of zero percent to 0.25 percent.
U.S. yields indicate traders are becoming more concerned about inflation.
The difference between rates on 10-year Treasury Inflation Protected Securities, or TIPS, and conventional notes, which reflects the outlook among traders for consumer prices, widened to 53 basis points from minus 8 basis points two months ago.
The spread has averaged 1.19 percentage points during the pat six months.
Investors in South Korea cut their holdings of U.S. debt to $28.6 billion in November, less than half of what they owned in 2006, based on Treasury Department data.
China, the largest foreign owner of Treasuries, increased its stake to a record $681.9 billion in November.
It may take a few months for the U.S. economy to start growing and Treasuries to fall, Kim said. Government debt has handed investors a 0.4 percent loss so far in January, according to the Merrill index.
“At the end of this year, Treasury prices will depreciate,” he said. “We are considering” selling.

--Editors: Nicholas Reynolds, Sam Nagarajan

To contact the reporter on this story: Wes Goodman in Singapore at +65-6212-1568 or wgoodman@bloomberg.net.

To contact the editor responsible for this story: Nicholas Reynolds at +81-3-3201-8676 or nreynolds2@bloomberg.net.
‘It’s Time to Sell’ Treasuries, Biggest Korean Investor Says

©2009 Bloomberg News

By Wes Goodman
Jan. 19 (Bloomberg) -- A rally that sent U.S. Treasuries to their best year since 1995 is coming to an end, South Korea’s National Pension Service, the country’s biggest investor, said.
U.S. government efforts to combat the recession will prompt the Federal Reserve to raise interest rates this year, said Kim Heeseok, who oversees $160 billion as head of global investments for the service in Seoul. The decline would snap a surge that sent the securities up 14 percent last year, according to Merrill Lynch & Co.’s U.S. Treasury Master index, as investors sought the relative safety of debt.
“It’s time to sell U.S. Treasuries,” said Kim, who took over as head of investments at the start of the year. “The stimulus plan may cause inflation. The U.S. will raise the benchmark interest rate.”
U.S. government securities headed for their first monthly loss since October after President-elect Barack Obama, who takes office tomorrow, said he will do “whatever it takes” to battle what he called the biggest economic crisis since the Great Depression. Obama is planning an $850 stimulus plan, on top a $700 billion approved by President George W. Bush.
Ten-year Treasury yields, used as benchmarks for corporate and government borrowing costs, will rise to 3.08 percent by year-end from 2.32 percent now, a Bloomberg survey of banks and securities companies shows. An investor who bought today would lose 3.3 percent including reinvested interest if the forecast proves accurate, according to data compiled by Bloomberg.
Two-year rates will climb to 1.43 percent from 0.73 percent, according to the survey, which gives heavier weightings to the most recent forecasts.

Higher Rates

The Fed will increase its target rate for overnight loans between banks to 0.75 percent by March 31, 2010, the poll shows. The U.S. central bank last month cut the target to a range of zero percent to 0.25 percent.
U.S. yields indicate traders are becoming more concerned about inflation.
The difference between rates on 10-year Treasury Inflation Protected Securities, or TIPS, and conventional notes, which reflects the outlook among traders for consumer prices, widened to 53 basis points from minus 8 basis points two months ago.
The spread has averaged 1.19 percentage points during the pat six months.
Investors in South Korea cut their holdings of U.S. debt to $28.6 billion in November, less than half of what they owned in 2006, based on Treasury Department data.
China, the largest foreign owner of Treasuries, increased its stake to a record $681.9 billion in November.
It may take a few months for the U.S. economy to start growing and Treasuries to fall, Kim said. Government debt has handed investors a 0.4 percent loss so far in January, according to the Merrill index.
“At the end of this year, Treasury prices will depreciate,” he said. “We are considering” selling.

--Editors: Nicholas Reynolds, Sam Nagarajan
[신동준의 채권이야기] 회사채 투자 만기는 짧게 경기방어산업 위주로
국채와 달리 신용위험을 가진 은행채, 공사채, 회사채, 카드채 등 크레딧물의 금리가 큰 폭으로 하락했다. 금리 하락폭도 국채에 비해 훨씬 컸다. 크레딧물과 국채와의 금리차이를 의미하는 신용스프레드는 빠르게 좁아지고 있다.
전주 국고채3년 금리가 글로벌 금융불안의 재확산 우려로 0.13%포인트 상승한 데 반해, 3년만기 은행채와 AA-등급 회사채 금리는 각각 0.10%포인트, 0.17%포인트 하락했다. 특히 한국은행의 유동성공급에 의한 간접지원을 받은 카드채와 3개월 기업어음(CP)금리는 각각 일주일 동안 1.33%포인트(3년 기준), 1.09%포인트나 폭락했다.
2008년 10월말 3.35%포인트까지 확대됐던 국채금리 대비 은행채 스프레드는 두 달 반 사이에 1%포인트 내외로 좁아졌고, 공기업임에도 투자자 꺼려졌던 공사채 스프레드는 2.56%포인트에서 0.7%포인트대로 좁아졌다.
AA등급 이상 우량회사채는 2008년 말과는 상황이 180도 역전되었다. 투자자들은 회사채를 구하기 위해 몰려들고 있으며, 아무리 높은 금리를 지급해도 발행이 어려웠던 기업체는 느긋하게 금리하락을 즐기고 있는 모습이다. 일부 투자자들 사이에서는 묻지마 투자의 행태마저 나타나고 있다.
너무 빠른 신용스프레드의 축소에 투자자들도 당황하고 있다. 한국은행의 적극적인 지원으로 유동성경색에 대한 공포가 사라지면서 여전히 7%대의 금리를 유지하고 있는 AA등급 이상 회사채에 대한 수요가 급증하고 있는 것은 어찌보면 당연하다.
그러나 경기침체가 지속되고 있는 상황에서 구조조정을 앞두고 있는 A등급 이하 회사채와 특히 경기민감업종에 대한 스프레드 축소는 과도하다. 이들 기업의 펀더멘털이 달라진 것은 없다.
우리가 크레딧물에 열광하고 있는 사이, 씨티그룹은 5분기 연속 적자로 허우적거리고 있으며 메릴린치를 인수한 뱅크오브아메리카(BOA)는 대규모 분기손실로 200억달러의 추가자금을 지원받기로 했다. 그런 가운데 전주 글로벌 신용평가기관들이 국내 은행들의 신용등급 하향조정을 검토하고 있다는 소식이 들려왔다. 이미 현대차 등의 신용등급은 하향조정됐다.
개인투자자들에게 있어 회사채와 카드채 등은 정기예금 금리보다 높아 만기보유의 형태로 선호되고 있다. 개인들은 신용등급 하락이나 가격변동에 따른 시가평가 위험에도 크게 노출되어 있지 않아 기관투자자들보다 상대적으로 운신의 폭이 크지만, 분산투자가 어렵기 때문에 부도가능성에 대해서는 더 꼼꼼히 따져봐야 한다.
되도록이면 만기를 짧게, 그리고 A등급 이상의 업체들 중에서 에너지, 식품, 제약, 통신 등의 경기방어적인 산업 위주로 접근해야 할 것이다.
(현대증권 채권분석팀장)
외화자금사정 안심하긴 이르다
환율폭등, 외화조달시장 다시 불안

[ⓒ '글로벌 종합일간지' 아시아투데이]
정부가 외환위기를 넘겼다고 선언한 지 한 달여 만에 외화유동성 불안이 재현될 조짐이 나타나고 있다.

원•달러 환율은 올 들어 11거래일 만에 100원 가까이 폭등했고 해빙 양상을 보이던 은행권 외화조달도 한국물 외화채권의 신용도 악화 등의 여파로 다시 불안해지고 있다.

다음 달 167억달러 가량을 정부와 한국은행에 상환해야 하는 은행들은 씨티그룹 등 세계적 금융그룹의 부실 확대 여파로 2차 금융위기가 발발할까 노심초사하고 있다.

◇ 달러 부족, 외환시장 불안

18일 외환시장에서 따르면 지난 16일 원•달러 환율은 1358원을 기록, 작년 말 이후 11거래일간 상승폭이 98.50원(7.8%)으로 작년 한 해 상승폭(323.40)의 약 3분의 1에 육박하고 있다.

환율은 작년 11월24일 1513원에서 정부의 다각적인 시장개입으로 작년 말에는 1259.50원까지 떨어졌지만 올해 들어 국내외 주가급락 등의 여파로 가파른 상승세를 보이면서 15일에는 1400원에 근접하기도 했다.

연말을 넘기면서 해빙 양상을 보이던 외화 조달 시장도 다시 경색될 기미를 보이고 있다.

새해 들어 돈을 풀어 수익 확보에 나서려던 해외 금융회사들이 씨티그룹과 HSBC, 도이체방크 등 세계적 금융회사들의 부실에 대한 우려로 2차 금융위기 가능성이 제기되면서 다시 지갑을 닫는 양상이다.

외환스와프 시장에서 현물환과 선물환의 차이인 스와프 포인트(1개월물)는 지난 9일 플러스로 돌아섰지만 15일 -0.50원으로 반락하는 등 불안한 기미를 보이고 있다.

원화를 대가로 한 달 동안 달러화를 빌리기가 다시 어려워지고 있다는 의미다.

◇ 외화채권 신용도 악화

국제금융시장에서 한국물 외화채권에 대한 신용도는 지난주부터 다시 악화되고 있다.

국제금융센터에 따르면 2014년 만기 외국환평형기금 채권의 가산금리는 15일(현지 시각) 기준 3.86%로 6거래일 연속 상승세를 보이면서 지난 7일에 비해 0.36% 포인트 상승했다.

5년 만기 외평채에 대한 신용부도스와프(CDS) 프리미엄도 같은 기간 2.67%에서 3.23%로 0.56%포인트 높아졌다.

CDS 프리미엄이란 채권의 부도 위험을 보상해주는 보험 성격의 파생상품으로 수수료에 해당하는 프리미엄이 오른 것은 그만큼 부도 위험이 커졌다는 의미다.

외평채 가산금리나 CDS 프리미엄 상승은 한국이 외화채권을 발행할 때 조달비용이 비싸진 것으로 외화 수급에 부정적으로 작용하게 된다.

은행들의 신용도도 일제히 악화됐다.

산업은행과 수출입은행이 발행하는 5년 만기 외화채권의 CDS 프리미엄은 지난 9일 3.16%까지 낮아졌다가 15일에는 3.81%로 급등했고 국민은행의 CDS 프리미엄도 같은 기간 3.38%에서 3.94%로 높아졌다.

◇ 은행권 내달 달러난 우려

수출입은행이 지난 13일, 그리고 산업은행이 17일 각각 20억달러의 무보증 해외 채권 발행에 성공하는 등 국책은행들의 해외차입 여건은 작년 9월 리먼브라더스 사태 직후에 비해 호전됐다.

하지만 시중은행의 기간물 차입은 여전히 어렵고 공모 시장에서의 채권 발행은 엄두도 못 내고 있다.

최근 유럽계 은행이 우리은행에 1억달러를 빌려주기로 하고도 5000만달러만 입금하고 절반은 2∼3주 후에 입금하기로 한 것은 작년 말 자체적인 회계처리 문제와 함께 향후 금융시장 여건 변화 가능성 등을 고려한 것으로 보인다.

우리은행 관계자는 "작년 9월 리먼 사태 이후 해외 차입 시장이 꽁꽁 얼어붙었다면 지금은 얼음장 밑으로 물이 조금 흐르는 정도"라며 "기간물 차입은 여전히 어렵고 공모발행도 2분기는 돼야 가능할 것 같다"고 말했다.

이렇게 해외차입이 어렵다 보니 은행들은 현재 외화 소요자금의 상당 부분을 정부와 한국은행이 지원한 자금에 의존하고 있다.

한은과 정부는 당초 계획한 550억달러 가운데 이미 377억달러를 풀었으며 한•미 통화 스와프 자금 133억5000만달러까지 포함하면 총 510억5000만달러를 공급했다.

한은이 공급한 자금 가운데 115억달러, 수출입은행을 통해 풀린 달러 중 51억9000만달러가 다음 달 만기가 돌아온다.

한은과 기획재정부는 시장 상황이 좋지 않으면 이 자금의 만기 연장을 생각하고 있다.

은행들은 2차 금융위기 발발 여부와 함께 최근 국내 은행들의 신용등급 하향을 검토하고 있는 무디스가 실제로 등급을 하향 조정할 가능성에 촉각을 곤두세우고 있다.
<윤광원 기자 gwyoun@asiatoday.co.kr>
• We have searched four subcontractors and a few other firms involved in the case and found out whatever was there to find, officials said. (출처: The Korea Herald)
“이 사건에 관련된 하청업체 네 곳과 기타 회사 몇 곳을 수색하고 그곳에서 찾을 수 있는 것은 모두 찾아냈다”고 관리들은 말했다.
• He was in charge of arranging subcontractors for Doosan at the time. (출처: The Korea Herald)
그는 당시 두산산업개발에서 하청업체 관리를 맡고 있었다.
• In the second half it will choose a final foreign bidder and domestic subcontractors. (출처: The Korea Herald)
하반기에 최종 외국 입찰자와 국내 하청업체를 선정하게 된다.
• Twelve of the 20 conglomerates plan to spend 3.7 trillion won in subsidies to contractors, according to the report. (출처: The Korea Herald)
20대 재벌 중 12개 재벌은 3조 7000억원을 하청업체에 대한 지원금으로 사용할 계획인 것으로 이 보고서에 나타났다.
• We will do our best to increase exports by continuing to improve product quality and to develop new technology, Kim Dong-jin, Hyundai`s vice chairman and chief executive officer, said in a speech to around 200 employees, suppliers and journalists. (출처: The Korea Herald)
“제품의 품질을 향상하고 신기술을 개발하여 수출 증대에 최선을 다하겠다”고 김동진 현대차 부회장 겸 사장이 종업원, 하청업체, 기자 등 200여명이 모인 자리에서 말했다.
• Last month, Hyundai Engineering & Construction was chosen as a subcontractor for U.S.-based Washington Group`s $220 million project to rebuild electricity, water supply and sewage treatment facilities. (출처: The Korea Herald)
지난달 현대건설은 미국계 워싱턴 그룹의 2억2천만달러 규모의 프로젝트의 하청업체로 선정되어 이라크 내 전기, 수도, 하수처리장 건설을 맡게 되었다.
• The company said its production plant in Alabama has lowered its annual production target due to a lag by subcontractors. (출처: The Korea Herald)
현대차는 미국 앨라배마 공장이 하청업체의 납품 지연으로 인해 연간 생산 목표대수를 하향조정했다고 말했다.
• A videotape aired on an Arab TV station showed Korean Kim Sun-il, a 33-year-old employed by a Korean firm doing contractor work for the U.S. military, begging for his life. (출처: The Korea Herald)
아랍 TV 방송을 통해 방송된 비디오테이프에는 미군의 하청업체로 일하고 있는 한국 기업의 직원 김선일 (33)씨가 생명을 애걸하는 모습이 나왔다.
• The official noted various factors were behind the rise in memory chip prices, including fears of disruption in supply as small chipmakers, including those in Taiwan, become fab contractors for developers. (출처: The Korea Herald)
회사 관계자는 대만 업체를 포함한 소규모 반도체 업체들이 개발업체의 하청업체로 전환함에 따른 공급 부족에 대한 우려감을 포함해 다양한 요인이 메모리 칩 가격 급등을 야기한 것으로 보인다고 언급했다.
• The Korean Embassy is cooperating with the U.S. military, as it did last November when two employees of a South Korean subcontractor to the American military were shot dead. (출처: The Korea Herald)
한국 대사관은 작년 11월에 한국의 미군 하청업체 직원 두 사람이 총격을 받고 사망했을 때와 마찬가지로 미군과 협력하고 있다.
• There will always be at least one government-owned ammunition plant, albeit run by a private contractor. (출처: 세계일보 WT논평)
비록 민간 하청업체가 운영하지만 정부 소유의 탄약공장이 최소한 하나는 항상 존재할 것이다.
• According to the head of Ssangyong`s labor union, SAIC is trying to turn the Korean company into a subcontractor that provides technologies and engineers. (출처: The Korea Herald)
쌍용차 노조 위원장의 말에 따르면 SAIC는 쌍용차를 기술과 엔지니어를 공급하는 하청업체로 변모시키려 한다고 한다.
• Hyundai Motor and Kia Motors will extend combined 343 billion won in assistance to their contractors and LG Group, 325 billion won. (출처: The Korea Herald)
현대자동차와 기아자동차는 하청업체에 대해 모두 3,430억원을 그리고 LG그룹은 3,250억원을 제공할 예정이다.
• The conglomerates also said they would practice more ethical management through various programs such as appointing more outside board directors and refusing gifts from contractors. (출처: The Korea Herald)
재벌들은 또 외부이사 임명이나 하청업체의 선물 거절 등과 같은 다양한 계획을 통해 윤리경영을 더욱 실천하겠다고 밝혔다.
• Together with the U.S. government, the Korea International Trade Association and the Korea Trade-Investment Promotion Agency jointly hosted a conference for more than 500 representatives from Korean, Japanese, Chinese and Taiwanese subcontractors seeking contracts with U.S. companies in Iraq. (출처: The Korea Herald)
미국 정부와 함께 한국무역협회와 KOTRA는 이라크 재건을 맡고 있는 미국업체와 계약하길 바라는 한국, 일본, 중국, 대만의 하청업체 대표 500여명을 위한 컨퍼런스를 공동 주관했다.
• The last of 12 government-owned and -run ammunition plants, now run by a contractor, the Lake City Ammunition Plant, has several associated Web sites. (출처: 세계일보 WT논평)
정부가 소유하고 운영하는 정부의 12개 탄약공장 가운데서 마지막 남은 이 공장은 현재 하청업체에서 운영하고 있으며, 몇몇 관련 웹사이트를 개설하고 있다.
• He has been charged with taking a combined 245 million won from the builder and several subcontractors of the project. (출처: The Korea Herald)
그는 이 공사를 맡은 건설회사와 몇몇 하청업체로부터 총 2억 4500만원을 받은 혐의를 받고 있다.
• Korea`s major conglomerates plan to increase hiring and extend more assistance to contractors this year in a show of will to better fulfill their social responsibilities amid a lengthy economic slump, officials said yesterday. (출처: The Korea Herald)
한국의 주요 재벌들은 경기부진이 장기화되고 있는 가운데 기업의 사회적 책임에 더욱 힘쓰겠다는 의지를 보여주기 위해 올해 채용과 하청업체에 대한 지원을 늘릴 계획으로 있다.
President sacks finance minister over economic crisis

By Byun Duk-kun
SEOUL, Jan. 19 (Yonhap) -- South Korean President Lee Myung-bak sacked his finance and unification ministers Monday in a long-anticipated shakeup of the Cabinet aimed at easing public anger over a looming economic recession and worsening relations with communist North Korea.

Yoon Jeung-hyun, former head of the Financial Supervisory Committee (FSC) and the Financial Supervisory Service (FSS), was tapped to succeed the embattled finance minister Kang Man-soo, who has been widely blamed for failing to forecast the ongoing economic difficulties and adopting a series of "misguided" policies that made the country more vulnerable to the global financial crisis.

"Yoon served as the head of the FSC and FSS under the former Roh Moo-hyun government and he is well versed in financial affairs with expertise on overall economic issues," Lee Dong-kwan, a spokesman for the presidential office Cheong Wa Dae, cited as the reason for his nomination.

"The government expects his nomination and appointment will bring about confidence in the market that will help us get through this economic crisis," he told reporters.

Unification minister Kim Ha-joong, the country's point man on North Korea, will be replaced by Hyun In-taek, a professor of political science from Seoul's Korea University, the president's alma mater.

Monday's reshuffle also included two other ministerial-level posts -- chief of staff for prime minister and the head of the Financial Services Commission.

Kwon Tae-shin, a career government administrator, was promoted to the position of prime minister's chief of staff while Chin Dong-soo, president of the state-run Export-Import Bank of Korea, was tapped to head the Financial Services Commission, according to the presidential spokesman.

Also to be replaced in the latest government shakeup are 15 vice ministerial-level officials, including the chief presidential secretary for economy, Bahk Byong-won, who recently underwent questioning by state inspectors for possible involvement in suspected irregularities committed by his former employer, Woori Financial Group.

Bahk is to be replaced by Yoon Jin-shik, president of the Korea Investment Holdings Co. Ltd., Lee said.

Despite Kang man soo successful the swap agreement, he tendered a resignation by saying it is time

(profile) Finance minister-designate tasked to steer economy through global recession

SEOUL, Jan. 19 (Yonhap) -- Yoon Jeung-hyun, appointed Monday to lead South Korea's finance ministry, is a well-known administrator respected for his financial expertise and strong leadership which experts hope he can draw on to help steer the local economy through a global recession, observers said Monday.

Born in 1946, Yoon majored in law at Seoul National University and passed the state civil examination in 1971, starting his career as a public servant. He spent most of his career at the finance ministry, where he accumulated expertise in taxation and finance.

Leaving the ministry briefly after the nation was hit by the Asia-wide financial meltdown in 1997, he returned as head of the Financial Supervisory Committee and the Financial Supervisory Service in 2004, a position he held until 2007.

Yoon will replace Kang Man-soo, who has been under pressure to resign after many critics say he lost market trust due to his controversial economic polices, including alleged intervention in the currency market to keep the won weak against the dollar for brisker exports.

Kang, the first finance minister under the Lee Myung-bak administration, was given the task of reinvigorating the nation's slowing economy when he assumed the post in February last year.

He leaves the post at a challenging time for his successor, as the economy is reeling from growing global recession woes in the wake of the financial turmoil that begain in September when the investment bank Lehman Brothers collapsed.

Many investment banks and research institutes lowered their 2009 growth projections for Asia's fourth-largest economy to the 1-percent range. Some painted bleaker pictures, projecting the first recession in a decade. Woongjin Polysilicon wins 693 bln won order from Hyundai Heavy

By Nam Kwang-sik
SEOUL, Jan. 19 (Yonhap) -- South Korea's Woongjin Holdings Co. said Monday that its polysilicon unit Woongjin Polysilicon has signed a 693 billion won (US$507.7 million) deal with Hyundai Heavy Industries Co. to supply polysilicon.

Under the deal, Woongjin Polysilicon will provide the essential raw material for solar cells to the world's top shipbuilder between 2011 and 2015.

Woongjin Polysilicon was set up in July last year.
(LEAD) Samsung's heir apparent excluded from annual promotion

SEOUL, Jan. 19 (Yonhap) -- Lee Jae-yong, the heir apparent to former Samsung Group chairman Lee Kun-hee, was excluded from an annual promotion of executive officials at Samsung Electronics Co., the group said Monday.

Samsung Electronics didn't promote the junior Lee, a senior vice president at the world's largest maker of computer memory chips, by one level to executive vice president because his three-year term in the current post isn't finished, the group said in a statement.

In South Korea, the younger Lee's position at Samsung Electronics has drawn intense scrutiny because he is widely expected to take over Samsung Group, the nation's biggest business conglomerate, in the coming years.

Some analysts say the founding family of Samsung is still waiting for the 40-year-old Lee to build his track record before passing the mantle on to the next generation.

A spokesman at Samsung declined to comment on Monday's reshuffle.
The Harvard Business School graduate, who joined the company in 1991 and was promoted to his current post in 2007, was recently reassigned to the company's overseas operations in the wake of a parliament-ordered corruption probe against the group last year.

His 69-year-old father stepped down in April last year shortly before he was convicted of tax evasion and sentenced to a three-year-suspended jail term.

Last week, Samsung Electronics announced a large-scale restructuring scheme that calls for the company to combine its four business divisions into two major groups, in a move intended to fight off the looming global economic recession.

Under the reshuffle, Samsung Electronics consolidated its semiconductor and liquid-crystal display units into the Device Solution division. The company also combined its mobile phone and consumer electronics units into the Digital Media and Communications
division.

On Monday, Samsung promoted a total of 247 executive-level officials at its affiliates, including 91 executives at Samsung Electronics. Overall, the group cut 10 percent of its roughly 1,600 executive jobs.

"The number of executives promoted this year was cut by 22 percent from last year to ensure the company copes with the worsening business conditions, which are set to continue for the time being," Samsung Electronics said in a statement.

Samsung Electronics is also the world's largest maker of liquid-crystal displays. The company ranks second in the world in global handset production, behind Finland's Nokia Corp.

The Samsung Group, which accounts for roughly 20 percent of South Korean exports, has 59 affiliates and employs some 250,000 workers worldwide.

By William Sim and Seyoon Kim
Jan. 19 (Bloomberg) -- South Korean President Lee Myung Bak nominated Yoon Jeung Hyun as finance minister, replacing Kang Man Soo after less than a year as the government tackles the nation's biggest economic crisis in a decade.
Yoon, 62, was head of the nation's financial services regulator from 2004 to 2007, according to a statement by the president's office in Seoul today. Sixty-three-year-old Kang was voted the worst minister in Lee's economic team in a December poll of 82 economic professionals by Citizens' Coalition for Economic Justice, a major civic group in South Korea.
Yoon will have to grapple with an economy facing its first recession since 1998, falling exports and the weakest consumer confidence since the Asian financial crisis a decade ago. President Lee, who this month created an economic war room in an underground bunker, is seeking to restore voter support, which has fallen by more than half in the past year.
“The new minister needs stronger leadership to coordinate and implement economic policy to revive the faltering economy,” said Lim Ji Won, an economist at JPMorgan Chase & Co. in Seoul. “The key question is how much the government can cushion the economy from the global downturn to seek a recovery in the second half.”
Policy makers have already allocated about 140 trillion won ($103 billion), or 15 percent of gross domestic product, in extra liquidity, tax cuts and stimulus spending to support the economy.

Interest Rate Cuts

The Bank of Korea also cut benchmark interest rate to a record low of 2.5 percent this month, extending the most aggressive round of easing since it began setting a policy rate in 1999.
``This reshuffle was focused at revitalizing the economy, and to help overcome the global economic crisis,'' presidential spokesman Lee Dong Kwan said Seoul today.
Kang's policies have been criticized since the beginning of last year when he pursued a weaker currency, saying Korea's won had previously risen more than other Asian currencies and that a drop would help aid exporters. The won lost 26 percent against the dollar last year and 40 percent versus Japan's yen. The won fell 0.5 percent to trade at 1,365 versus the dollar today.
“Kang is a person out of date and he seems to lack an understanding of how the world and the Korean financial market and the economies changed over the past decade,” said Kim Sang Jo, professor of international trade at Hansung University in Seoul.
The currency's slump drove inflation up to the highest in a decade in July and increased costs of overseas borrowing, prompting speculation of a repeat of 1997 when South Korea was forced to turn to the International Monetary Fund for a $57 billion bailout.

Kang's Mistake

“The weaker won policy was Minister Kang's biggest mistake as that propelled inflation,” said Kim Mi Young, manager of policy research at the Citizens' Coalition.
The government changed its stance on the won in June and in July President Lee dismissed Vice Finance Minister Choi Joong Kyung, who was in charge of the government's foreign-exchange policy.
In other changes today, Lee named Hur Kyung Wook as vice finance minister to replace Kim Dong Soo; Chin Dong Soo, chief executive officer of Export-Import Bank of Korea, to replace the current Financial Services Commission Chairman Jun Kwang Woo; and Yoon Jin Sik, former Commerce minister and current chairman of Korea Investment Holdings Co., to replace Bahk Byong Won as new chief aide on economic affairs.
Hyun In Taek, a political science professor at Korea University in Seoul, was nominated to replace Kim Ha Joong as Unification Minister. Most of the posts are subject to parliamentary approval.

For Related News: Top economic news TOP ECO Most-read South Korea stories: MNI SKOREA 1W

--With reporting by Heejin Koo in Seoul. Editors: Victoria Batchelor, David Tweed
(LEAD) Samsung's heir apparent excluded from annual promotion

SEOUL, Jan. 19 (Yonhap) -- Lee Jae-yong, the heir apparent to former Samsung Group chairman Lee Kun-hee, was excluded from an annual promotion of executive officials at Samsung Electronics Co., the group said Monday.

Samsung Electronics didn't promote the junior Lee, a senior vice president at the world's largest maker of computer memory chips, by one level to executive vice president because his three-year term in the current post isn't finished, the group said in a statement.

In South Korea, the younger Lee's position at Samsung Electronics has drawn intense scrutiny because he is widely expected to take over Samsung Group, the nation's biggest business conglomerate, in the coming years.

Some analysts say the founding family of Samsung is still waiting for the 40-year-old Lee to build his track record before passing the mantle on to the next generation.

A spokesman at Samsung declined to comment on Monday's reshuffle.
The Harvard Business School graduate, who joined the company in 1991 and was promoted to his current post in 2007, was recently reassigned to the company's overseas operations in the wake of a parliament-ordered corruption probe against the group last year.

His 69-year-old father stepped down in April last year shortly before he was convicted of tax evasion and sentenced to a three-year-suspended jail term.

Last week, Samsung Electronics announced a large-scale restructuring scheme that calls for the company to combine its four business divisions into two major groups, in a move intended to fight off the looming global economic recession.

Under the reshuffle, Samsung Electronics consolidated its semiconductor and liquid-crystal display units into the Device Solution division. The company also combined its mobile phone and consumer electronics units into the Digital Media and Communications
division.

On Monday, Samsung promoted a total of 247 executive-level officials at its affiliates, including 91 executives at Samsung Electronics. Overall, the group cut 10 percent of its roughly 1,600 executive jobs.

"The number of executives promoted this year was cut by 22 percent from last year to ensure the company copes with the worsening business conditions, which are set to continue for the time being," Samsung Electronics said in a statement.

Samsung Electronics is also the world's largest maker of liquid-crystal displays. The company ranks second in the world in global handset production, behind Finland's Nokia Corp.

The Samsung Group, which accounts for roughly 20 percent of South Korean exports, has 59 affiliates and employs some 250,000 workers worldwide.

서울=뉴시스】

<다음은 이명박 대통령이 19일 단행한 국무위원 및 장•차관급 인사 명단>

◇국무위원 후보자

▲기획재정부 장관= 윤증현 전 금융감독위원장

▲통일부 장관= 현인택 고려대 정치외교학과 교수

◇장관급 내정자

▲국무총리 실장= 권태신 국무총리실 사무차장

▲금융위원장= 진동수 한국수출입은행장

◇대통령실 수석비서관 내정자

▲경제수석비서관= 윤진식 한국투자금융지주 회장

◇차관 내정자

▲기획재정부 1차관= 허경욱 대통령실 국책과제비서관

▲교육과학기술부 1차관= 이주호 KDI 국제정책대학원 교수

▲교육과학기술부 2차관= 김중현 연세대 화동생명공학과 교수

▲법무부 차관= 이귀남 대구고등검찰청 검사장

▲행정안전부 1차관= 정창섭 행정안전부 차관보

▲행정안전부 2차관= 강병규 행정안전부 소청심사위원장

▲지식경제부 2차관= 안철식 지식경제부 에너지자원실장

▲여성부 차관= 진영곤 보건복지가족부 사회복지정책실장

▲국토해양부 2차관= 최장현 한국컨테이너부두공단 이사장

◇차관급 내정자

▲방위사업청장= 변무근 전 해군교육사령관

▲기상청장= 전병성 대통령실 환경비서관

▲국무총리실 국무차장= 박영준 전 대통령실 기획조정비서관

▲국무총리실 사무차장= 조원동 국무총리실 국정운영실장

▲소청심사위원장= 최민호 행정안전부 인사실장

정리=김선주기자 saki@newsis.com

<저작권자ⓒ '한국언론 뉴스허브' 뉴시스통신사. 무단전재-재배포 금지.>

President reshuffles ministers
* Changes finance minister and top regulator
* Markets show little reaction to reshuffle (Updates with announcement of changes)
By Yoo Choonsik
SEOUL, Jan 19 (Reuters) - South Korea's unpopular president replaced his finance minister and top regulator on Monday to counter criticism over the administration's handling of an economy slipping closer to recession.
Yoon Jeung-hyun, 62, who headed the country's top financial regulatory agency until last year following time at the Asian Development Bank, replaces Kang Man-soo as the Minister of Strategy and Finance.
Former vice finance minister Chin Dong-soo replaces Jun Kwang-woo as the chairman of the Financial Services Commission, the presidential Blue House said in a statement.
Seoul financial markets showed little reaction to the cabinet reshuffle.
South Korea's policy makers have scrambled to fend off the global financial storm that blew up in September last year with the collapse of Lehman Brothers.
Market liquidity has tightened and economic growth in Asia's fourth-largest economy has slumped along with that of its neighbours.
President Lee Myung-bak enters his second year in office next month and has been widely criticised for failing to do more to lift the economy after winning majority support in the 2007 election partly on a platform of economic reform.
Some economists, such as Oh Suk-tae at Citigroup, doubted a few new people could do much to fight a crisis that began overseas, while others, including Lim Ji-won at JPMorgan Chase, welcomed Yoon's appointment, which was flagged in media reports.
"I think this is positive in a general sense," Lim said, whose comments were made after the media reports and before the official announcement.
"Mr Yoon has a good reputation for his sense of financial sectors and international relations as well as his strong leadership," Lim said.
President Lee Myung-bak also named as his Unification Minister an academic who is considered the architect of the administration's hardline policy on the communist North.
Hyun In-taek, a professor at Korea University, aided Lee in drawing up the policy calling on the North to abandon its nuclear arms ambitions and open up to the international community in return for massive economic aid.
In other changes, Kwon Tae-shin, former vice finance minister, was appointed head of the prime minister's office and Yoon Jin-sik, a former commerce minister and vice finance minister, was appointed chief presidential secretary on the economy.
The changes come as President Lee has seen his approval rating hover barely above 20 percent as the economy slides closer towards recession.
The central bank has forecast 2009 economic growth at 2 percent, but an increasing number of global investment banks are predicting the economy would contract for the first time in 11 years, by as much as 3 percent.
Underlying the gloomy economy, central bank data on Monday showed that the ratio of business start-ups to failures hovered near a four-year low in December while debt defaults hit a seven-month low in the same month.
On a broader front, the Seoul Economic Daily reported China, Japan and South Korea had agreed with the 10-member Association of Southeast Asian Nations (ASEAN) to boost the size of a proposed emergency fund to fight financial crises to $120 billion from an originally planned $80 billion. (Editing by Jonathan Thatcher)

South Korea Dec debt default ratio at 7-mth high

179 words
19 January 2009
3:00 AM GMT
Reuters News
English
(c) 2009 Reuters Limited

SEOUL, Jan 19 (Reuters) - South Korea's overall debt default ratio rose to a seven-month high in December, while the ratio of business start-ups to failures hovered near a 4-year low, central bank data showed on Monday.
The debt default ratio, which represents the percentage of defaults against total commercial debt and corporate bonds issued from settlement, was 0.04 percent in December, the highest level since May last year, the Bank of Korea data showed.
The reading was up from 0.03 percent in November amid growing fears that Asia's fourth-largest economy may face its first recession in a decade.
The central bank said separately that South Korea's business start-up/failure ratio in December slightly improved to 16.4 from November's 16.2, which was the lowest since it touched 14.9 in December 2004. (Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner and Keiron Henderson)
KOREA-ECONOMY/DEFAULT (URGENT)|LANGEN|ABN|M|E|RBN|D
Document LBA0000020090119e51j0004g
• It is certain that she will join the Cabinet as Minister of Gender Equality. (출처: 동아 프라임 한영사전)
그녀는 여성부 장관으로 입각이 확실하다
• While rival parties are mindful of the political implications of such practices and busy calculating whether figures joining the Cabinet serve their own political interests, many political analysts say this is not something that can be said to be good or bad. (출처: The Korea Herald)
경쟁 정당들은 이런 관행이 정치적으로 미칠 영향에 신경을 기울이며 입각 인사들이 자기 당에 정치적으로 이익이 될 지 여부를 계산하느라 바쁜 반면에 정치 분석가들은 이 문제가 좋다 나쁘다 할 사안이 아니라고 말하고 있다.
• But Kim has adopted a very cautious attitude to the proposal. (출처: The Korea Herald)
그러나 김 의원은 입각 제안에 매우 신중한 태도를 보이고 있다.
• If he accepts, he may be appointed unification minister, political observers said. (출처: The Korea Herald)
그가 입각 권유를 수용할 경우 그는 통일부 장관으로 임명될 가능성이 높다고 정치 전문가들은 말했다.
• Also, having seen a highly publicized conflict between party leaders over cabinet posts and a power struggle among rival groups with different backgrounds and ideologies, many swing voters seem to have turned their backs on Uri or opted not to go to the polls. (출처: The Korea Herald)
게다가 입각과 관련하여 당 지도부의 갈등이 널리 알려지고 출신과 이념을 달리하는 계파간의 권력 투쟁을 지켜본 많은 유권자들이 우리당에 등을 돌렸거나 투표를 하지 않기로 마음 먹은 것 같다.
• Though some media reported I already agreed to President Roh`s proposal, nothing has been decided, yet, he told The Korea Herald. (출처: The Korea Herald)
일부 언론은 제가 노 대통령의 입각 제안에 이미 동의했다고 보도했지만 아직 결정된 건 아무 것도 없습니다”라고 김 의원은 코리아헤럴드와의 인터뷰에서 말했다.
• But these reports about prominent Uri leaders possibly entering the Cabinet after Roh returns to office has left many dejected, giving the impression that the government is trying to reward Uri members for their contribution to the electoral success with no consideration about the nominees` expertise and administrative experience. (출처: The Korea Herald)
그러나 노 대통령이 복직된 후 열린우리당 지도부의 입각 보도는 많은 이들을 실망시키고 있다.
• Attention is now focused on when the resigned Chung and former floor leader Kim Geun-tae will take government seats and in which ministries. (출처: The Korea Herald)
이제 관심의 초점은 사퇴한 정 의장과 김근태 전 원내대표의 입각 시기와 맡게될 보직에 쏠려 있다.
• All eyes are now on Kim to see whether he will take up President Roh Moo-hyun`s offer to enter the cabinet. (출처: The Korea Herald)
노무현 대통령의 입각 권유를 받아들일 것인지 여부를 놓고 현재 모든 시선이 김 의원에 집중되어 있다.
• But Roh`s reported decision to ask Goh to recommend candidates for the Cabinet has met severe criticism from opponents, who said the move was irrational in that Goh had already offered to resign and Roh had agreed to it. (출처: The Korea Herald)
하지만 노 대통령이 고건 총리에게 입각 대상자 추천을 부탁하기로 했다는 보도가 나오자 이미 고건 총리가 사퇴의사를 밝혔고 노 대통령이 이를 수락한 후의 그런 처사는 부당하다는 반대파의 거센 비난에 부닥치고 있다.
• (Party officials) decided to postpone the dinner until a new party leadership is formed to replace Chairman Chung Sye-kyun, who will resign soon to enter the Cabinet, said party spokesperson Rep. Jun Byung-hun. (출처: The Korea Herald)
“(당 관계자들은) 입각을 위해 곧 사퇴할 정세균 의장을 대신할 새 지도부가 구성될 때까지 만찬을 연기하기로 했다”고 전병헌 대변인이 말했다.
• Uri Party Chairman Chung Dong-young, who helped Uri navigate successfully through last month`s elections to become the majority party, resigned from his post yesterday, increasing the likelihood that he would enter the Cabinet. (출처: The Korea Herald)
지난 달 총선에서 우리당이 다수당으로 부상하는 데 큰 역할을 담당했던 정동영 의장이 어제 당의장 직에서 사퇴함으로써 그의 입각 가능성에 대한 기대가 높아지고 있다.
• The MDP made over the past week a series of accusations that Cheong Wa Dae allegedly offered posts to a number of former and incumbent MDP lawmakers, although it was vehemently denied by the Blue House. (출처: The Korea Herald)
민주당은 청와대의 강력한 부인에도 불구하고 지난 주에 청와대가 여러 전,현직 민주당 의원에게 입각을 권했다고 여러 차례 비난했다.
• To a question on a recent fissure between Cheong Wa Dae and the ruling Uri Party over the designation of radical lawmaker Rhyu Si-min as the new health minister, Roh rebuked the criticisms against his choice and instead said he regretted having hesitated in finalizing the appointment. (출처: The Korea Herald)
유시민 의원 입각 파문을 둘러싼 최근 당청간 갈등에 관한 질문에 대해 노 대통령은 바로 임명했으면 될텐데 임명을 유보했던 것이 문제를 크게 만들었다고 말했다.
• Many more Uri names are being broached as potential ministers, including political heavyweights who lost their election bids in the GNP`s stronghold southeastern region such as former Rep. Kim Jung-kil. (출처: The Korea Herald)
김정길 전 의원처럼 한나라당의 아성인 경상도에서 이번 총선에 고배를 마신 중진 정치인 등 많은 우리당 소속 인사들의 입각 이야기가 입에 오르내리고 있다.
• The majority of Uri lawmakers were dismayed after Roh overrode their strong objection to the outspoken lawmaker`s entry to the Cabinet. (출처: The Korea Herald)
우리당 의원 대다수는 노 대통령이 노골적인 의원의 입각에 대한 자신들의 강력한 반대를 무시한 데 대해 낙심했다.
• I can`t find any rational reason behind their vocal opposition (to Rep. Rhyu`s entry to the Cabinet), said Rep. Lee Hwa-young, a first-tem lawmaker. (출처: The Korea Herald)
(유 의원의 입각에 대한) 그들이 반대하는 합리적인 근거를 찾을 수가 없다”고 이화영 초선의원이 말했다.
• Laws should be enacted from the standpoint of individual dignity. (출처: 동아 프라임 한영사전)
법률은 개개인의 존엄성에 입각하여 제정되어야 한다
• A weak pull for foreign investors is weighing heavily on Korea`s goal to achieve a $20,000 per capita national income, the nation`s deputy finance minister said yesterday. (출처: The Korea Herald)
외국인직접투자의 증가세 둔화가 정부의 국민소득 2만불 달성 목표에 큰 부담 요인이 되고 있다고 재정경제부 차관보가 어제 말했다.
• Yesterday, Deputy Finance Minister Kim Seok-dong forecast that the economy will grow 3 percent during the second quarter of the year. (출처: The Korea Herald)
어제 김석동 재경부 차관보는 경제가 올 2분기에 3퍼센트 성장할 것으로 전망했다.
• The government will pursue deregulation during the first half of next year in hopes to pass it before the end of the year, said deputy finance minister Kim Seok-dong in a briefing yesterday. (출처: The Korea Herald)
“정부는 내년말까지 국회통과를 목표로 내년 상반기 중에 보험업종 규제완화를 추진해 나갈 것이다”라고 김석동 재경부 차관보는 어제 정례브리핑에서 말했다.
• The deputy finance minister stressed, however, that the deregulation is unlikely to trigger overheated competition in the market as the basic regulatory framework will remain in place. (출처: The Korea Herald)
그러나 김 차관보는 기본적인 규제의 틀은 계속 유지될 것이므로 규제완화로 인해 보험시장 내 과열경쟁이 촉발될 가능성은 매우 낮다고 강조했다.
• We need to have more golf courses for our economy, said Bahk Byong-won, deputy finance minister, who has been in charge of the whole idea of deregulating golf-course construction over the past three years. (출처: The Korea Herald)
과거 3년간 골프장 건립 규제완화 방안의 책임을 맡아온 박병원 재경부 차관보는 “우리는 경제를 위해 보다 많은 골프장을 건설할 필요가 있다”고 말했다.
• Until the prime minister designate goes through a parliamentary confirmation hearing and vote, Deputy Prime Minister and Finance Minister Lee Hun-jai will be acting prime minister. (출처: The Korea Herald)
국무총리 지명자가 국회 청문회와 표결을 거칠 때까지는 이헌재 부총리 겸 재정경제부 장관이 국무총리 대행을 맡게 된다.
• And we have to remind ourselves that while the economy is headed upwards, more growth impetus is crucial for achieving the potential growth rate, said the finance minister who doubles as deputy prime minister. (출처: The Korea Herald)
그리고 경제가 상승 추세를 타는 경우 잠재성장률 달성을 위해 보다 강력한 성장 모멘텀을 가하는 게 중요하다는 점을 염두에 두어야 한다”고 한 재경부 장관 겸 부총리는 말했다.
• Kim said the office will not launch an investigation into the case, saying it dealt with the accusations when he was screened before being appointed deputy prime minister and the finance-economy minister. (출처: The Korea Herald)
김 대변인은 부총리와 재정경제부 장관에 임명되기 이전에 그러한 의혹을 이미 다루었기 때문에 청와대가 이번 사안을 조사하지 않을 거라고 말했다.
• Finance Minister Han Duck-soo, who is also deputy prime minister, is known for his commitment to stabilizing real estate prices that have surged in the wake of widespread speculation. (출처: The Korea Herald)
한덕수 재경부 장관 겸 부총리는 확산된 투기 이후 폭등한 부동산 가격 안정을 위한 약속으로 알려져 있다.
• Finance Minister Han Duck-soo, who doubles as the deputy prime minister, made it clear of his dilemma during a speech he made last week. (출처: The Korea Herald)
한덕수 재경부 부총리 겸 장관은 지난 주 발표에서 자신의 딜레마를 분명히 했다.
• Former finance minister Lee Hun-jai is likely to replace Deputy Prime Minister Kim Jin-pyo, who is also expected to run under the Uri banner for the National Assembly, the sources said. (출처: The Korea Herald)
이헌재 전 재정경제부 장관은 이번 총선에 우리당 후보로 출마할 김진표 경제 부총리의 후임자로 임명될 가능성이 높다고 소식통은 말했다.
• At a banking event in Madrid, Deputy Finance Minister Dimitri Gvindadze of Georgia said his country's economy was holding up despite the tension. (출처: Herald Tribune)
• The South Korean deputy finance minister, Kim Seok Dong, said last week that he did not rule out foreign buyers taking over Korea Exchange. (출처: Herald Tribune)
• A Japanese deputy finance minister, Hiroki Tsuda, said Thursday that Japan must very carefully consider the establishment of a sovereign wealth fund. (출처: Herald Tribune)
• Germany is still hoping to win backing for its deputy finance minister, Caio Koch-Weser, to succeed Mr Camdessus. (출처: The Independent)
• In 1906, he was appointed deputy finance minister and mainly oversaw taxation affairs. (출처: Wikipedia)
• Soon afterward, he was promoted to the post of deputy finance minister; but he declined, on pretext that he had no ability to manage finance. (출처: Wikipedia)
• Deputy Finance Minister Sergei Storchak estimates it will reach 600-700 billion rubles by February 1, 2008. (출처: Wikipedia)
• Naoyuki Shinohara, Japan's deputy finance minister for international affairs, warned before the meeting that any funds would have to be used responsibly. (출처: Herald Tribune)
• Among the dead were nine civilians in Karada, a mixed neighborhood in central Baghdad, when a car bomber rammed a convoy carrying Iraq's deputy finance minister. (출처: Herald Tribune)
'Finance Minister Will Stay'

Kang Man-soo
Finance Minister
By Jung Sung-ki
Staff Reporter

Cheong Wa Dae Friday dismissed a report that the Strategy and Finance Minister would offer to resign soon.

``The report is not the case,'' presidential spokesman Lee Dong-kwan told reporters. ``We've called Kang to confirm the report's authenticity, but he said it's not true.''

The Ministry of Strategy and Finance said it will ask the media company concerned to correct the report, or it will take legal action against the firm.

Earlier, the Dong-A Ilbo newspaper quoted unidentified government sources as reporting that Kang made his decision to tender his resignation this month before a possible Cabinet reshuffle slated for as early as next month.

President Lee Myung-bak virtually accepted Kang's resignation and ``proposed'' that Kang take over another post, said the newspaper.

Despite repeated denials, local media has speculated that Kang is expected to be replaced in the forthcoming reshuffle.

Yoon Jeung-hyun, a former chairman of the Financial Supervisory Commission, is referred to as a viable candidate to replace Kang, reports said.

Other candidates include Yoon Jin-shik, a former minister of commerce, industry and energy, and Chin Dong-soo, chairman of the Export-Import Bank of Korea.

Kang has been under pressure to step down for what critics see as his misguided and inconsistent economic policies.

He has been sticking to high growth rate, boosting exports and controlling the foreign exchange rate. Critics are, in particular, harsh on Kang's foreign exchange policy.

The minister initially advocated a weak won policy to boost exports. But it only added to inflationary pressure as the global economy was suffering from record-breaking oil prices at the time.

He then switched to a strong won policy to pull down an already too high won/dollar rate.

Since the reshuffled list of nominees does not include single one of ruling party members, ruling party members evaluate this reshuffle as ‘a regrettable shakeup without taking a party’s unity into consideration’.

Lee Dong kwan, presidential spokesman, was quoted as saying, “President Lee said since this shakeup was done in the economy ministries, ruling party members are not included in this reshuffle, but he will take that into consideration in the next reshuffle.”

Park hee-tae, head of the ruling Grand National Party said, “I was hoping that our party members was able to join a Cabinet and I did make a suggestion about this to president Lee but since this reshuffle was centered on the economy ministries and done in a small scale, president Lee said it is difficult to do this time even though he agrees on what I suggested.

Head of the ruling Grand National Party, Park Hee-tae received the reshuffle list in the middle of the meeting and voiced a strong discontent about this by saying ‘How can these reshuffle nominees be reported unilaterally without conducting a consultation with the ruling party,” and “The presidential secretaries should come and The parliamentary confirmation hearing

One of the ruling party members voiced concern by saying, “There are a number of people who are discontent with this reshuffle,” and “If president Lee excludes the ruling party members in another additional shakeup, the intense resistance will be followed.”

2009-01-17T10:37:00.000-08:00

Allowances for Valuation of
Receivables
불특정금전신탁에서 운용하고 있는 자산 중 시가평가적용이 어려운 신탁자산(대출금, CP
에 대하여 자산건전성 분류기준에 의해 적립한 대손충당금
채권형
증권투자신탁
Bond Investment Trust
고객으로부터 예치받은 증권투자신탁재산을 투자신탁운용회사가 채권에 주로(60%이상)
책임보험(자동차)Compulsory Insurance
자동차손해배상보장법률에 의하여 가입이 강제되는 자동차보험
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책임준비금
Policy Reserves
보험계약자 또는 수익자에게 장래에 보험금, 환급금, 배당금을 지급하기 위하여 적립한 금
의 일종
책임준비금증가액Increase in Policy Reserves
금년도에 적립할 책임준비금이 전년도에 적립한 책임준비금을 초과하는 금액
총고정투자
Gross Fixed Capital
Formation
국내총투자를 총 고정자본형성을 이루는 고정투자와 재고증가에 의한 재고투자로 구분할
업의 생산과정에서 사용되어 없어진 자본시설을 보충하는 것으로 국민총생산
중에서 고정자본소모에 해당하
만을 투자하는 대체투자와 생산량을 늘리기 위하여 자본시설의 규모를 확장하는 신규투자
총신용공여
Total Credit Exposure
금융회사가 고객에 제공한 신용공여액의 총합계액으로 대출채권, 여신성 유가증권(사모사
스채권, 여신성가지급금 및 미수금 등 직접적인 신용공여분 뿐만아니라 금융회사가 현재
후 부담할 가능성이 있는 지급보증 등 우발채무에 대하여 신용환산율로 환산한 금액의 합
총유동성
M3
총통화(M2)에 비통화금융기관의 각종 예수금과 금융기관의 금융채, 양도성예금증서(CD)
매출 그리고 환매조건부채권 등을 포함시킨 가장 넓은 의미의 통화지표로서 전 금융기관의
위해 편제된 이후 참고지표로만 활용되어 오다가 외환위기 이후에는 IMF와의 협의에 따라
총자산이익률
Return on Assets
총자산 대비 당기순이익이 차지하는 비율로서 기업이 주어진 총자산을 수익창출활동에 얼
였는가를 측정하는 지표
총통화
M2
통화(M1)에 포함되는 현금과 요구불예금 뿐만 아니라 정기예금, 정기적금 등 은행의 저축
을 포함한 개념
최종소비지출
Final Consumption
Expenditure
일정기간중의 최종생산물에 대한 민간과 공공부문의 소비지출증가율을 말하는데 과거에
있는 중고품에 대한 지출은 제외
출재보험
Reinsurance Ceded
재보험은 인수하는 회사의 입장에서는 수재보험이 되며 재보험을 인수시키는 회사의 입장
출재보험금
Reinsurance Caims
Recovered
보험사고가 발생하여 재보험계약에 따라 재보험자로부터 받은 보험금
________________________________________
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출재보험료
Ceded Reinsurance
Premium
재보험계약에 따라
재보험자에게 지급한 보험료
출재보험수수료
Reinsurance Commission
Recovered
재보험 계약에 따라 재보험자로부터 받아들인 보험수수료
출하지수
Producer's Shipment Index
광업, 제조업, 전기가스업을 대상으로 일정 기간중의 판매활동수준을 나타내는 지표로서
작성
충당금계정
Allowance Accounts
장래에 지급될 비용의 원인이 당기에 있으며 당해 지출금액을 합리적으로 추정할 수 있을
미리 적립하는 금액
카드론
Card Loan Outstanding
카드사가 카드회원을 대상으로 자체 신용평가에 의해 일정한 한도범위내의 현금을 일정기
콜론
Call Loans
자금중개회사를 통하거나 금융회사간 직접거래에 의하여 원화 및 외화자금을 단기로
대여한 자금
콜머니
Call Money
자금중개회사를 통하거나 금융회사간 직접거래에 의하여 원화 및 외화를 단기로 차입한 자
통안증권
Monetary Stabilization Bonds 통화의 안정을 목적으로 한국은행이 발행하는 증권
통화
M1
민간이 보유하고 있는 현금과 당좌예금, 보통예금 등 통화금융기관 요구불예금의 합계
통화금융기관
Monetary Institution
통화지표 편제를 위해 통화창출기능 여부를 기준으로 통화에 포함되는 금융자산을 창출하
퇴직급여충당금
Allowances for Severance
and Retirement Benefits
회계연도말 현재 전 임직원이 일시에 퇴직할 경우 지급하여야 할 퇴직금에 상당하는 적립
투자상담사
Investment Counselor
증권회사의 임직원중 회사를 위하여 유가증권의 매매나 유가증권시장에서의 매매위탁을
객을 위하여 투자에 관한 상담 등을 하는 자
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,
,
4
투자수지
Financial Account
직접투자, 증권투자, 대출 및 차입, 무역관련 신용, 현금 및 예금 등의 금융거래로 인한 유
투자신탁회사
Investment Trust Company
증권투자신탁과 관련한 업무는 증권투자신탁의 설정, 판매 및 운용의 3가지로 구분할 수
두 영위할 수 있는 회사를 투자신탁회사(증권회사 전환 이전의 한국투자신탁이나 대한투
운용업무만을 영위할 수 있는 회사를 투자신탁운용회사라 함(판매업무는 증권회사에서 담
투자유가증권
Investment Securities
상품유가증권 이외의 유가증권을 말하며, 금융기관의 경우에는 투자유가증권 중 채권은
권으로 구분하여 관리
특별계정
Separate Account
퇴직보험, 변액보험상품과 같은 특정보험상품 관련계정으로서 여타 일반계정과 분리하여
특별유보금
Special Reserve
불특정금전신탁 중 원본 또는 이익의 보전계약이 있는 신탁의 보전을 위하여 적립하는 금
특정금전신탁
Specified Money in Trust
고객이 직접 신탁재산의 운용방법을 구체적으로 지정하는 형태의 신탁상품
특종보험
Casualty Insurance
손해보험중 화재, 해상, 자동차 및 보증보험 등을 제외한 상해보험, 배상책임보험 및 도난
파생상품
Derivative Contracts
파생상품이란
환율이나금리, 주가등의시세변동에따른손실위험을줄이기위해미래일정시점에일정한가격
으로상품이나주식, 채권등을거래하기로하는일종의보험성금융상품으로
선도거래, 선물 옵션 스와프등
크게 가지유형으로나눌수있음
판매비와 관리비
General & Administrative
Expenses
상품과 용역의 판매활동 또는 관리와 유지에 발생하는 제비용으로 주로 인건비(급여 및 제
접대비, 감가상각비, 판매비 등)가 이에 해당
팩토링채권
Outstanding Balance of
Factoring
일반기업이 상거래와 관련하여 취득한 외상매출채권을 금융기관이 기업체로부터 매입하는
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표지어음
Cover Bills
금융회사가 할인 또는 매입하여 보유한 매입어음에 기초하여 불특정다수의 일반인에게 판
하는 어음으로 이자 선지급이 특징
할부금융
Installment Finance
내구소비재, 산업설비, 주택 등의 할부거래시 금융회사가 제조업체와 소비자 사이에 개입
을 일시불로 지급하고 소비자로부터 당해 물품대금을 일정기간 분할하여 받는 금융형태로
이때 상품의 소유권
처음부터 구매자에게 이전하는 것이 아니라 최종납입금과 수수료 등을 완납해야만 이전된
다름
할인어음
Bills Discounted
상업어음을 할인하는 방식으로 대여하는 대출
* 예컨대 90일 만기 어음이라면 액면금액에서 90일간의 이자를 공제하고 대금을 지급
해약환급금
Refunds of Surrenders
보험계약의 해지시 보험계약자에게 지급한 환급금
해외증권
Overseas Securities
국내기업이 해외증권시장에서 외국투자자를 대상으로 발행하는 유가증권
확정지급보증
Acceptances and Guarantees
Outstanding
은행이 기발급한 지급보증서
중에서 주채무가 확정된 지급보증
환급금
Refunds
보험계약의 해약 및 효력상실로 보험계약자에게 지급한 금액
환매
Repurchase
환매조건부채권매매거래시 당초의 계약내용대로 채권을 되사는 행위 또는 고객이 증권회
계약을 해지하는 것을 말함
환매조건부채권
매매
Repurchase Agreement
매매당사자 사이에 채권을 일정기간 경과후에 일정이율에 의한 가격으로 동일 채권을
다시 매수(매도)할 것을 조건으로 하는 채권매매거래
회사채
Corporate Bonds
주식회사가 일반 대중에게 자금을 모집하기 위해 집단적, 대량적으로 발행하는 채권으로
우선하여 이자를 지급받게 되며 기업이 도산하게
되거나 청산할 경우 주주들에 우선하여 기업자산에
가짐
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및
지
효력상실
및 해약율
Ratio of Lapses & Surrenders
보험계약의 요건을 결여하여 보험계약의 효력이 상실되거나 보험계약자의 의사표시에 의
경우로서 연초보유계약
신계약대비당회계년도중 실효 또는 해약되는 계약의 비율
효력상실환급금 Refunds of Lapses
보험계약의 효력상실로 인해 보험계약자에게 지급한 환급금
후순위사채,
후순위차입금
Subordinated Debenture &
Borrowing
회사가 파산하는 경우 당해 후순위차입금 또는 후수위채권 이외의 다른 모든 채무를 우선
경우에 한하여 당해 채무를 상환하는 조건으로 차입한 자금 또는 발행한 사채
CAC 40 주가지수CAC 40 stock index
CAC40 주가지수는 프랑스 증권거래소 협회(SBF)에서 1988년 6월 15일부터 산출, 발표
지수의 기준시점은 1987년 12월 31일을 1000으로 하고 있으며 채용종목은 40종목으로
장된 40개의 우량주식으로 구성되어 있음
CMA운용수익
Interests on CMA
종금사가 자산운용자(Portfolio Manager)로서 고객으로부터 예탁받은 예탁금을 할인어음
공채, 통화안정증권 등 수익성이 높은 금융자산에 투자하여 얻은 운용수익
FT-SE 100 주가
수
FT-SE 100 Stock Index
Financial Times와 런던국제증권거래소(ISE)가 공동으로 1984년 1월부터 산출, 발표하고
던국제증권거래소(ISE)에 상장된 100개의 우량주식으로 구성되어 있음. 동지수는 기준시
을 1000으로 하여 산출되고 있는데, 채택종목은 거래가 활발한 우량주를 산업별로 안배하
KOSPI200 지수
Korea Composite
Stock Price Index 200
선물거래지수 산정 등을 위하여 증권거래소 상장주식 중 우량종목 200종목을 채택하여 산
MCT
MCT
총통화(M2)에 양도성예금증서와 금전신탁을 포함한 개념
S&P 500 주가지수S&P 500 stock index
기업의 시장가치에 가중치를 두는 시가총액식 산출방법으로 1957년에 도입되어 다우지수
S&P500에는 500개 기업이 들어가며 고려대상 기업으로는 기업 크기보다는 앞으로의 성
S&P지수에 들어가는 기업의 20%가량은 '태크주'라 불리는 첨담산업 관련기업임
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국고채 및 회사채수익률, 콜금리
Treasury & Corporate Bond Yields, Call Rate
국고채(Treasury Bonds)
회사채(Corporate Bonds)
콜(Call)
(%)
장단기 금리차(국고채-Call)
Term-Spread of Interest Rates(Treasury Bonds - Call)
장단기 금리차(Term-Spread of Interest Rates)
(%p)
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KDI 경제동향(2007. 1) ｜
79
9-1. 金利
1)
Market Interest Rates
(%, %p)
콜금리
1 day
Call Rate
양도성
예금증서
3 month
CD
기업어음
91 day
CP
국고채
3 year
Treasury
Bonds
회사채
3 year
Corporate
Bonds(AA-)
회사채
3 year
Corporate
Bonds(BBB-)
금리차 Spread
장단기
Spread
2)
신용
Spread
3)
신용
Spread
4)
주: 1) 기말기준임.
2) 국고채 - 콜금리.
3) 회사채(AA-) - 국고채.
4) 회사채(BBB-) - 회사채(AA-).
자료: 금융감독원.
Note: 1) End of period.
2) Treasury Bonds - Call.
3) Corporate Bonds(AA-) - Treasury Bonds.
4) Corporate Bonds(BBB-) - Corporate Bonds(AA-).
Source: Financial Supervisory Service.
________________________________________
Page 3
80
주가지수
Stock Price Index
종합주가지수(KOSPI)
코스닥(KOSDAQ)
(KOSPI)
(KOSDAQ)
외국인 순매수
Foreign Investors’ Net Purchase of Stocks
종합주가지수(KOSPI)
코스닥(KOSDAQ)
(조원 / Trillion Won)
________________________________________
Page 4
KDI 경제동향(2007. 1) ｜
81
9-2. 株價
Stock Price
(십억원, Billion Won)
주가지수
1)
Stock Price Index
거래대금
2)
Trading Value
외국인 순매수
Foreign Investors' Net Purchase
고객예탁금
1)
Customers'
Deposits at
Securities
Companies
종합주가지수
KOSPI
코스닥
KOSDAQ
종합주가지수
KOSPI
코스닥
KOSDAQ
주: 1) 기말기준임.
2) 코스닥시장은 제외.
자료: 증권선물거래소.
Note: 1) End of period.
2) KOSDAQ market is excluded.
Source: Korea Exchange.
________________________________________
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82
통화지표(평잔)
Monetary Aggregates (Period Average)
광의통화(M2)
협의통화-MMF(M1-MMF)
금융기관유동성(Lf)
(전년동기대비 증가율, % / Year-on-Year % Change)
예금은행 예금 및 대출금(평잔)
Deposits and Loans at Commercial & Specialized Banks(Period Average)
예금은행예금(Deposits)
예금은행대출금(Loans)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
Page 6
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9-3. 通貨量
1)
Monetary Aggregates
(조원, Trillion Won)
본원통화
Reserve Money
금융기관유동성(Lf)
광의통화(M2)
Liquidity Aggregate
of Financial
Institutions
협의통화(M1)
2)
Broad Money
Narrow Money
MMF 제외
3)
M1 less MMF
전년동기대비 증가율(%)
Percentage Change from the Same Period of the Previous Year
주: 1) 평잔기준임.
2) 2005년 11월부터는 법인 MMF가 제외된 M1임.
3) 법인 및 개인 MMF 전체가 제외된 M1임.
자료: 한국은행.
Note: 1) Period average.
2) Corporate MMF is excluded from Nov. 2005.
3) Both corporate MMF and individual MMF are excluded.
Source: Bank of Korea.
________________________________________
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84
은행 및 투신사 수신
Deposits at Banks & Asset Management Companies
은행(Banks)
투신사(Asset Management Companies)
(월중 증감액, 조원 / Changes during the Month, Trillion Won)
은행 및 투신사 수신
Deposits at Banks & Asset Management Companies
은행(Banks)
투신사(Asset Management Companies)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
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85
9-4. 金融機關受信
1)
Deposits at Financial Institutions
(십억원, Billion Won)
은행
금전신탁
Money
in Trust
종금사
Merchant Banking
Corporations
Banks
저축성예금
CD, RP, 표지어음
CD, RP, Cover Bill
Time & Savings
Deposits
정기예금
Time Deposits
투신사
증권사
2)
Securities
Companies
Asset
Management
Companies
MMF
Money Market
Funds
채권형상품
Bond Type
주식형상품
Stock Type
혼합형상품
Mixed Type
주: 1) 기간 중 증감액임.
2) 고객예탁금임.
자료: 한국은행.
Note: 1) Based on changes during the period.
2) Customers' deposits.
Source: Bank of Korea.
________________________________________
Page 9
86
은행의 기업대출
Bank Loans to Corporations
대기업(Large Corporations)
중소기업(SMEs)
(월중 증감액, 조원 / Changes during the Month, Trillion Won)
부문별 은행대출
Bank Loans by Sector
대기업(Large Corporations)
중소기업(SMEs)
가계(Households)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
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87
9-5. 金融機關與信 및 資産運用
1)
Loans and Asset Management of Financial Institutions
(십억원, Billion Won)
은행대출 Loans of Banks
CP순발행
Net Issuance
of CP
회사채순발행
Net Issuance
of Corporate
Bonds
주식발행
Issuance
of Stocks
대기업
Large
Corporations
중소기업
Small & Medium
Corporations
가 계
Households
주택담보대출
Secured by
Resid. Property
주: 1) 기간 중 증감액임.
자료: 한국은행.
Note: 1) Based on changes during the period.
Source: Bank of Korea.
________________________________________
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88
가계신용
Credit to Households
가계대출(Loans to Households)
판매신용(Merchandise Credit)
(분기중 증감액, 조원 / Changes during the Quarter, Trillion Won)
가계신용
Credit to Households

가계신용(Credit to Households)
가계대출(Loans to Households)
판매신용(Merchandise Credit)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
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9-6. 家計信用
1)
Credit to Households
(십억원, Billion Won)
가계신용
Credit to
Households
가계대출
판매신용
Loans to
Households
예금은행
Banks
비은행 예금
취급기관
Non-Bank
Deposit-taking
Institutions
기타 금융기관
Other
Financial
Institutions
Merchandise
Credit
여신 전문기관
Credit-
specialized
Financial
Institutions
판매회사
Merchandise
Companies
전년동기대비 증가율(%)
Percentage Change from the Same Period of the Previous Year
2002
주: 1) 기간 중 증감액임.
자료: 한국은행.
Note: 1) Based on changes during the period.
Source: Bank of Korea.
Buffett's "time bomb" goes off on Wall Street
Thu Sep 18, 2008 1:42pm EDT
By James B. Kelleher - Analysis
CHICAGO (Reuters) - On Main Street, insurance protects people from the effects of catastrophes.
But on Wall Street, specialized insurance known as a credit default swaps are turning a bad situation into a catastrophe.
When historians write about the current crisis, much of the blame will go to the slump in the housing and mortgage markets, which triggered the losses, layoffs and liquidations sweeping the financial industry.
But credit default swaps -- complex derivatives originally designed to protect banks from deadbeat borrowers -- are adding to the turmoil.
"This was supposedly a way to hedge risk," says Ellen Brown, the author of the book "Web of Debt."
"I'm sure their predictive models were right as far as the risk of the things they were insuring against. But what they didn't factor in was the risk that the sellers of this protection wouldn't pay ... That's what we're seeing now."
Brown is hardly alone in her criticism of the derivatives. Five years ago, billionaire investor Warren Buffett called them a "time bomb" and "financial weapons of mass destruction" and directed the insurance arm of his Berkshire Hathaway Inc to exit the business.
LINKED TO MORTGAGES
Recent events suggest Buffett was right. The collapse of Bear Stearns. The fire sale of Merrill Lynch & Co Inc. The meltdown at American International Group Inc. In each case, credit default swaps played a role in the fall of these financial giants.
The latest victim is insurer AIG, which received an emergency $85 billion loan from the U.S. Federal Reserve late on Tuesday to stave off a bankruptcy.
Over the last three quarters, AIG suffered $18 billion of losses tied to guarantees it wrote on mortgage-linked derivatives.
Its struggles intensified in recent weeks as losses in its own investments led to cuts in its credit ratings. Those cuts triggered clauses in the policies AIG had written that forced it to put up billions of dollars in extra collateral -- billions it did not have and could not raise.
EASY MONEY
When the credit default market began back in the mid-1990s, the transactions were simpler, more transparent affairs. Not all the sellers were insurance companies like AIG -- most were not. But the protection buyer usually knew the protection seller.
As it grew -- according to the industry's trade group, the credit default market grew to $46 trillion by the first half of 2007 from $631 billion in 2000 -- all that changed.
An over-the-counter market grew up and some of the most active players became asset managers, including hedge fund managers, who bought and sold the policies like any other investment.
And in those deals, they sold protection as often as they bought it -- although they rarely set aside the reserves they would need if the obligation ever had to be paid.
In one　 notorious case, a small hedge fund agreed to insure UBS AG, the Swiss banking giant, from losses related to defaults on $1.3 billion of subprime mortgages for an annual premium of about $2 million.
The trouble was, the hedge fund set up a subsidiary to stand behind the guarantee -- and capitalized it with just $4.6 million. As long as the loans performed, the fund made a killing, raking in an annualized return of nearly 44 percent.
But in the summer of 2007, as home owners began to default, things got ugly. UBS demanded the hedge fund put up additional collateral. The fund balked. UBS sued.
The dispute is hardly unique. Both Wachovia Corp and Citigroup Inc are involved in similar litigation with firms that promised to step up and act like insurers -- but were not actually insurers.
"Insurance companies have armies of actuaries and deep pools of policyholders and the financial wherewithal to pay claims," says Mike Barry, a spokesman at the Insurance Information Institute.
"SLOPPY"
Another problem: As hedge funds and others bought and sold these protection policies, they did not always get prior written consent from the people they were supposed to be insuring. Patrick Parkinson, the deputy director of the Fed's research and statistic arm, calls the practice "sloppy."
As a result, some protection buyers had trouble figuring out who was standing behind the insurance they bought. And it put investors into webs of relationships they did not understand.
"This is the derivative nightmare that everyone has been warning about," says Peter Schiff, the president of Euro Pacific Capital at the author of "Crash Proof: How to Profit From the Coming Economic Collapse."
"They booked all these derivatives assuming bad things would never happen. It was like writing fire insurance, assuming no one　　　 is ever going to have a fire, onl　y now they're turning around and watching as the whole town burns down."
UPDATE 4-S.Korea's KDB sells $2 bln bond, shows market thaw
Fri Jan 16, 2009 7:47pm GMT
(Updates with final pricing and comment, new headline)
By Rafael Nam and Yoo Choonsik
HONG KONG/SEOUL, Jan 16 (Reuters) - Korea Development Bank sold $2 billion in five-year bonds offshore on Friday, the second major sale from the Asian country this week in a further sign that the global debt market may be starting to thaw.
The deal size was double early indications.
State-run KDB sold the bonds at a price of 99.145 with a coupon of 8 percent. The discounted price brought a yield of 8.212 percent, a source at one of the lead managers in New York said.
The debt was sold at a spread of 675 basis points over corresponding U.S. Treasuries, the lower end of the price guidance range of 670-700 basis points. This pricing was similar to a deal done on Monday by Export-Import Bank (KEXIM), which sold $2 billion in five-year bonds at 677.7 bps.
Strong investor response to the issues suggests credit markets may be reopening again after slamming shut late last year as the global financial crisis deepened.
"Korea is in a situation where its exports have rapidly declined... so there are quite likely to be bigger funding requirements than we currently foresee," said Jeremy Brewin, a fixed income fund manager at Aviva Investors.
"If the markets hold reasonably well and spreads don't widen and the global situation doesn't weaken significantly from where we think it is I'd imagine it would be in the second half of the year or possible an issue per quarter maybe even retapping these," he added.
The Korean bond deals are the first by banks from an emerging economy since the collapse of investment bank Lehman Brothers last September.
Ahead of the final sale, KDB's price guidance to investors showed sellers must offer significant premiums to get deals done, reflecting a higher level of risk. Just a year ago, KDB sold $1 billion in five-year bonds at 218 bps over Treasuries.
"Prices aside, the deals are significant in that they have reopened the global markets finally," said Shin Je-yoon, a deputy finance minister in Seoul.
KEXIM officials told reporters in Seoul on Thursday the firm had doubled the size of its bond sale because of strong demand. The deal attracted $4.4 billion in orders.
Investment bank ING's economist Tim Condon expected global credit market conditions to keep improving.
"The question now is whether the ongoing recovery of risk appetites outweighs new bond supply and credit spreads tighten from here. My experience leads me to expect that they will."
But some analysts fear the window of opportunity to raise funds could quickly close.
Global markets showed signs of stabilising in December, but investors' nerves have been jangled again in the past week by fears of fresh losses at major banks and a worsening outlook for credit ratings.
U.S. officials said on Friday that Bank of America Corp (BAC.N: Quote, Profile, Research) will get a $20 billion infusion of government funds and a protection from possible losses on $118 billion of assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.
A drop in investor confidence in the aftermath of Lehman's collapse had forced South Korea to put on hold indefinitely a plan to sell around $1 billion in sovereign bonds.
Shin said it was premature to say when the country will resume marketing the delayed deal. However, just this month, the Philippines, Colombia, Turkey and Brazil have all sold sovereign bonds.
SOUTH KOREANS TAKING THE LEAD
Also on Friday, KDB sold S$300 million ($201.5 million) in one-year bonds bearing a coupon rate of 5.68 percent and a yield of 6.2 percent via lead manager DBS, a source with direct knowledge of the deal said.
South Korean state-owned lenders are taking the lead in securing external funding because commercial banks are struggling to raise dollars since the global financial crisis pummeled the domestic won currency .
Commercial lenders have also seen their debt spreads surge, making it more costly for them to tap overseas markets.
Moody's Investors Service warned on Thursday it may cut foreign currency debt ratings on 10 South Korean lenders standing above the country's sovereign rating, saying it was inappropriate as they rely on the government to secure external funding.
That had little impact on KDB's decision to sell bonds given that Moody's also noted it was unlikely to lower any bank below South Korea's current "A2" rating. The credit ratings agency rates KDB at "Aa3", or two notches higher.
Moody's is the only one of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an "A" rating on it and Fitch has an "A+" rating, both in line with their respective sovereign ratings.
South Korea has established a $100 billion programme to back foreign currency debt, but that guarantee only runs for three years for borrowings secured by the end of June and imposes a fee of 100 basis points for issuers.
Just like KEXIM, KDB opted against seeking the guarantee, which bankers have noted could lower the premiums being paid by issuers, but which carries a fee and limits debt issuances to three-year maturities.
KDB's sale is being arranged by BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland. ($1=1.489 Singapore Dollar) (Additional reporting by Saeed Azhar in SINGAPORE; Daniel Bases in NEW YORK; and Kylie MacLellan in LONDON; Editing by Diane Craft)
New Issue-Korea Dev Bank sells $2 bln 5-yr global notes
Fri Jan 16, 2009 4:08pm GMT

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[-] Text [+]
Jan 16 (Reuters) - State-owned Korea Development Bank on
Friday sold $2.0 billion in five-year global notes, said IFR, a
Thomson Reuters service.
The size of the deal was increased to $2 billion from an
originally planned $1 billion.
BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch, and RBS
Greenwich Capital were the joint bookrunning managers for the
sale.
BORROWER: KOREA DEVELOPMENT BANK
AMT $2.0 BLN COUPON 8.00 PCT MATURITY 1/23/2014
TYPE GLOBAL NTS ISS PRICE 99.145 FIRST PAY 7/23/2009
MOODY'S Aa3 YIELD 8.212 PCT SETTLEMENT 1/23/2009
S&P SINGLE-A SPREAD 675 BPS/ PAY FREQ SEMI-ANNUAL
FITCH A-PLUS MORE THAN TREAS NON-CALLABLE*
*COC PUT AT 100

S.Korea's KDB to sell $1 bln bond, shows market thaw
• Reuters, Friday January 16 2009
(Updates with KDB's S$300 mln 1-yr debt sale in Singapore)
By Rafael Nam and Yoo Choonsik
HONG KONG/SEOUL, Jan 16 (Reuters) - Korea Development Bank plans to sell $1 billion in bonds offshore on Friday, sources said, the second major sale from the Asian country this week in a further sign that the global debt market may be starting to thaw.
State-run KDB aims to sell five-year bonds at 670-700 basis points over U.S. Treasuries, sources said, similar pricing to a deal on Monday by Export-Import Bank (KEXIM), which sold $2 billion in five-year bonds at 677.7 bps.
Strong investor response to the issues suggests credit markets may be reopening again after slamming shut late last year as the global financial crisis deepened.
The Korean bond deals are the first by banks from an emerging economy since the collapse of investment bank Lehman Brothers last September.
Still, KDB's price guidance to investors shows sellers must offer significant premiums to get deals done, reflecting a higher level of risk. Just a year ago, KDB raised $1 billion in five-year bonds at 218 bps over Treasuries.
"Prices aside, the deals are significant in that they have reopened the global markets finally," said Shin Je-yoon, a deputy finance minister in Seoul.
KEXIM officials told reporters in Seoul on Thursday the firm had doubled the size of its bond sale because of strong demand. The deal attracted $4.4 billion in orders.
Investment bank ING's economist Tim Condon expected global credit market conditions to keep improving.
"The question now is whether the ongoing recovery of risk appetites outweighs new bond supply and credit spreads tighten from here. My experience leads me to expect that they will."
But some analysts fear the window of opportunity to raise funds could quickly close.
Global markets showed signs of stabilising in December, but investors' nerves have been jangled again in the past week by fears of fresh losses at major banks and a worsening outlook for credit ratings.
U.S. officials said on Friday that Bank of America Corp will get a $20 billion infusion of government funds and a guarantee for almost $100 billion of potential losses on toxic assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.
A plunge in investor confidence in the aftermath of Lehman's collapse had forced South Korea to put on hold indefinitely a plan to sell around $1 billion in sovereign bonds.
Shin said it was premature to say when the country will resume marketing the delayed deal. However, just this month, the Philippines, Colombia, Turkey and Brazil have all sold sovereign bonds.
SOUTH KOREANS TAKING THE LEAD
Also on Friday, KDB sold S$300 million ($201.5 million) in one-year bonds bearing a coupon rate of 5.68 percent and a yield of 6.2 percent via lead manager DBS, a source with direct knowledge of the deal said.
South Korean state-owned lenders are taking the lead in securing external funding because commercial banks are struggling to raise dollars since the global financial crisis pummelled the domestic won currency.
Commercial lenders have also seen their debt spreads surge, making it more costly for them to tap overseas markets.
Moody's Investors Service warned on Thursday it may cut foreign currency debt ratings on 10 South Korean lenders standing above the country's sovereign rating, saying it was inappropriate as they rely on the government to secure external funding.
That had little impact on KDB's decision to sell bonds given that Moody's also noted it was unlikely to lower any bank below South Korea's current A2 rating. The credit ratings agency rates KDB at Aa3, or two notches higher.
Moody's is the only one of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an A rating on it and Fitch has an A-plus rating, both in line with their respective sovereign ratings.
South Korea has established a $100 billion programme to back foreign currency debt, but that guarantee only runs for three years for borrowings secured by the end of June and imposes a fee of 100 basis points for issuers.
Just like KEXIM, KDB opted against seeking the guarantee, which bankers have noted could lower the premiums being paid by issuers, but which carries a fee and limits debt issuances to three-year maturities.
KDB's sale is being arranged by BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland. ($1=1.489 Singapore Dollar) (Additional reporting by Saeed Azhar in SINGAPORE; Editing by Kim Coghill)

S.Korea's KDB launches $2 bln five-year note
Fri Jan 16, 2009 7:48pm IST

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NEW YORK, Jan 16 (Reuters) - Korea Development Bank launched for sale a $2 billion five-year note at 675 basis points over benchmark U.S. Treasuries, a market source familiar with the details of the deal said on Friday.
State-run KDB launched the deal at the lower end of the 670-700 basis points price guidance.
The offering is the second out of the Asian country in a week, giving further signs that the global debt market is starting to thaw from the credit freeze of late last year.
Pricing of the KDB deal is similar to Monday's transaction for the Export-Import Bank of Korea (KEXIM), which sold $2 billion worth of five-year debt at 677.7 basis points over U.S. Treasuries.
Lead managers of Friday's deal are BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and RBS. (Reporting by Daniel Bases; Editing by Tom Hals)
Emerging debt-Asian spreads narrow; KDB selling dollar bonds
HONG KONG, Jan 16 - Asian bond spreads narrowed on Friday on hopes that the United States would dole out more funds to aid its ailing banks, but premiums for South Korea's debt widened after Moody's warned it would cut ratings on 10 lenders.
Korea Development Bank (KDB) issued guidance on the pricing of a benchmark five-year bond sale at 675-700 basis points over U.S. Treasuries on Friday. The lender, which was included in Moody's list, aims to raise at least $1 billion.
KDB's 5.3 percent bonds maturing in 2013 were bid at 630 basis points over Treasuries.
Elsewhere, Asian bond spreads halted three straight days of widening, encouraged by the U.S. lawmakers efforts to expand an economic stimulus package and hasten the release of bailout funds for distressed banks.
The U.S. Treasury announced support for the Bank of America, saying it would protect it from possible losses on $118 billion in assets.
Asian stocks also rebounded on Friday, tracking Wall Street's gains overnight.
"It's a good day for risky assets today," said Tim Condon, chief economist at ING Financial Markets in Singapore. "U.S. stocks eked out gains and that set the tone for Asia today."
The Asia iTraxx investment-grade index excluding Japan, a key measure of risk aversion, tightened 5 basis points to 320, a Hong Kong-based trader said.
The index, which measures 50 high-credit bond spreads in Asia, has widened by as much 53 basis points in the previous three sessions.
But overall sentiment remained cautious as investors expect more grim data from the U.S. next week, Condon said.
The U.S. economy is facing the risks of a prolonged recession and deflation as mounting job losses hit consumer spending, latest data showed.
South Korea's credit default swaps (CDS) -- or insurance-like contracts that protect investors against defaults or retructuring -- widened 5 basis points to 340.
The Bank of Korea would continue to provide lenders with cash to ease the credit crunch, and reiterated a pledge to steer its interest rate policy to spur the economy.
Moody's Investors Service warned on Thursday it may downgrade South Korean banks whose foreign currency debt ratings are above the country's sovereign rating, saying the higher ratings were inappropriate as they rely on the government to secure external funding.
Still, analysts said the action would not have a broad impact, and it had little impact on KDB's decision to sell bonds. Moody's also noted it was unlikely to lower any bank below South Korea's current A2 rating. The credit ratings agency rates KDB at Aa3, or two notches higher.
Moody's is also the only of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an A rating and Fitch has an A-plus rating, both in line with their respective sovereign ratings. FIVE-YEAR CREDIT DEFAULT SWAPS
Bid/Ask spread
Current Week ago Korea Dev Bank 363.66 328.25* Hutchison 290/~ ~/285 PCCW-HKT 450* 425* China 185/~ ~/180 Indonesia 600/~ 530/~ Korea 305/345 255/~ Malaysia 215/245 190/215 Philippines 325/ 330/360 ~ no bid or ask spread *mid-spread For CDS prices double click on
ASIAN BENCHMARK DOLLAR BONDS
Coupon Maturity Bid price Bid spread
5-YEAR
------
DBS Bank 7.13 15-May-11 103.79 397
Malaysia 7.50 15-Jul-11 109.53 209
ICICI Bank 5.75 12-Jan-12 85.25 104
Petronas 7.00 22-May-12 105.36 393
Hutchison 6.50 13-Feb-13 103.39 416
Chartered Semi 6.25 4-Apr-13 76.96 122
Korea 4.25 1-Jun-13 100.03 284
United Overseas 4.50 2-Jul-13 93.00 493
PCCW-HKT 6.00 15-Jul-13 101.18 433
China 4.75 29-Oct-13 104.10 241
10-YEAR
-------
Hutchison 7.45 24-Nov-33 93.38 584
Korea 4.88 22-Sep-14 99.57 274
PCCW-HKT 5.25 20-Jul-15 73.91 874
Woori Bank 6.13 3-May-16 74.39 925
Penerbangan 5.63 15-Mar-16 104.20 270
Philippines 8.75 7-Oct-16 105.00 564
Indonesia 6.88 9-Mar-17 79.00 860
ICICI Bank 6.38 30-Apr-22 58.00 999
Petronas 7.88 22-May-22 112.19 427
Moody's considers possible ratings downgrade of 10 S. Korean banks
SEOUL, Jan 16, 2009 (Asia Pulse Data Source via COMTEX) -- HNVTF | Quote | Chart | News | PowerRating -- Moody's Investors Service said Thursday that it is reviewing a possible ratings downgrade of 10 South Korean banks to reflect concerns related to foreign currency obligations. The banks being reviewed are Citibank Korea Inc., Export-Import Bank of Korea, Hana Bank, Kookmin Bank, Korea Development Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, Woori Financial Holdings and a lender operated by the National Agriculture Cooperative Federation, it said.
Moody's said the review will consider the appropriateness of banks' foreign currency debt ratings vis-a-vis their reliance on government support to secure external funding.
It pointed out that since the lenders were becoming dependent on the government it would be appropriate to adjust their ratings to reflect this development.
The financial service provider also said it would examine the banks' system-wide access to foreign currency such as swap agreements and direct issuances.
South Korean banks in the past had borrowed from abroad to meet local loan requirements, but the recent international financial crunch has hurt their ability to generate fresh funds by issuing bonds.
Moody's, meanwhile, added that even if the ratings of the banks were lowered they would not fall below the government's foreign currency bond rating, which is currently at A2 with a stable outlook.
It stressed that the review does not reflect a change in Moody's outlook for South Korea's sovereign rating and ceiling on debt and deposits.
KEXIM, KDB bond sales could spur more S.Korea bank debt
Mon Jan 12, 2009 12:16pm GMT

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By Kim Yeon-hee and Umesh Desai
SEOUL/HONG KONG (Reuters) - Export-Import Bank of Korea (KEXIM) and Korea Development Bank (KDB) could together raise as much as $2 billion from bond sales this month to become the first Asian lenders to tap global capital markets this year.
Their moves, following Philippines' $1.5 billion sovereign bond sale last week, may become a litmus test for other South Korean banks and should create a benchmark for them, while providing fresh clues on whether the global liquidity squeeze is finally easing.
South Korean lenders, led by Kookmin (105560.KS) and Shinhan (055550.KS), have struggled to raise dollars since the global financial crisis pummelled the won and crippled the sector which is highly dependant on wholesale funding for finances.
"It is right for government banks to go first to test investor reaction and demand to South Korean debt, and create a benchmark," an official of a top South Korean bank's capital market team.
While KEXIM is planning to sell a benchmark-sized, 5-year dollar bond as early as this week, KDB is expected to float 3-year debt later this month. Finance Minister Kang Man-soo said earlier this month both banks would launch a $1 billion deal each, although the deal sizes are yet to be decided.
KDB and KEXIM declined to confirm.
"There is a lot of pressure for Korean institutions to issue because they have been funding in dollars and they have been relying on wholesale capital markets," said Devendran Mahendran, a credit analyst with HSBC.
According to a Standard Chartered Bank report, the foreign currency component in the funding structure of Korean banks has increased to 11.3 percent in mid-2008 from 9.1 percent in 2004, while the deposit proportion has fallen to 59.1 percent from 70.3 percent in the same time.
South Korea has grappled with dollar shortages since last year when there was a scramble to replace the huge amounts of short-term foreign debt that global banks were withdrawing.
While the strains have eased, some market watchers are concerned that liquidity shortages could re-emerge and that the economic situation may worsen -- both factors that could lead investors to demand higher premiums from the issuers.
"The focus would be the impact on the real economy from the global slowdown and also the local liquidity tightness that is still there," said Narumol Charnchanavivat, credit analyst with Standard Chartered Bank.
LOTS OF INVESTOR CASH ON THE SIDELINES
Market sources say KEXIM's 5-year deal is likely to be priced at around 600-650 basis points over mid-swaps but the bank has not yet provided official guidance.
KEXIM's 5-year credit default swaps -- insurance-like contracts that protect against defaults and restructuring -- are trading at around 310 basis points (bps) and its bonds maturing in 2014, an inactive bond, last traded at around 620 bps over mid-swaps.
"They definitely have to come out with a premium of 30-50 bps or slightly more," said Rachana Mehta, head of fixed income at KE Capital Partners referring to the excess yield over those on the existing bonds the two banks would have to pay.
But she said the issue would receive a good response.
"People are sitting on a lot of money and with rates being so low across the globe, the response will be good."
Massive government spending plans and aggressive central bank interest rate cuts have raised hopes liquidity will abundant, bringing Asian credit spreads to the narrowest in almost four months.
And success for KEXIM and KDB would see others follow quickly.
Major South Korean banks, including Kookmin, Woori and Hana, said they were holding off setting 2009 funding plans until KDB and KEXIM completed the first tranches of issues.
"We are looking closely at KDB and KEXIM's sales," a Hana Bank official said. "If they are oversubscribed, we expect it to provide a good momentum to us."
(Editing by Kim Coghill)
S.Korea won posts biggest gain in over 10 yrs
09.08.08, 4:08 AM ET
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SEOUL, Sept 8 (Reuters) - The South Korean won enjoyed its biggest daily gain in over ten years against the dollar on Monday as local shares surged and the authorities were seen selling dollars to prop up the local currency.
Exporters chased the won for settlements and market players reduced dollar holdings as worries about possible financial crises at home and abroad eased.
The local currency is expected to gain further on lingering caution over dollar selling intervention by the country's foreign exchange authorities, especially ahead of a planned $1 billion sovereign bond sale, analysts said.
'The won is likely to strengthen to 1,060 (per dollar) in the near term as investors are relieved, although the unit's medium and long-term outlook is still bearish,' said Lee Tark-koo, a currency analyst at KB Futures Co Ltd.
'The authorities are expected to carry out strong intervention this week as any falls in the won are likely to rekindle crisis fears and to dampen sovereign bond sales,' he added.
The country is seeking to sell a much anticipated sovereign bond of around $1 billion this week, in what will be a key test of overseas confidence in Asia's fourth-largest economy.
The South Korean currency was quoted at 1,080.8/1.4 per dollar as of 0600 GMT, 3.4 percent higher than Friday's domestic close of 1,117.8 .
The daily gain was the biggest since March 23, 1998.
Earlier, the head of South Korea's top financial regulatory agency dismissed talk that local markets could face a crisis due to massive capital flight. [ID:nSEO195098].
The U.S. government's move to take control of troubled mortgage lenders Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ) also eased concerns over South Korea's financial sector.
'We think GSEs (Fannie Mae/Freddie Mac) development will help reduce market concerns about the BOK's FX reserves, given that the U.S. government will stand firmly behind both GSE senior and subordinated debt, as well as GSE MBS,' Lehman Brothers (nyse: LEH - news - people ) said in a research note.
It also said the U.S. government's move would increase the likelihood of the successful rollover of some $7 billion in local bonds held by foreign investors falling due in September.
Seoul shares <.KS11> ended up 5.15 percent, their biggest gain in a year, as foreign investors bought a net 8 billion won worth of stocks in the country's main exchange.
0600 GMT 0322 GMT prev close
Won 1,080.8/1.4 1,089.1/9.8 1,117.8
Yen/won 9.9475/49 10.0083/14 10.4879/37
KOSPI <.KS11> 1,476.65 1,466.16 1,404.38
(Editing by Jonathan Hopfner)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters
Messaging;jongwoo.cheon.reuters.com@reuters.net))
South Korean won pares gains on importer deals
Fri Dec 26, 2008 12:04pm IST

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(Updates to close of domestic trade)
SEOUL, Dec 26 (Reuters) - The won gave up most of its early
2.5 percent rise against the dollar by the close of local trade
on Friday as importers kept selling the local currency to secure
dollars while South Korean authorities stayed away.
The won earlier received strong support near 1,300 per
dollar on speculation that South Korean authorities would likely
carry out dollar-selling intervention to help the battered local
currency end the year as high as possible.
Dealers have reported local authorities selling dollars over
the past several trading sessions to lift the won and lessen the
impact on local companies from the currency's sharp depreciation
so far this year.
The won rose to as high as 1,274.8 per dollar from
Wednesday's domestic close of 1,3065, but cut most of
the gains to end the local session at 1,298.9/0.2.
"Importers continued to buy dollars to settle their bills as
the year's end draws close," said a foreign bank dealer.
The won lost 0.7 percent on the week.
The South Korean currency was briefly lifted by dollar sales
by a local unit of Citigroup (C.N: Quote, Profile, Research) in relation to a planned
capital increase with money coming from its parent company, but
the effect quickly faded. [ID:nSEL000414]
The won has lost more than a quarter of its value against the
dollar so far this year and dealers say the local authorities
would likely try to boost the currency by the end of the year,
when companies close their books.
The Seoul stock market's benchmark KOSPI .KS11 ended the
day 0.9 percent lower, as foreign investors sold a net 53 billion
won in local shares.
0600 GMT 0330 GMT prev close
Won 1,298.9/0.2 1,285.7/6.9 1,306.5
Yen/won 14.3652/843 14.2051/215 14.4518/709
KOSPI .KS11 1,117.86 1,123.94 1,128.51
(Reporting by Yoo Choonsik; Editing by Jonathan Hopfner)
S.Korean won in biggest 1-day gain in 10-½ yrs
Mon Oct 13, 2008 12:59pm IST

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(Updates to domestic close)
By Cheon Jong-woo
SEOUL, Oct 13 (Reuters) - The South Korean won posted its
biggest one-day percentage gain in 10-½ years against the
dollar on Monday as steps to solve the financial crisis by global
governments and central banks bolstered local stocks.
The won was further supported by comments from Finance
Minister Kang Man-soo that the country's foreign exchange
reserves and the sound fundamentals of its banks and companies
would enable it to weather the credit crunch. [ID:nN12404989]
Investors remained wary of the foreign exchange authorities'
measures to stabilise the currency markets and some traders said
they were seen selling dollars, prompting exporters to buy the
unit for settlements.
The local currency was expected to remain strong in the near
term, supported also after Euopean governments and the United
States rushed out plans to rescue banks and stem the panic
gripping investors, analysts said.
Still, its firm trend was unlikely to last long as investors
stayed cautious over the global credit crunch, they added.
"The won is likely to retain a firm tone in the short term,
with the currency seen strengthening past the 1,200 (per dollar)
level as South Korea's foreign exchange authorities kept saying
they would provide dollars and on coordinated moves by many
countries to solve the global financial crisis," said Lim Ji-won,
an economist at JPMorgan Chase.
"But foreign currency funding is likely to be tight until
early December and a rebound in the won is not expected to last
long."
The South Korean currency was quoted at 1,238.9/2.0 per
dollar as of 0600 GMT, 5.7 percent higher than Friday's domestic
close of 1,309.
The rise was the biggest since a 6.0 percent advance on March
23, 1998, Reuters data shows, when the country was just about to
begin emerging from the Asian financial crisis.
On Sunday, countries from Europe to Australia rushed out
plans to shore up their banks, trying to halt a markets crash
with pledges to back lending, buy stakes in financial
institutions and take other emergency steps. [ID:nLC713950]
That helped South Korean shares .KS11 end up 3.79 percent.
However, foreign investors dumped a net 534.7 billion won
worth of shares in the country's main exchange after unloading a
combined net 1.42 trillion won during the previous eight
consecutive sessions.
"Foreigners kept selling stocks despite coordinated measures,
indicating that many investors do not have confidence in the
effect of the steps yet," said an analyst at a local futures
firm.
South Korea's government took additional measures to curb
falls in the won.
The authorities had encouraged local investment trust firms
to buy dollars off the market to limit the impact of their dollar
demand on the won, a foreign exchange official said.
Their dollar demand, to hedge currency risks on overseas
investments, had helped to push down the local currency amid the
recent turmoil in global stock markets.
On Sunday, Korea Customs Service said it planned to crack
down on illegal foreign exchange trades to stabilise the currency
markets. South Korean financial regulators have already told
banks to submit records of foreign exchange trades.
Those steps caused dollar spot trade volume to drop to $3.3
billion, a little more than a third of an average daily trading
volume of $9 billion so far this year, according to data from
Seoul Money Brokerage Services Ltd and Korea Money Broker Corp.
0600 GMT 0310 GMT prev close
Won 1,238.9/2.0 1,265.9/7.6 1,309
Yen/won 12.3519/14 12.6717/50 13.2104/85
KOSPI .KS11 1,288.53 1,254.75 1,241.47
(Additional reporting by Lee Kyoung-ho; Editing by Anne Marie
Roantree)