It joined some European countries, Hong Kong and Australia in providing state guarantees to bank debts as dollar shortages have caused the local currency to lose one-third of its value this year and prompted Standard & Poor's, the credit rating agency, to put seven Korean banks on the negative watch list.
“We are taking similar measures to avoid placing domestic banks at a competitive disadvantage in terms of overseas funding and to allay fears in the financial market,” said finance minister Kang Man-soo at a press briefing.
The Seoul government will offer guarantees for three years when South Korean banks or their overseas branches take up external debt from today to June 30 2009.
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