Allow me to inform about Korean relationship rules

Allow me to inform about Korean relationship rules

Just the Rules in Korean are formal. This English translation associated with the Rules is perhaps not formal and it is given to informational function just. The Ministry of Strategy and Finance just isn’t in charge of the correctness of the English interpretation, as well as the audience is recommended to refer to your initial papers in Korean. The original Korean documents shall be controlling if this English translation is different from or inconsistent with the original Korean documents.

Guidelines when it comes to State Guarantee of External Debt of Korean Banking institutions (the В“RulesВ”)

Article 1 (Function)

The goal of these Rules would be to established the range of qualified financial obligation, the range regarding the guarantee, the procedures for the guarantee as well as other information on the continuing state guarantee system pursuant towards the В“Approval for the State Guarantee associated with the Foreign Currency Debt of Domestic Banks owed to Non-ResidentsВ” passed by the National Assembly (the В“ system В”, while the state guarantee under such system, the В“ State Guarantee В”), relative to the nationwide Finance Act, Enforcement Decree regarding the nationwide Finance Act as well as the Rules for the handling of State Guarantees.

Article 2 (Definitions)

(1)В“ Domestic Bank В” means some of the after banks: (i) Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Korea Exchange Bank, Citibank Korea, Standard Chartered First Bank Korea, Pusan Bank, Daegu Bank, Kwang Ju Bank, Kyongnam Bank, Jeonbuk Bank and Jeju Bank, each founded underneath the Banking Act; (ii) the Korea developing Bank established underneath the Korea developing Bank Act; (iii) Industrial Bank of Korea established underneath the Industrial Bank of Korea Act; (iv) the Export-Import Bank of Korea established beneath the Export-Import Bank of Korea Act; (v) nationwide Agricultural Cooperative Federation established underneath the Agricultural Cooperatives Act; and (vi) National Federation of Fisheries Cooperatives established under the Fisheries Cooperatives Act.

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