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S.Korea finmin: support for state-run banks to include direct fiscal support
May 24, 2016 / 7:56 AM / a year ago

S.Korea finmin: support for state-run banks to include direct fiscal support

SEOUL, May 24 (Reuters) - South Korea's finance minister said on Tuesday financial support for two state-run banks most exposed to troubled shipbuilders and shippers will be provided through both direct fiscal support and indirect liquidity via a fund.

"We have had developments in talks where it was agreed there would be a policy mix with government money and central bank efforts to support the state-run banks with direct support and indirect capital through a fund," said Minister of Strategy and Finance Yoo Il-ho to top ministry officials during a regular meeting. The comments were provided by the finance ministry.

The government, Bank of Korea and other related bodies are in talks to support the state-run banks propping up shipyards and shippers. They plan to announce details by end-June to ensure the banks do not run into a credit crunch. (Reporting by Christine Kim; Editing by Jacqueline Wong)

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