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I would ike to inform about Korean rules that are dating Only the Rules in Korean are formal. This English translation for the Rules is certainly not formal and it is given to…
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Only the Rules in Korean are formal. This English translation for the Rules is certainly 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, additionally the reader is recommended to mention towards the initial papers in Korean. If this English interpretation differs from the others from or inconsistent using the initial Korean papers, the first Korean papers will be managing.
Rules for the continuing State Guarantee of External Debt of Korean Banking institutions (the В“RulesВ”)
Article 1 (Function)
The objective of these guidelines would be to established the range of qualified financial obligation, the range associated with 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”, therefore the state guarantee under such system, the В“ State Guarantee В”), prior to the nationwide Finance Act, Enforcement Decree associated with the nationwide Finance Act plus the Rules for the Management of State Guarantees.
Article 2 (Definitions)
| (1) | В“ Domestic Bank В” means some of the banks that are following (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 beneath the Agricultural Cooperatives Act; and (vi) National Federation of Fisheries Cooperatives established under the Fisheries Cooperatives Act. В“Domestic BankВ” includes international branches of a Domestic Bank. |
| (2) | В“ Non-resident В” means В“non-residentВ” (including branches of international banks situated in Korea) as defined in Article 3, Paragraph 1, Subparagraph 13 for the forex Transactions Act. |
| (3) | В“ Guarantee Obligation В” means the responsibility regarding the Republic of Korea (the В“RepublicВ”) incurred because of their state Guarantee associated with the Eligible Foreign Currency financial obligation as defined in Article 3 of this Rules. |
Article 3 (Qualified Debt)
Financial obligation denominated in foreign exchange, released or lent (including extensions of readiness) by way of a Domestic Bank between 20, 2008 and June 30, 2009 and owed to a Non-resident (the В“ Eligible Foreign Currency Debt В”) will be eligible for the State Guarantee october. Foreign exchange deposits and debt that is subordinated never be qualified to receive the State Guarantee.
Article 4 (Maximum quantity of Guarantee)
| (1) | The Minister of Strategy and Finance may issue hawaii Guarantee for the Eligible Foreign Currency Debt of Domestic Banks up to your aggregate maximum outstanding number of US$100 billion or even very same thereto (the В“ Aggregate optimum Guarantee Amount В”). |
The Minister of Strategy and Finance shall make sure that the guarantee that is outstanding for every single Domestic Bank shall maybe not meet or exceed the relevant limitation for such Domestic Bank as established in Schedule 1 hereto (the В“ Individual Maximum Guarantee Amount В”); provided , nonetheless , that the Minister of Strategy and Finance may adjust the in-patient optimum Guarantee Amount for Domestic Banking institutions if
such modification is viewed as necessary after consideration of domestic and international economic and money market conditions, performance of covenants by Domestic Banking institutions because set forth within the guarantee that is applicable Notices issued pursuant to Article 3 associated with the guidelines for the handling of State Guarantees along with other appropriate facets; supplied further that the aggregate outstanding number of State Guarantee for several Domestic Banking institutions shall maybe perhaps not meet or exceed the Aggregate Maximum Guarantee Amount after such modification.
| (3) | For purposes of determining perhaps the outstanding level of guarantees will not meet or exceed the Aggregate Maximum Guarantee Amount and Individual optimum Guarantee Amount because set forth in Paragraphs (1) and (2) above, correspondingly, the aggregate outstanding guarantee quantity for several Domestic Banking institutions plus the outstanding guarantee quantity for every single Domestic Bank shall be calculated in line with the day-to-day stability regarding the amount of the main level of Guaranteed financial obligation (as defined below) and accrued interest (including any standard interest and relevant costs) on such amount that is principal. |
Article 5 (Term regarding the Guarantee)
| (1) | The Minister of Strategy and Finance can set the definition of regarding the State Guarantee, which will probably be within 36 months through the initial effective date for the Eligible Foreign Currency Debt (in the event of an expansion of readiness, the effective date of these expansion). |
| (2) | The State Guarantee shall succeed just regarding the re payment responsibilities beneath the Guaranteed financial obligation that are payable (at maturity, on planned due dates, by acceleration or else) on or before June 30, 2012. |
Article 6 (Application when it comes to Guarantee)
| (1) | A Domestic Bank applying for the State Guarantee (the В“ Applicant В”) can make an application for hawaii Guarantee in the Individual optimum Guarantee Amount applicable to such Applicant. |
So that you can make an application for the State Guarantee according to Paragraph (1) above, the Applicant shall finish the В“Application for Guarantee Approval (solitary Debt)В” within the type connected hereto as Form 1 and submit it to your Minister of Strategy and Finance; offered , however , that the Applicant may finish and submit the В“Monthly Application for Guarantee ApprovalВ” within the type connected hereto as Form 2 for applications associated with short-term loans, instantly loans, commercial paper as well as other debt which are determined to be perhaps maybe perhaps not ideal for single-debt application (A Monthly Application for Guarantee Approval for almost any thirty days will be submitted no later on than the 25 th time for the preceding thirty days; supplied, but, that the Minister of Strategy and Finance may set a new deadline for the very very first Monthly Application for Guarantee Approval).