SKorea plans levy on foreign currency bank debt - BusinessWeek

SEOUL, South Korea

South Korea says it plans to impose a levy on non-deposit foreign currency debt held by domestic and foreign banks in a bid to defend the country against surges of capital that could threaten its economy.

The government and other financial authorities said Sunday that the size of the levy has yet to be determined. It will be charged on "non-deposit foreign currency liabilities" held by domestic banks and the South Korean branches of foreign banks.

The authorities said in a statement that the levy on short-term debt will be higher as it is seen as posing a greater risk than long-term borrowing. Related legislation will be introduced to the National Assembly in February.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.

bad debt bad debts junk debt buyers debt buyers