Jin Upbeat On Reform Timetable

The minister of finance and economy, Jin Nyum, spoke with reporters Monday and reiterated the government's plan to push ahead with economic reform.

"The merger plans between sound banks will be made public soon," said Mr. Jin, "they are reviewing their ownership structures related to foreign investors. The plan to absorb troubled banks into a financial holding company will be finalized sometime in November."

Regarding the Dongbang illegal loan scandal and the controversy involving the Financial Supervisory Service, the minister said the, "agency is going through a difficult period but we are trying to see the completion of restructuring in the corporate and financial services sectors before the end of the year."

Mr. Jin contrasted the recent instability in the economy with the conditions in Thailand, Indonesia and the Philippines. "Foreign investors in those countries are withdrawing investments, and are keeping a close eye on Korea and Taiwan. We need to show confidence that we can restore a stable environment."

Mr. Jin said that next year the ministry will establish an institution to manage funds denominated in foreign currencies, similar to that of the Singapore Investment Corporation.

"The rate of growth has certainly slowed," said Mr. Jin, "although indicators of lower-than-expected consumer spending warrant the ministry's concern."

by Song Sang-hoon