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Bank Confesses Collusion over Setting CD Rate

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공표년도

창작년도

2012-07-19

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The probe of Korea's anti-trust watchdog into major local banks suspected of colluding to manipulate a benchmark interest rate is gaining speed.
According to the banking industry Thursday an unidentified bank admitted that it was one of several banks trying to keep the country's rates for certificates of deposit at high levels.
The admission comes one day after Fair Trade Commission investigators raided the heaequarters of the country's four major banks‚ Kookmin‚ Woori‚ Shinhan and Hana banks on suspicion of involvement in interest rate rigging.
Several brokerage firms‚ which together with banks‚ report CD rates twice a day‚ are also under probe.
The bank that has confessed to wrongdoing is seeking leniency benefits that exempts it from being fined.
Under Korea's banking regulations‚ the first financial institution to admit collusion does not have to pay penalty.
Analysts say the probe by the watchdog is aimed at pressing banks to lower interest rates to help ease the nation's heavy household debt burden.
About half of the country's household loans are linked to the CD rates.
The benchmark rates have remained higher than other market rates‚ although the Bank of Korea cut its key interest rate by point-2-5 percentage poins last week.
Hwang Ji-hye‚ Arirang News.
Reporter : emilyfwang@arirang.co.kr

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