BANK OF KOREA ACT

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BANK OF KOREA ACT — 법갈피

Article 28(Decision on monetary and credit policies) #

The Monetary Policy Committee shall deliberate and decide on matters involving the following on monetary and credit policies:

1. Basic matters regarding the issuance of the Bank of Korea notes;

2. Reserve requirement ratio for financial institutions and the period and method of holding minimum reserve requirements;

3. Rediscount rate for the financial institutions by the Bank of Korea, other standards for credit business and interest rate;

4. Basic matters on emergency credit extended to financial institutions by the Bank of Korea;

5. Designation of financial institutions which can be denied credit by the Bank of Korea;

6. Basic matters regarding the sale, purchase, borrowing, and lending of the Bank of Korea's national bonds or government-guaranteed bonds in the open markets;

7. Basic matters regarding the issuance, selling, repurchase or redemption, etc. of the Bank of Korea's currency stabilization bonds;

8. Basic matters regarding the establishment and operation of the Bank of Korea's currency stabilization accounts;

9. When severe impediments to obtaining funds from financial institutions occur or when there is a strong likelihood of their occurrence, basic matters concerning extension of credit to profit-making enterprises other than financial institutions;

10. Basic matters regarding the operation and management of payment and settlement systems under Article 81;

11. Request for submission of materials to the financial institutions and the institutions operating payment and settlement systems; provided, the foregoing shall be limited to being necessary for establishing the monetary and credit policies and facilitating the smooth operation of payment and settlement systems;

12. Matters regarding support to settle temporary shortages under Article 81-2;

13. Request for submission of materials to financial institutions, etc. referred to in Article 87; provided, the foregoing shall be limited to cases as necessary in order to formulate monetary and credit policies;

14. Request for inspection and joint inspection of financial institutions to the Financial Supervisory Service; provided, the foregoing shall be limited to cases as necessary in order to formulate monetary and credit policies;

15. Highest rate of interests on various kinds of deposits or other payments by financial institutions;

16. Highest rate of interests on credit business such as various kinds of loans or other charges by financial institutions;

17. Restrictions on the longest time limit of loans extended by financial institutions and kinds of securities;

18. Restrictions on the ceiling or sector ceiling on loans and investments by financial institutions within a fixed period in urgent need for the sake of the national economy such as hyperinflation;

19. Prior approval on loan by financial institutions in urgent need for the sake of the national economy such as hyperinflation;

20. Other matters provided for by the powers of the Monetary Policy Committee under this Act or other Acts.

[This Article Wholly Amended on Mar. 29, 2016]

Article 1(Purpose) #

Article 2(Juristic personality) #

Article 3(Neutrality of Bank of Korea) #

Article 4(Harmony with government policies) #

Article 5(Public character and transparency of Bank of Korea) #

Article 6(Direction-setting for operating monetary and credit policies) #

Article 7(Offices) #

Article 8(Articles of incorporation) #

Article 9(Registration) #

Article 10(Ban on use of similar names) #

Article 11(Scope of financial institutions) #

Article 12(Establishment) #

Article 13(Composition) #

Article 14(Chairperson) #

Article 15(Terms of office of members) #

Article 16(Terms of substitute members) #

Article 17(Disqualification for members) #

Article 18(Guarantee of members’ status) #

Article 19(Prohibition of political activities) #

Article 20(Prohibition of holding concurrent office) #

Article 21(Meetings) #

Article 22(Attendance and voice) #

Article 23(Exclusion of members) #

Article 24(Preparation of formal record of decisions) #

Article 25(Damage liability) #

Article 26(Emergency measures) #

Article 27(Operation of meetings) #

Article 28(Decision on monetary and credit policies) #

Article 29(Decisions on operation of Bank of Korea) #

Article 30(Establishment of regulations) #

Article 31(Assistance to members' duties) #

Article 32(Executives) #

Article 33(Governor) #

Article 34(Powers and obligations of Governor) #

Article 35(Appointment of representatives) #

Article 36(Senior Deputy Governor) #

Article 36-2(Deputy Governor) #

Article 37(Functions of Senior Deputy Governor) #

Article 38(Dismissal of deputy governor) #

Article 39(Appointment and dismissal of staff) #

Article 40(Obligations of executive organs) #

Article 41(Restriction on holding concurrent office) #

Article 42(Duty of integrity and confidentiality) #

Article 43(Appointment) #

Article 44(Term of office) #

Article 45(Functions) #

Article 46(Restriction on holding concurrent office) #

Article 47(Issue of currency) #

Article 47-2(Unit of currency) #

Article 48(Circulation of Bank of Korea notes) #

Article 49(Denominations of Bank of Korea notes) #

Article 49-2(Centralized management of counterfeit or altered Bank of Korea notes) #

Article 50(Bank of Korea notes held by Bank of Korea) #

Article 51(Collection of claims by Bank of Korea) #

Article 52(Exchange of Bank of Korea notes) #

Article 53(Mintage of coins) #

Article 53-2(Prohibition of damage to coins) #

Article 53-3(Issuance of commemorative notes) #

Article 54(Bank of Korea's receipt of deposits) #

Article 55(Deposit of reserve requirements) #

Article 56(Determination of reserve requirement ratio) #

Article 57(Marginal reserve requirements) #

Article 58(Reserve requirement ratio of liabilities subject to accumulation of reserve requirements by type and size) #

Article 59(Calculation of minimum reserve requirements) #

Article 60(Imposition of administrative fines) #

Article 61(Raise in reserve requirements ratio) #

Article 62(Use of reserve requirements) #

Article 63(Reserve requirement assets system) #

Article 64(Credit business for financial institutions) #

Article 65(Emergency credit to financial institutions) #

Article 66(Bank of Korea's denial of loans) #

Article 67(Restriction on Bank of Korea's credit) #

Article 68(Open market operations) #

Article 69(Bank of Korea currency stabilization bonds) #

Article 70(Establishment of Bank of Korea Monetary stabilization account) #

Article 71(Deposit-receiving agency) #

Article 72(Safe deposit-receiving business) #

Article 73(Handling of state affairs) #

Article 74(Commission) #