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Boosting state-run banks' capital part of contingency plan: South Korea finmin

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South Korea's finance minister said on Monday capitalising state-run banks is part of the government's contingency plan to prepare for any shocks that may occur during the restructuring process.

[SEOUL] South Korea's finance minister said on Monday capitalising state-run banks is part of the government's contingency plan to prepare for any shocks that may occur during the restructuring process.

"It is not favourable that some media are reporting that all corporate reform is to capitalise state-run banks, or that there is conflict between related bodies regarding this issue," Finance Minister Yoo Il-ho was quoted as saying in a regular meeting with his officials. The comments were provided by the finance ministry.

"I'd like to stress once more that the bank capitalisation is not to support one company or industry, but it is rather our contingency plan to pre-emptively prepare for any financial jitters that may occur during corporate restructuring."

REUTERS