Korean state-owned entities to the rescue

The Financial Services Commission (FSC) in Korea has unveiled a financial rescue plan for 2009 aimed at helping local banks improve their balance sheets and reduce their exposure to bad debt.

Under the plan, announced on Tuesday, a number of Korea's state-run financial institutions will provide a combined 10.2 trillion won ($7.93 billion) to local lenders in 2009, compared to the 5.4 trillion won that has been spent for similar purposes this year.

The state-owned Korea Development Bank (KDB) w