BOK chief calls for more authority

Governor of the Bank of Korea Park Seung on Wednesday 11 february called for more authority to conduct independent on-site inspections of financial institutions.

In a speech delivered yesterday at a conference of Asian central bank governors in Colombo, Sri Lanka, Park Seung, the head of the Bank of Korea, said gathering information needed to carry out monetary policy and function properly, as the lender of last resort, has become difficult.

"It is absolutely essential for central banks to obta