한은, 증권.보험사에도 특별 대출... 10조 원 규모

South Korea's central bank has rolled out an unprecedented loan scheme for local banks, brokerages and insurance companies,... aiming to cushion the local market that has rocked by the COVID-19 pandemic.
The loans worth 8-point-1 billion U.S. dollars,... will be available starting May 4th.
Kim Hyo-sun reports.
The Bank of Korea is launching a special loan program for the country's banks, insurance companies and brokerages to ease liquidity issues amid the coronavirus pandemic.
It explained Thursday that the loans will be worth some 8-point-1 billion U.S. dollars,... and will be available from May 4th,... with a borrowing period of 6 months.
It added the special loans will be provided against collateral which includes AA- rated corporate bonds,... at a rate of 85 basis points above that of 182-day Monetary Stabilization Bonds.
This is the first time the central bank has offered loans directly to non-banking financial entities like brokerages since the 1998 Asian financial crisis.
"As we aim to stabilize the corporate bond market, we decided to temporarily offer a system that provides loans to brokerages providing they have collateral like high-grade corporate bonds."
The central bank says the move could be considered a safety measure,... should the pandemic continue to cause havoc.
The funds will be available for 3 months,... after which the central bank will review the possibility of an extension,... depending on the state of the financial market and demand for funds.
Kim Hyo-sun, Arirang News.