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The Financial Services Commission and the Financial Supervisory Service, South Korea's financial regulators, have maintained recommendations for lenders to limit dividend payouts rebutting criticism that it constituted excessive government intervention.
- "The recommendation for a dividend reduction is a temporary measure to overcome the pandemic-induced crisis. Most foreign financial authorities are taking such action," the regulators said in a press release.
- In January the FSC advised banks to bring their dividend payout ratios below 20% to maintain the minimum amount of capital needed to absorb the losses they could incur as a result of the coronavirus outbreak. Over the past five years, major banks in South Korea paid out an average of 24% of their profits in dividends. The recommendation for the 20% cap will remain in place until the end of June.
- In response to criticism that the stress tests were too strict they said the testing was "reasonable and objective" and that they had applied the analysis method used by the IMF.
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