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South Korea to conduct stress tests on financial institutions

South Korea's Financial Supervisory Service will conduct stress tests on financial institutions in the country to enhance their risk management capabilities, Yonhap News Agency reported Dec. 19, citing Choe Heung-sik, governor of the regulator.

"Stress Test for Assessing Resilience and Stability of Financial System," the new tool for examining financial institutions' balance sheets, will cover potential default risks from multiple debts in banks, nonbank depository institutions, insurers and brokerages, according to the regulator.

Choe said the regulator will strengthen its role as a supervisor for "pre-emptive risk management."