S.Korea's financial regulator calls on firms to cooperate with government efforts

SEOUL South Korea's top financial regulators called on the country's major financial groups to cooperate with the government's efforts to help cut borrowing costs for vulnerable people.

The Financial Services Commission Chairman, Kim Joo-hyun, said during a meeting with the heads of the country's five major financial groups that there have been efforts to lower interest rates on new loans, but those efforts need to continue for more people to feel the change.

Kim said financial companies should try to minimize spill-over effects on retail customers as much as possible despite rising interest rates in financial markets.

The local financial industry and markets have remained stable despite recent bank troubles in the United States and Europe, thanks to the preemptive and coordinated efforts of the government, central bank and industry, according to Kim.