The Sudden Run On South Korean Banks Is Getting Larger

korea run

Photo: historygradguy (jobhunting) on flickr

South Koreans have withdrawn massive quantities from savings banks since last week, when regulators published a list of banks with below-grade capital adequacy ratios.On Saturday five banks were asking for capital injections.

By Wednesday a total of eight banks have suspended operations, according to JoongAng Daily.

The latest to fold, Domin Bank, says $28.2 million were withdrawn since Thursday, including $16.7 million on Monday. Domin voluntarily shut down its banks “as a means to soothe the crisis involving massive withdrawals.”

Large banks like Woori are providing emergency funds.

Read the whole thing at JoongAng Daily >

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