Ryback to Add Global Touch to FSS
By Park Hyong-ki
Staff Reporter
William Ryback, the first foreign special advisor for the Financial Supervisory Service, said he will fully support the organization in its campaign to internationalize regulatory standards in line with the country's financial hub goal.
With 40 years of experience in banking supervision, the newly appointed foreign official noted that he will help Korea's voices on global financial issues to be heard at international arenas and boost the market's confidence in providing resolutions and sharing those views with other global players.
``I came here to provide a connection for the FSS with international supervisory community (such as the World Bank, the International Monetary Fund and the Basel Committee),'' said Ryback at a press conference Wednesday.
Ryback was a former deputy chief executive at the Hong Kong Monetary Authority where he was responsible for banking supervision and policy. He started working at the Korean regulatory body last Monday.
The Hong Kong financial authority credits Ryback for supporting its banking sector adopt the Basel II accord, which is the main reason of his recruitment here.
He said he has been following Korea's implementation plan of the new Basel capital adequacy accord since his arrival, acknowledging that it will take a number of years to perfect the risk management system and put it in place.
``But we will continue to look at it and benchmark globally and regionally. The trick is not to overly prescribe it. It takes some time to assess and measure this,'' said Ryback.
He is optimistic about the financial roadmap recently introduced by the FSS, saying that it's just the beginning in strengthening the financial services market.
Ryback said Korea has many advantages in making the financial market as its new growth engine, but called for a richer foreign exchange market for global investors.
``Korea is experienced in financial matters, and I see a bright future in which Korea can become No. 5 or 6 in time, not No. 10,'' he said.
Korea's financial sector aims to become the world's No. 10 market in ten years with the industry to account for 9 percent of the GDP growth, up from 7.5 percent last year.
He mentioned that he is a tough supervisor, brushing off rumors that the regulatory body hired him to erase the image of the organization being too hostile against foreign businesses.
``I accepted the position here as I was intrigued with the challenges in developing an international banking platform,'' said Ryback.
For the next six months, he is to familiarize himself to Korea's financial environment. Afterwards, the contract will be renewed with decisions to be made on whether he will continue as the special advisor to the governor or be newly appointed as a deputy governor.