1st Foreign Advisor to Leave Korea
By Yoon Ja-young
Staff Reporter
William Ryback, a special advisor to the Financial Supervisory Service (FSS), will leave Korea. He will continue to serve as a special advisor, but as a part-timer in the United States.
The FSS hired the former deputy chief executive of the Hong Kong Monetary Authority as the first foreign special advisor to the governor last October. He was the first foreigner to take a high-ranking position at the conservative financial regulatory body.
The hiring of the foreign official was aimed at upgrading the financial market in line with the country's financial hub plan, but the test was frustrated when faced with restructuring of the regulatory body.
``We discussed issues such as extending the contract or appointing him as deputy governor, as the contract ends as of April 21,'' the FSS said about discussions with Ryback in a press release.
The separation of the Financial Services Commission (FSC) chairman from the Financial Supervisory Service governor job left the FSS governor with less tasks related with international affairs or financial supervisory policymaking. The FSS governor used to serve as an FSC chairman as well. Ryback was responsible for advising the FSS governor, or FSC chairman, regarding international affairs or financial supervisory policies, strengthening cooperative networks with regulatory bodies overseas.
``Ryback also wants to go back to the United States for personal reasons,'' the FSS added.
The FSS said it extended its contract with Ryback for one more year, not as a full-time special advisor but as a part-timer. He will be staying in the United States from May, and will be paid for the advisory job.
Nevertheless, his new contract as a part timer signifies the failure of the financial regulatory body's ambitious plan to hire foreign experts.
President Lee Myung-bak asserted that he would employ talented foreigners in an interview with a number of local economic dailies back in March. The remark drew attention as the law stipulates that foreigners can be hired only in certain areas, such as research.
However, the plan could end in vain with the first foreigner in a ranking position leaving Korea.