Korean Bank Run Spreading: Eighth Bank Closes Following "Massive Withdrawals"

Korean Bank Run Spreading: Eighth Bank Closes Following "Massive Withdrawals"

The quietest bank run that has so far completely evaded mainstream attention, that of Korea, is spreading, and an eighth bank has now shuttered after "Domin Bank, a savings bank with a capital adequacy ratio below 5 percent, voluntarily decided yesterday to suspend its operations temporarily because of massive withdrawals." As JoongAng reports: "The decision took both depositors and financial regulators by surprise since it was the first time that a local bank shut its doors on its own." Apparently the courageous decision by the Financial Services Chairman Kim Seok-dong to deposit $17,864 in a troubled bank has not done much if anything to prevent the locals from realizing that their banking system is built on a house of cards.....

http://www.zerohedge.com/article/korean-bank-run-spreading-eighth-bank-closes-following-massive-withdrawals

Yup, Yup. This has been happening for several months now in Korea. They certainly do not screw around when it comes to banking. We could all take notes from the korean handbook on that one.