(MENAFN) According to the head of the Financial Supervisory Service (FSS), a probe will be launched on KEB Hana Bank after it was discovered to have made a mistake in setting the 2015 benchmark money market rate.
The FSS governor said the regulator will carry out a full investigating into the mistake and hold related officials accountable.
From May 15, 2015, the banking association falsely copied the COFIX rate at 1.7%, or 0.01 percentage higher than a real rate, after KEB Hana Bank submitted the wrong data.
According to an estimate released by the FSS, this mistake encouraged 7 banks to take nearly 1.2b won more in interest.
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