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Bridging Loan Facility for the Bank of Korea

(translated from the official text in Japanese)

December 19, 1997
Bank of Japan
International Department

The Bank of Japan has agreed to provide the Bank of Korea with a bridging loan facility in the amount of 165 billion yen, to be activated immediately and repaid from a part of second tranche disbursements by the IMF scheduled for early next week.

This facility reflects the close cooperative relationship between the two central banks which has been maintained for many years, and will contribute to Korea's ability to keep an appropriate level of foreign reserves.