“Fair values” won’t discriminate between gains and losses, or, in the case of gains, between those that are realised in cash and those that are not. “Prudent” valuations won’t be accepted any longer if they are materially different from those produced under a fair value scenario.
Following the currency crisis in 1997, as the Korean economy began to lay more weight on the market principle and autonomy of economic agents, the central banking system was also required to be more advanced.