As you must be aware, the Credit Information System Act and the Personal Equity and Retirement Account Act have both recently been approved. These are two very important pieces of legislation, particularly as we face the challenges brought about the current financial turmoil. The CISA will help address the lack of comprehensive and credible credit-related information.
This will in turn improve access to credit and reduce its cost. PERA, on the other hand, is expected to promote voluntary savings and therewith provide a new base for stepping up capital market development. It is also expected to be complementary to our public pension system.