Bank of Korea (BOK) governor nominee Shin Hyun-song said he would sell some of the foreign currency-denominated asset he and his spouse hold. The comment followed concerns that a BOK governor nominee could face a conflict of interest if he holds many foreign currency assets whose valuation rises as the won-dollar exchange rate climbs.
On the 6th, Shin said, "I humbly accept the concerns raised about the high share of foreign currency assets and plan to gradually reduce the share by selling foreign currency-denominated assets held by myself and my spouse."
Earlier, in the confirmation hearing request submitted to the National Assembly, Shin reported a total of 8.24102 billion won in assets under his, his spouse's and his eldest son's names. Of that, more than half, 4.57472 billion won (55.5%), was overseas financial assets and real estate.
Among these, Shin holds a total of 2.03654 billion won in deposits at U.S. securities firms and asset managers, a Swiss investment bank, and a Spanish bank. The asset is deposited in foreign currencies such as dollars, pounds, euros, and Swiss francs. He also holds about 150,000 pounds (302.08 million won) in U.K. Government Bonds.
His spouse, a U.S. citizen, a person surnamed Han, owns an apartment worth 284.94 million won near Northwestern University in Illinois, and the dwelling is co-owned 50-50 with their eldest daughter. Deposits (1.85692 billion won) under the spouse's name are also understood to be mostly held at overseas financial institutions.
Meanwhile, Shin left for the United Kingdom to study with his father when he was in elementary school and lived back and forth between Korea and the United Kingdom. After completing military service in 1982, he lived abroad for more than 40 years, serving at Oxford University and as head of research and head of the monetary and economic department at the BIS.