RNS No 1169f
INDUSTRIAL BANK OF KOREA
28th May 1998


RE:       INDUSTRIAL BANK OF KOREA
          GLOBAL MEDIUM TERM NOTES

PRINCIPAL AMOUNT:     USD 100,000,000
ORIGINAL ISSUE DATE:  01-07-97
MATURITY DATE:        01-07-2000
COMMON CODE:          7802668
CUSIP/CSIN:           45603NAA3(144A)/45603PAA3(REGS)

WITH REFERENCE TO THE ABOVE NOTE ISSUE, THE INTERST RATE HAS
BEEN SET FOR  MONTHS AS FOLLOWS:

INTEREST RATE CALCULATION

INTEREST PERIOD:         31-12-97 - 30-06-98
6 MONTHS USD-LIBOR RATE: 5.90625
PLUS SPREAD:             PLUS 1.10
INTEREST RATE FOR PERIOD: 7.00625
NUMBER OF DAYS:          181
INTEREST DUE AT NEXT
INTEREST PAYMENT DATE:   USD 3,522.59 PER USD 100,000

WILLIAM DOWLING/STUART KINGSTON
SECS DEPT
FNBC LONDON

END

RC NFFSPADXPEFN
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