SEOUL, KOREA - Korea Deposit Insurance Corp. said on September 30 that it has recovered 2.45 trillion won of public funds for the eight-month period until the end of August this year by selling off savings bank assets and others. A KDIC official said, "In order to quickly recoup the funds injected to insolvent savings bank restructuring, we made efforts in diverse areas including the creation of a special task force for the purpose."
"As a result, the recovered fund volume has increased to 2,450.2 billion won for this year to date, following 1,042.5 billion won last year and 94.9 billion won in 2012," he added. The state-run Korea Deposit Insurance Corp. earned 215.2 billion won and 626.8 billion won, respectively, this year from selling five bridge banks and 95 real estate project financing deals.
The total public funds that KDIC has injected since 2011 are estimated at 27.1 trillion won, of which 9.7 trillion won could be easily collected. The official said, "Given the average length of time to recover funds is ten years including bankruptcy proceedings, collecting 39 percent of the funds within three years' time is impressive. The 45.9-trillion-won debt as of the end of 2012 will be paid down to 25.7 trillion won by the end of 2017 as scheduled."
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