Ministry of Economy and Finance Awards Three Cases of Proactive Administration Including Establishment of Corporate Bond Purchase Institution

[Sejong=Asia Economy Reporter Kim Hyun-jung] On the 10th, the Ministry of Economy and Finance announced that it awarded the Active Administration Public Official Award to employees who proposed three policies, including the establishment of a corporate bond and commercial paper (CP) purchase institution.

The awardees this time were Deputy Directors Kim Seung-yeon and Nam Ki-in of the Ministry of Economy and Finance, who proposed the establishment of the corporate bond and CP purchase institution; Deputy Director Hong Seung-gyun, who suggested innovations in foreign exchange services; and Deputy Director Lee Hyun-tae, who proposed the Korea Together Sale event.

The corporate bond and CP purchase institution is the first case where the central bank directly injects funds into a corporate bond purchase institution. It established a purchase institution for corporate bonds and commercial papers including low credit ratings, expanding financing opportunities for companies with low credit ratings and inducing stabilization of the non-investment grade bond market.

The introduction of innovations in foreign exchange services is explained to have alleviated regulatory uncertainties and promoted collaboration and competition among foreign exchange service providers, thereby enhancing consumer benefits such as reducing service costs and improving accessibility. Regarding the Together Sale, the Ministry of Economy and Finance evaluated that it contributed to consumption promotion and economic recovery.

The outstanding active administration public officials awarded on this day will receive incentives such as prize money and additional points in performance evaluations.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said, "The second half of 2020 was a period to quickly overcome the crisis caused by COVID-19 and prepare for a leap into the future," adding, "The attitude of practicing active administration based on the creativity and expertise of policy officials will be the starting point to lead Korea's re-leap."