[Asia Economy Reporter Kwangho Lee] The amount of public funds recovered in the second quarter of this year was recorded at 327.9 billion KRW. The recovery rate of public funds from November 1997 to June this year stands at 69.7%.
The Financial Services Commission announced this on the 2nd through the 'Status of Public Fund Management as of Q2 2021.'
The 327.9 billion KRW of public funds recovered in the second quarter includes 149.3 billion KRW from the sale of Woori Financial Group shares and 188.6 billion KRW in dividends from last year.
Public funds were established using government-guaranteed bonds and other resources to resolve financial institution insolvencies following the International Monetary Fund (IMF) foreign exchange crisis in 1997.
Later, in 2008, a restructuring fund was set up to alleviate financial market instability caused by the global financial crisis.
Up to the second quarter of this year, a total of 168.7 trillion KRW in public funds has been provided. The amount recovered so far is 117.6 trillion KRW.
By institution, the Korea Deposit Insurance Corporation injected 110.9 trillion KRW, and the Korea Asset Management Corporation provided 38.5 trillion KRW. The government and the Bank of Korea also supported 18.4 trillion KRW and 0.9 trillion KRW, respectively.
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