Suhyup Central Association Fully Repays Public Funds After 21 Years

[Asia Economy Reporter Bu Aeri] The National Federation of Fisheries Cooperatives (Suhyup) announced on the 29th that it has completed the repayment by paying 757.4 billion KRW of remaining public funds to the Korea Deposit Insurance Corporation in government bonds.

This marks 21 years since receiving 1.1581 trillion KRW in public funds during the 2001 foreign exchange crisis.

Since the business restructuring at the end of 2016, which separated and made independent the credit business division into Suhyup Bank, Suhyup has started repaying public funds using dividends from Suhyup Bank as the source.

Originally, Suhyup planned to complete the repayment of public funds by 2028 according to the agreement signed with the Deposit Insurance Corporation for public fund repayment.

However, as the bank's profits were used solely for repaying public funds, voices calling for the restoration of support functions for fishermen and the necessity of early repayment emerged.

Through the revision of the agreement signed with the Deposit Insurance Corporation in June, Suhyup agreed to repay the remaining public funds of 757.4 billion KRW in government bonds by the end of 2022.

On this day, by paying government bonds with a face value of 757.4 billion KRW to the Deposit Insurance Corporation, the repayment of public funds was completed.