Additional 118.7 Billion Public Funds Recovered in Last Year 4Q... Recovery Rate 71%

Accumulated 120.5 Trillion Public Funds Recovered by the End of Last Year

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where the financial authorities decided to include mortgage loans (Judaemae) in the 'debt refinancing' infrastructure scheduled to be launched in May by the end of the year. The financial authorities explained that they aim to reduce the interest burden on mortgage loans by establishing a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Yoon Dong-ju doso7@

The Financial Services Commission announced on the 21st that it recovered 118.7 billion won of public funds in the fourth quarter of last year.

The recovered amount came from 80 billion won of matured government bonds in the fourth quarter of last year out of the 757.4 billion won in government bonds repaid by the National Federation of Fisheries Cooperatives in September 2022, and 36.4 billion won in interest income from loans supported to the Korea Asset Management Corporation (KR&C, a subsidiary of the Korea Deposit Insurance Corporation) during the past financial institution restructuring process.

With this fund recovery, the government has recovered 120.5 trillion won out of the 168.7 trillion won of public funds injected since November 1997 as of the end of last year, achieving a recovery rate of 71.4%. The government had established public funds to resolve financial institution insolvencies following the 1997 Asian financial crisis.

Joo Hong-min, Director of Structural Improvement Policy at the Financial Services Commission, stated, "Going forward, the government and related agencies such as the Korea Deposit Insurance Corporation will continue to make efforts to ensure the smooth repayment of public funds through efficient management and smooth sale of assets held, including equity stakes in financial companies."