Government Recovers 596 Billion KRW of Public Funds in Q2... Recovery Rate at 71.9%

Forecast 214.5 Billion KRW, Government Equity Dividend 376.4 Billion KRW
Cumulative Total Recovery of 121.2 Trillion KRW by End of June

The government recovered 596 billion KRW of public funds in the second quarter of this year, raising the cumulative public fund recovery rate to 71.9%.

According to the Financial Services Commission's public fund management status on the 24th, the government injected 168.7 trillion KRW of public funds from November 1997 to the end of last June, of which 121.2 trillion KRW has been recovered. As a result, the recovery rate increased by 0.5 percentage points from 71.4% at the end of last year to 71.9%.

The amount of public funds recovered in the second quarter of this year was 596 billion KRW, mainly consisting of dividends from stocks acquired by the Korea Deposit Insurance Corporation during the financial company restructuring process.

The Korea Deposit Insurance Corporation acquired 195.5 billion KRW from Seoul Guarantee Insurance, 13 billion KRW from Hanwha Life, and 6 billion KRW from Woori Financial Group, totaling 214.5 billion KRW. Dividends from shares invested by the government in policy banks with public funds amounted to 157.8 billion KRW from Industrial Bank of Korea, 185.5 billion KRW from Korea Development Bank, and 33 billion KRW from Export-Import Bank of Korea, totaling 376.4 billion KRW.

The Financial Services Commission explained, "Going forward, the government, the Korea Deposit Insurance Corporation, and related agencies will continue to make efforts to ensure the smooth repayment of public funds through efficient management and smooth sale of financial company shares and other held assets."