KAMCO Holds Naming Contest for "Long-Term Delinquent Debt Adjustment Program"

Nationwide Contest to Be Held for Three Weeks Starting July 14

Korea Asset Management Corporation (KAMCO) announced on July 14 that it will hold a nationwide contest to name the so-called "bad bank," officially known as the "Long-Term Delinquent Debt Adjustment Program," which is currently being implemented by the new administration.

The contest aims to raise awareness of the program and select a name that resonates with the public. Applications will be accepted for three weeks starting July 14, and anyone in the country can participate.

The program is designed for long-term delinquent debts of over seven years and under 50 million won. KAMCO will purchase these debts in bulk and either write them off or ease the repayment burden. The initiative is a livelihood recovery policy intended to support the rehabilitation of vulnerable groups struggling with long-term debt.

After a review process, four winning entries will be selected. The grand prize winner (one person) will receive a cash prize of 1 million won, while three excellence award winners will each receive 200,000 won.

Jung Junghoon, President of KAMCO, said, "We hope that this contest will help the Long-Term Delinquent Debt Adjustment Program become more familiar to the public," adding, "We ask for your active participation so that a creative name conveying a message of hope can be chosen."