[New Year's Address] President Wi Seong-baek of Forecasting "Focusing on Recovering 650 Billion Won Tied in Kamko City"

[Asia Economy Reporter Kwon Haeyoung] Wi Seong-baek, President of the Korea Deposit Insurance Corporation, announced that this year he will focus on recovering bonds related to the Cambodia Camko City incident. Recovering the 650 billion won in bonds tied up in the Camko City project will help rescue about 38,000 people who suffered losses from the bankruptcy of Busan Savings Bank.

In his New Year's address on the 2nd, President Wi emphasized, "This year must be a year of achievement to ensure compensation reaches the affected depositors," adding, "We must collaborate at the pan-government level, including the Financial Services Commission, and persistently persuade and negotiate with the Cambodian government to bear fruit this year."

The Camko City incident involves a Korean businessman who took out a large loan from Busan Savings Bank to develop a new city construction project in Phnom Penh, the capital of Cambodia, but the project stalled in 2010 due to poor sales, resulting in the Korea Deposit Insurance Corporation's bonds being tied up. The corporation is striving to recover 650 billion won in bonds from five savings banks affiliated with the bankrupt Busan Savings Bank group.

President Wi also stated that he will review improvements to deposit insurance and premium systems. He said, "As a specialized financial resolution institution preparing for financial crises, the Korea Deposit Insurance Corporation must make greater efforts to enhance crisis response capabilities," and added, "Along with continuously improving risk monitoring capabilities, we will expand training to strengthen resolution capabilities and work on legislation that was not completed last year to improve depositor protection."

In particular, he plans to focus on the legislation of the 'Mistaken Remittance Relief System,' which swiftly compensates depositors for damages caused by deposit transaction errors during normal times, and the 'Resolution and Recovery Plan (RRP)' system.

Referring to the four-character idiom "Daegongmu-a," meaning "to greatly serve the public interest and abandon selfishness," President Wi said, "Daegongmu-a means working transparently and fairly with high competence and a sense of mission," and urged, "Let us make this year one of greater effort for safe deposits, warm finance, and happy citizens."

This content was produced with the assistance of AI translation services.