Financial Sector to Establish 10 Trillion Won 'Dahamtogether Korea Fund'... Operations to Begin Early April
[Asia Economy Reporter Kwon Haeyoung] As the shock to the financial market increases due to the novel coronavirus infection (COVID-19), the stock market stabilization fund created by financial companies will be activated from early April.
The Financial Services Commission, Korea Development Bank, the five major financial groups, 17 leading financial institutions, and Korea Securities Finance signed a business agreement on the 31st to establish the 10 trillion won scale stock market stabilization fund called 'Dahamhage Korea Fund'.
The establishment of the stabilization fund is a follow-up measure to the 'COVID-19 Related Financial Market Stabilization Plan' decided at the 2nd Emergency Economic Meeting presided over by the President on the 24th. The 23 contributing institutions and Korea Securities Finance agreed to actively cooperate for the prompt establishment and smooth operation of the Dahamhage Korea Fund to stabilize the stock market.
The contribution amounts by financial companies are 2 trillion won from Korea Development Bank, 1 trillion won each from Shinhan, KB, Hana, and Woori Financial Groups, and 700 billion won from NongHyup Financial Group, with the five major financial groups contributing a total of 4.7 trillion won. Financial investment companies contributed 1.5 trillion won, life insurance companies 850 billion won, regional banks 500 billion won, and non-life insurance companies 450 billion won.
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The Dahamhage Korea Fund is expected to be operated from early April at the earliest after procedures such as establishing an investment management committee composed of participating financial institutions and private experts. Specific asset management will be independently conducted by experts freely selected by participating financial institutions according to the common investment management direction prepared by the investment management committee.
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