Public Fund Recovery Rate at 69%... 600 Billion Won Recovered Last Year
[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 1st that out of the 168.7 trillion won of public funds created using government-guaranteed bonds and other resources during the 1997-2002 International Monetary Fund (IMF) foreign exchange crisis, 116.8 trillion won had been recovered by the end of last year, recording a recovery rate of 69.2%.
During the fourth quarter of last year, 16 million won was recovered related to the contract transfer of the former Daehan Life (now Hanwha Life). The total amount recovered last year was 604.2 billion won, similar to 609.4 billion won in 2018.
The recovery rate increased by 4 percentage points from the end of 2014 to the end of last year.
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The government composed the public funds from the Deposit Insurance Fund Bond Repayment Fund, the Non-performing Loan Resolution Fund, the Public Fund Management Fund, state-owned assets, the Bank of Korea's financial institution equity investments, and public loans.
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