Jeonnam Province's Treasury Contract Period Ends This Year... Initiates Next Designation Process

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province announced on the 7th that it has posted a public notice for the designation of a treasury bank on the provincial website as the current treasury contract period expires at the end of this year.

Accordingly, Jeonnam Province held a briefing session for financial institutions regarding the treasury designation on the same day and will begin accepting application proposals until the 25th.

Applications for the treasury bank are open to financial institutions that are banks under the 'Banking Act' as stipulated in Article 38 of the 'Local Accounting Act' and have their head office or branch located within Jeollanam-do.

The treasury contract period will be from next year until 2023. Applications will be accepted collectively without distinction between the first and second treasury banks. Based on evaluation results, the top-ranked financial institution will be designated as the first treasury bank responsible for general accounts and regional development funds, while the second-ranked institution will be designated as the second treasury bank responsible for seven special accounts and sixteen funds.

Jeonnam Province plans to designate the treasury bank through the Treasury Designation Review Committee next month after receiving proposals and to conclude the treasury contract in November.

The review and evaluation criteria, according to the 'Jeonnam Province Treasury Designation and Operation Ordinance,' include five items: ▲ the internal and external creditworthiness and financial stability of the financial institution ▲ loan and deposit interest rates for the province ▲ convenience for local residents ▲ treasury management capability ▲ contribution to the local community and cooperative projects with the province.

Wi Hunryang, Head of the Taxation Division of Jeonnam Province, stated, “We will fairly and transparently evaluate and designate the bank to manage Jeonnam Province’s treasury to provide convenience to residents and contribute to expanding local finances and regional economic development.”

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