Jeonbuk Province to Promote Designation of a 9 Trillion Won Provincial Treasury Deposit Bank

Proposal Submission from November 23 to 24... Treasury Designation Review at the End of November

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeollabuk-do has entered the procedure for designating the next provincial treasury bank.

On the 22nd, Jeonbuk Province announced that since the current provincial treasury bank contract period expires on December 31, 2021, it will post a public notice on the provincial bulletin board and website to accept applications for the designation of the next provincial treasury bank to perform treasury duties.

The provincial treasury bank will be designated through an open competitive process in accordance with the "Jeollabuk-do Ordinance on the Designation and Operation of Provincial Treasury Banks."

The treasury bank to be designated this time will perform provincial treasury duties for four years from January 1, 2022, to December 31, 2025.

The province plans to hold a preliminary briefing session on treasury bank designation on November 4, receive financial institution proposal applications over two days from November 23 to 24, and hold the Jeollabuk-do Treasury Bank Designation Review Committee meeting at the end of November.

Based on the evaluation results, the first-ranked financial institution will be designated as the Primary Treasury Bank (General Account), and the second-ranked financial institution will be designated as the Secondary Treasury Bank (Special Account and Fund).

The Jeollabuk-do Treasury Bank Designation Review Committee is composed of relevant public officials and private experts. The committee will review and evaluate proposals and publicly disclosed data from related institutions such as the Financial Supervisory Service by item in accordance with the relevant ordinance.

Financial institutions eligible to participate in the treasury bank designation application are banks under the Banking Act as stipulated in Article 38, Paragraph 1 of the Local Accounting Act, which have a head office or branch in Jeollabuk-do.

However, among financial institutions specified in each subparagraph of Article 38, Paragraph 1 of the Local Accounting Act, cooperatives, Saemaeul Geumgo, and credit unions that meet all the requirements of each subparagraph of Article 48, Paragraph 2 of the Enforcement Decree of the same Act and have a head office or branch in Jeollabuk-do may participate only in the Special Account and Fund (Secondary Treasury Bank).

Meanwhile, the current provincial treasury bank was designated through an open competition in 2018, with NongHyup Bank as the Primary Treasury Bank handling the general account, and Jeonbuk Bank as the Secondary Treasury Bank handling the special account and funds.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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