Who Will Manage Incheon City's 14 Trillion Won Treasury?…Application Submission from Next Month 1 to 5
[Asia Economy Reporter Park Hyesook] Incheon City has begun selecting a financial institution to manage the city treasury, which is worth approximately 14 trillion won.
On the 11th, the city announced a public competitive notice to select a financial institution to operate the city treasury for the 2023?2026 period, as the current four-year city treasury operation agreement expires in December.
The city will hold a city treasury selection briefing at the city hall meeting room on the 19th, accept applications and proposals from the 1st to the 5th of next month, and after review and evaluation by the Treasury Designation Deliberation Committee, designate and announce the financial institution managing the city treasury in August.
To disperse financial management risks and improve financial services, the city decided to designate the treasury in two parts: 1st and 2nd treasury.
The evaluation criteria include the financial institution’s internal and external creditworthiness, financial structure stability, loan and deposit interest rates for the city, convenience for citizens, treasury operation management capability, contribution to the local community, and cooperative projects with the city.
The city will form the Treasury Designation Deliberation Committee with 9 to 12 members recommended by city council members, university professors, lawyers, certified public accountants, tax accountants, the Financial Supervisory Service, the Bank of Korea, and other related organizations, ensuring that private experts constitute the majority of the committee.
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Based on the 2022 main budget, the 1st treasury covers a total of 12.3908 trillion won, including the general account, special accounts for public enterprises, and funds, while the 2nd treasury amounts to 2.0063 trillion won. Currently, Shinhan Bank and NH Nonghyup Bank manage Incheon City’s 1st and 2nd treasuries, respectively.
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