[Reporter’s Notebook] Saemaeul Geumgo’s Haphazard Response Only Fuels Confusion

"Is the money deposited in Saemaeul Geumgo safe?" This is one of the most frequently appearing questions in recent financial investment communities. The crisis rumors surrounding Saemaeul Geumgo have been ongoing steadily since last March, but the haphazard response from the Saemaeul Geumgo Central Association (hereafter Central Association) only intensified the confusion. The Ministry of the Interior and Safety announced a "Special Measures to Reduce Saemaeul Geumgo Delinquency Rates" on the 4th, after a considerable delay, attempting to contain the situation, but public opinion remains not entirely positive.

As the crisis rumors about Saemaeul Geumgo surfaced, several National Assembly members' offices requested various statistical data, including delinquency rates, from the Central Association and the Ministry of the Interior and Safety. However, the Central Association delayed releasing data by telling some offices that "there are no statistics" and pleading with others to "please overlook it," thus postponing disclosure of delinquency rates and other information.

The Central Association's media response was similar. While deposit growth continued, they postponed releasing monthly figures, which were usually provided to the media after monthly settlements, until the Bank of Korea's statistical system disclosure, which only occurs two months later. This inconsistent approach fueled anxiety and suspicion, with people wondering, "Are the figures so bad that they can't be disclosed?" and "How much money has actually been withdrawn that they keep delaying?"

Various controversies surrounding Saemaeul Geumgo, such as embezzlement cases involving tens of millions of won, chairman abuse scandals, and suspicions of real estate-related loan defaults, have repeatedly surfaced over time, but the Ministry of the Interior and Safety has maintained that there are no issues with management and supervision and has not established any significant countermeasures.

Of course, given the negative perspectives and public opinion, the Ministry of the Interior and Safety and the Central Association's concerns about a potential bank run are understandable. However, promptly and transparently disclosing accurate statistics, situation assessments, and response plans is the way to reduce distrust and alleviate financial consumers' anxiety.

The Ministry of the Interior and Safety decided to conduct special inspections on 30 Saemaeul Geumgo branches with delinquency rates above 10% and special audits on 70 branches. They emphasized, "We will work closely with financial authorities to thoroughly manage soundness. The public can rest assured." We hope that the results of these special inspections, including each branch's soundness status and countermeasures, will be disclosed transparently.

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