Public Fund Recovery in Q2: 484.9 Billion KRW... Recovery Rate 71.4%
Dividends on Acquired Shares During Financial Company Restructuring Process
It was revealed that approximately 484.9 billion KRW of public funds were recovered in the second quarter of this year. The corresponding public fund recovery rate was 71.4%.
On the 27th, the Financial Services Commission released data on the "2023 2nd Quarter Public Fund Recovery Status," stating that out of the 168.7 trillion KRW of public funds provided since November 1997, 120.4 trillion KRW has been recovered.
The public funds recovered in the second quarter mainly consisted of dividends from stocks acquired by entities such as the Korea Deposit Insurance Corporation during the financial company restructuring process. Specifically, this included 265.3 billion KRW from Seoul Guarantee Insurance, 9.2 billion KRW from Woori Financial Group, 154 billion KRW from the government’s Industrial Bank of Korea, 20.4 billion KRW from the Export-Import Bank of Korea, and 36 billion KRW from the Korea Development Bank.
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Public funds were established after the 1997 foreign exchange crisis by the government using government-guaranteed bonds and other resources to resolve the insolvency of financial institutions. The recovery rate had remained in the 60% range since the 2010s, breaking through the 70% mark for the first time in 2021 with 70.4%.
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