30 Million Won of Public Funds Recovered in Q1... Recovery Rate at 71.1%

by Yoo Jaehoon

Published 26 Apr.2023 12:01(KST)

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where financial authorities decided to include mortgage loans (Judaemdae) in the 'debt refinancing' infrastructure scheduled to be launched in May by the end of the year. Financial authorities explained that they aim to reduce the interest burden on mortgage loans by establishing a debt refinancing platform that allows users to compare loan interest rates across the financial sector at a glance and switch loans easily. Photo by Dongju Yoon doso7@

It was revealed that approximately 30 million KRW of public funds were recovered in the first quarter of this year. The corresponding public fund recovery rate was 71.1%.

On the 26th, the Financial Services Commission released the '2023 1st Quarter Public Fund Recovery Status' report, stating that out of the 168.7 trillion KRW of public funds provided since November 1997, 119.9 trillion KRW has been recovered.

The public funds recovered in the first quarter were due to the repayment of bonds related to Hyundai Investment & Securities SPC.

Public funds were established after the 1997 foreign exchange crisis by the government to resolve the insolvency of financial institutions, using government-guaranteed bonds as resources. The recovery rate has remained in the 60% range since the 2010s and surpassed 70% for the first time in 2021, reaching 70.4%.