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Biz News Korea(Eng)
S. Korea’s household debts rise again in Oct. unfazed by gov’t tighter regulations
- Collected
- 2016.11.11
- Distributed
- 2016.11.14
- Source
- Go Direct
According to data released by the Bank of Korea Thursday, outstanding household loans extended by local banks amounted to 695.7 trillion won as of the end of October, up 7.5 trillion won from the previous month. It was the second biggest October increase since the bank began collecting related data in 2008, and more than doubled the average household loans in October tallied between 2010 and 2014. It was also the second largest on-month gain this year after 8.6 trillion won growth in August.
The data showed that mortgage-backed loans extended by local banks came at 523.4 trillion won, up 5.5 trillion won from last month. Other loans including overdrafts also increased by 2 trillion won to 171.6 trillion won from 800 billion won in September, partly led by a rise in consumer spending during Korea Sale Festa, the government-orchestrated shopping festival that had run across the country from September 29 to October 9, the bank said.
Outstanding corporate loans extended by local lenders amounted to 757.3 trillion won, up 4.6 trillion won from last month. Loans to large companies increased 500 billion won to 164.6 trillion won while those for small- and medium-sized firms added 4.1 trillion won to 592.8 trillion won. Loans taken out by self-employed businesses gained 2.2 trillion won to 258.1 trillion won.
By Jung Ui-hyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]