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Bank of Korea mulls both direct, indirect funding for restructuring

Collected: 2016.05.20

Distributed: 2016.05.27

Source: Go Direct

The Bank of Korea agreed to aid state-led campaign to restructure ailing industries including the shipping and shipbuilding sectors through both direct and indirect investment means to recapitalize state banks sufficiently to fund bailouts and corporate rebuilding.

The central bank discussed measures with the Ministry of Strategy and Finance (MOSF) and Financial Services Commission (FSC). The officials from the three agencies agreed that the central bank could directly invest in state banks or indirectly inject funds through a fund committed on corporate restructuring to respond flexibly upon needs during the restructuring process.

The Bank of Korea had been so far opposed to direct investment. Direct investment is only possible with the Export-Import Bank of Korea, in which the BOK is a shareholder. Under the current law, the central bank can only purchase government-guaranteed bonds, which makes it difficult to help fund the Korea Development Bank, the major creditor bank to a number of troubled companies.

The tripartite council agreed to come up with the best policy mix through various fiscal and monetary options to accelerate restructuring and retool the industry for new growth.

The council plans to finalize outline to recapitalize state banks within the first half.

By Lee Sang-duk

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