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Biz News Korea(Eng)
S. Korean gov’t aims to recapitalize state-run banks to accelerate corporate restructuring
- Collected
- 2016.04.28
- Distributed
- 2016.04.29
- Source
- Go Direct
The government in a meeting on the country’s ailing industries and companies on Tuesday decided to bolster capital in two state banks that would have to take up non-performing loans and fund new aid in the process of corporate restructuring to speed up the actions. The government is looking into various options to realign the troubled shipping and shipbuilding companies and industries.
State financial institutions also would be required to scale down organization, staff, and assets as self measures to keep up capital adequacy ratio against increased debt. The central bank is willing to do its part in corporate restructuring drive upon receiving specific order from the government, a bank official said.
The government and Bank of Korea can invest in the state lenders or purchase KDB bonds or create a fund designed to stabilize the financial industry. Existing laws need to be revised to allow the central bank to invest or buy bonds from KDB although it can invest in the Eximbank as a shareholder. Using the state fund also requires amendment. All actions require support from the new legislative where the opposition makes up the majority.
By Seo Dong-cheol, Lee Sang-duk
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