[Financial Services Commission]
[Financial Services Commission]

The Financial Services Commission said Tuesday it recovered 590.1 billion won ($398 million) in public funds in the second quarter of this year.

The recovered amount includes 560.1 billion won in share dividends from stakes acquired by the Korea Deposit Insurance Corp. and other entities during financial restructuring, as well as 30 billion won in interest income on loans extended to the former Korea Asset Management Corp., now known as KR&C.

With this latest recovery, the government has recouped a total of 123 trillion won of the 168.7 trillion won in public funds injected since November 1997, bringing the cumulative recovery rate to 72.9 percent. The government originally raised the funds through government-guaranteed bonds and other instruments to resolve insolvencies at financial institutions following the 1997 economic crisis.

An FSC official said the government, the Korea Deposit Insurance Corp. and other relevant agencies would continue working to ensure the smooth repayment of public funds through efficient management and timely disposal of assets, including equity stakes held in financial companies.


ehkim@heraldcorp.com