+ A

25 Trillion Won Paid For Financial Restructuring

Sept 08,1998
The government has spent 25 trillion won public money for financial restructuring.
According to the Financial Supervisory Commission, the government has spent 9.15 trillion won for insolvent loans at banks, merchant banks and guarantee insurance companies and 12.7 trillion won to pay deposits in merchant banks and 3.05 trillion won to investing in financial institutions including Korea First and Seoul banks.
The government announced that it has 41.5 trillion won remaining in public money for financial restructuring, because it has already mobilized public funds equivalent to 66.5 trillion won.