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S. Korea recoups 63.2% of bailout funds

S. Korea recoups 63.2% of bailout funds

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Published : 2014-02-27 09:53
Updated : 2014-02-27 09:53

The government has recouped 63.2 percent of the public funds it spent to bail out troubled financial firms during the 1997-1998 Asian financial crisis, the financial regulator said Thursday.

The government has retrieved 106.7 trillion won ($100.1 billion) of 168.6 trillion won used from the public funds as of the end of December, according to the Financial Services Commission.

The recovery rate was up from 62.5 percent recorded at the end of 2012, it added.

The South Korean government poured massive amounts of public funds into local financial institutions to rescue them from bankruptcy when the financial crisis erupted in late 1997.

The regulator said the government also recovered 4.7 trillion won, or 76.2 percent, of the 6.17 trillion won in taxpayers' money pumped into stabilize the financial system, which was hit by the 2008 global financial crisis.

South Korea manages two tranches of public funds. The newest, created in 2009, aims to bolster the health of the local financial sector through purchases of soured loans and assets of bankrupt firms. (Yonhap)

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