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[THE INVESTOR] The decision-making board of the Bank of Korea on July 1 gave its final approval for creating a 10-trillion-won (US$8.7 billion) fund to help finance the ongoing state-led restructuring efforts at local shipping and shipbuilding industries.
The decision came at a special meeting of the monetary policy board, according to the bank.
The decision came at a special meeting of the monetary policy board, according to the bank.
The funds will be used to purchase recapitalization bonds from policy lenders, such as the Korea Development Bank, should they require additional funds to finance the reforms.
Each purchase will be made at a specific request from policy lenders. They will also be subject to separate reviews by the monetary policy board for approval.
Earlier, the central bank agreed to set up an 11-trillion-won recapitalization fund with the state-run Industrial Bank of Korea and financial authorities including the Finance Ministry.
(theinvestor@heraldcorp.com)
