2023-09-01 01:10:02
Net loss of KRW 123.6 billion in the first half of 2023 Soundness indicator ‘red light’
Prepare innovative measures such as governance reorganization and transparent safe operation
Promote sale of delinquent bonds worth up to KRW 3 trillion in the second half of the year
Expansion of loan loss reserve ratio for real estate business loans to 130%
▲ Saemaul Geumgo
The government undertook a major operation for Saemaul Geumgo, which had a red light on its soundness indicator, such as recording a net loss of 123.6 billion won in the first half of 2023 due to the real estate recession.
According to the ‘Saemaul Geumgo Business Performance (Provisional) for the first half of 2023’ announced by the Ministry of Public Administration and Security, the entire Saemaul Geumgo experienced an increase in interest expenses due to interest rate hikes and an increase in loan loss provisions due to loan arrears. represents a loss of money.
In addition, the overall delinquency rate, which is an indicator of asset soundness, was 5.41%, up 1.82%p from the end of 2022, while the delinquency rate on corporate loans was 8.34% and the delinquency rate on household loans was 1.57%, up 2.73%p and 0.42%p, respectively, from the end of the previous year.
The reason why Saemaul Geumgo, a symbol of microfinance, is shaking is because regulations were more relaxed than other mutual financial institutions in the process of increasing corporate loans (real estate collateral, managed land trust loans, etc.) to secure profitability during the period of low interest rates and booming real estate. This was pointed out as a factor that deteriorated soundness.
Accordingly, the Ministry of Public Administration and Security, along with the Management Innovation Committee of Saemaul Geumgo, which was launched on the 18th of last month, is preparing innovative measures such as governance reorganization and transparent operation of safes that can abolish unreasonable practices of the central association and safes.
In addition, through close cooperation with related organizations such as the Ministry of Strategy and Finance, the Financial Services Commission, the Financial Supervisory Service, the Bank of Korea, and the Deposit Insurance Corporation, we will focus on restoring public trust in the Saemaul Geumgo by guiding and supervising the central association and the safe to thoroughly implement the innovation plan. It is a policy.
According to the soundness management plan prepared by the supervisory authorities, first, we plan to promote the sale of delinquent bonds in vaults with a goal of up to KRW 3 trillion in the second half of 2023, and induce active write-offs for overdue bonds in vaults.
In addition, by strengthening regulation and management of loans to be implemented in the future, we plan to avoid external-oriented growth through corporate loans and promote soundness and internal stability of loans.
Until now, it was possible to handle large amounts of corporate loans only with safes, but from now on, this is prohibited and allowed only when linked with the central association (central association + safes). strengthen.
Lastly, in order to prevent a sharp contraction in fund supply and secure long-term profitability, sound loans such as housing purchase (lease) fund guarantee products are expanded in consultation with related institutions, and loan loss provisions for corporate loans in the real estate and construction industries are accumulated to improve loss absorbing capacity. We plan to increase the ratio (130%).
Ko Ki-dong, Vice Minister of the Ministry of Public Administration and Security, said, “By strengthening government-wide soundness management, we are making efforts so that safe deposit boxes can be more faithful to their original role as sound and substantial common people and local finance, away from the external-oriented growth strategy. As it is completely guaranteed even in the event of an emergency, I hope the public can use Saemaul Geumgo with peace of mind.”
#Saemaeul Geumgo #Soundness #Corporate finance #Delinquency rate
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