2023-07-02 04:25:53
Saemaeul Geumgo and Savings Bank, which led the ‘minority finance’, ‘low tide’ in deposit balance
[대한경제=심화영 기자] It was found that the deposit balances of Saemaul Geumgo and Savings Bank are rapidly decreasing this year. It is partly because the deposit interest rate was lowered to the level of the 1st financial sector, but the balance of deposits of mutual credit, the same 2nd financial sector, is maintained, which is in contrast.
According to the Bank of Korea’s economic statistics system on the 2nd, as of the end of April, Saemaul Geumgo’s balance of deposits (maljan) recorded 258,281.1 billion won. This is a monthly decrease from 262.1427 trillion won at the end of March and 265.271 trillion won at the end of February.
As of the end of April, the balance of deposits at savings banks was also 114.6159 trillion won, down from 116.431 trillion won at the end of March and 118.9529 trillion won at the end of February. On the other hand, the balance of deposits in mutual financial institutions during this period increased by more than 9 trillion won from 466.3582 trillion won to 475.3615 trillion won.
Recently, Saemaul Geumgo is discussing restructuring its insolvent safes. Dongbu Saemaul Geumgo (formerly Pyeongnae Saemaul Geumgo) in Namyangju will close in July due to bad loans worth 60 billion won and will be merged with Hwado Saemaul Geumgo. According to the mutual finance industry, the provisional national average delinquency rate of Saemaul Geumgo in the second quarter was 6.4%.
An official from Saemaul Geumgo said, “The delinquency rate in the second quarter of this year is not an incorrect figure, but it is due to the market situation caused by the downturn in the real estate economy.” .
As with Saemaul Geumgo, the delinquency rate of savings banks is also rising. According to the Korea Federation of Savings Banks, the average delinquency rate of all savings banks in the first quarter of this year recorded 5.07%. This is an increase of 2.48 percentage points compared to 2.59% in the same period last year.
Savings banks and Saemaul Geumgo are focusing on poor management in these numbers, but are more wary of stimulating anxiety that will increase liquidity risk. The circulator of the ‘liquidity risk’ rumor that circulated in OKㆍWelcome Savings Bank in April has yet to be caught. An official from the savings bank said, “After the bankruptcy of the savings bank in 2011, we have a system for forecasting ‘financial transactions without interruption’.
In response, an official from the Korea Deposit Insurance Corporation said, “Even if a savings bank goes bankrupt, it will stop operating at 5:00 following business hours on Friday, and if there is no savings bank or buyer who took over the savings bank next Monday following organizing it on the weekend, it is called a ‘bridge savings bank’. “You can make a deposit or loan transfer and conduct financial transactions on Mondays,” he said.
However, unlike savings banks, Saemaul Geumgo is managed and supervised by the Ministry of Public Administration and Security, not by the financial authorities. Therefore, local safe depositors are not subject to the Depositor Protection Act. According to the Saemaul Geumgo Act, if a local bank goes bankrupt and fails to return the deposit to the customer, the central association must return it to the fund.
As Namyangju Dongbu Saemaul Geumgo closed down, assets such as existing deposits and branches were merged into Hwado Saemaul Geumgo. /Photo: MG Saemaul Geumgo
Correspondent Shim Hwa-young dorothy@
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