27 public companies including KEPCO maintain ‘low interest rate preferential loans’ in violation of government guidelines
A loan with an interest rate of around 2%… 9 places that followed the ‘Apply LTV and raise interest rates’ guidelines
Improvement plan included in the innovation plan
It was found that 27 public corporations, including Korea Electric Power Corporation (KEPCO), still maintain a ‘preferential loan’ system for employees that does not apply the mortgage loan ratio (LTV) to low interest rates.
Although commercial banks’ loan interest rates have soared to the 7 percent range, public corporations are still lending 100 to 200 million won at an interest rate of around 2 percent to employees who buy houses.
Last year, the government prepared innovation guidelines to apply LTV regulations to internal loans of public institutions and to adjust interest rates and limits, but three out of four public companies are violating these guidelines.
◇ Although it has been a year since the government guidelines, 27 out of 36 public companies maintain ‘preferential loans’
The 36 public enterprise innovation plans analyzed by Yonhap News on the 10th included the current status of in-house loans for housing funds and living stabilization funds and improvement plans for each institution.
Among the 36 public corporations, the institutions that are complying with the government’s in-house loan-related innovation guidelines are Korea Coal Corporation, Incheon International Airport Corporation, Korea Gas Corporation, Korea Railroad Corporation (KORAIL), Korea Gas Technology Corporation, and Korea Broadcast archyde news Promotion Corporation (KOBACO). ), Incheon Port Authority, Ulsan Port Authority, and SR.
Of the 36 public enterprises, 27, or 75%, do not follow the government guidelines and maintain the ‘preferential loan’ system.
In September last year, the Ministry of Strategy and Finance notified each institution of the innovation guidelines related to in-house loans.
The goal of the guidelines was to improve the internal loan system operated by public institutions through budgets or the in-house labor welfare fund.
Loans for home purchases were made only for homeless people to purchase a house of 85 square meters or less, and the limit was set at a maximum of 70 million won.
In addition, LTV regulations that have not been applied before must be applied.
When an employee applies for an in-house loan, the institution checks how much money the employee borrows from the bank to purchase a house, and then provides a loan within the limit according to the LTV standard.
A maximum of 20 million won was set for the life stabilization fund loan.
The internal loan interest rate was not lower than the average lending rate of commercial banks.
◇ Improvement plans are included in the innovation plan, but it is unknown whether they will be realized
According to the innovation plan submitted at the end of August, KEPCO is operating a housing loan system for employees with a limit of 100 million won at a 3% interest rate and 80 million won at a 2.5% interest rate for a rental.
LTV does not apply.
When purchasing a house, the Korea District Heating Corporation lends up to 200 million won at an interest rate of 1.67%, and the Housing and Urban Guarantee Corporation lends up to 200 million won at an interest rate of 1.5%.
All LTVs do not apply.
Korea Land and Housing Corporation (LH) provides a housing loan of up to 90 million won at an interest rate of 2.9%.
Korea Expressway Corporation is operating a home purchase loan system with a limit of 75 million won at 1.95% interest rate without LTV.
In a situation where the interest rate on home mortgage loans at commercial banks has reached the 7% range, some public company employees are receiving ‘extraordinary’ benefits.
In addition, Korea National Oil Corporation, Korea Hydro & Nuclear Power (KHNP), Korea Water Resources Corporation, Korea Airports Corporation, Korea Real Estate Agency, Jeju Free International City Development Center (JDC), Korea Horse Society, Grand Korea Leisure (GKL), Korea Minting Corporation, Korea Namdong Power Generation, Korea Southern Power, Korea East-West Power, Korea Western Power, Korea Midland Power, Korea Mine Reclamation Corporation, Kangwon Land, Korea Electric Power Technology Co., Ltd., KEPCO KPS, KEPCO KDN, Busan Port Authority, Yeosu Gwangyang Port Authority, Ocean Environment Corporation LTV is not applied, or a loan system that offers interest rates lower than market rates is in operation.
Most public corporations have included plans to improve internal loans, such as housing funds and living stability funds, in line with the guidelines in the innovation plan.
It is a method of applying LTV and lowering the limit while adjusting the interest rate to the lending rate of the bank’s household funds.
However, it was found that some institutions such as Korea National Oil Corporation, Korea Mining and Recycling Corporation, and JDC presented poor innovation plans, such as submitting only improvement plans for one of the housing funds and the living stability funds.
Even organizations that properly submitted an improvement plan are not sure whether they will be implemented or not.
This is because changes to the internal loan system are a matter that must go through labor-management consultation.
/yunhap news
