2023-07-03 21:52:00
The Ministry of Public Administration and Security has decided to carry out special inspections and inspections for 5 weeks with the Financial Supervisory Service and the Korea Deposit Insurance Corporation on 100 Saemaul Geumgoes, which are raising concerns about insolvency due to a sharp rise in delinquency rates.
According to the report on “Special Measures for Reducing Saemaul Geumgo Delinquency Rate” submitted yesterday (3rd) by the Ministry of Public Administration and Security to the office of Democratic Party of Korea MP Hong Seong-guk, a member of the Planning and Finance Committee of the National Assembly, Of the 1,294 locations, special inspections will be conducted on 30 locations with high delinquency rates and 70 locations.
We plan to intensively inspect and inspect the overall status of corporate loans, which have recently deteriorated, and separately manage the delinquency rate, reduction target, and implementation status as of the end of June. Depending on the results, we request management improvement if necessary.
To this end, the Ministry of Public Administration and Security plans to request the dispatch of manpower to the Financial Supervisory Service, Forecast, and the Saemaul Geumgo Federation.
The Ministry of Public Administration and Security has also prepared measures to address the problem of corporate loan delinquency rates approaching 10% in the first quarter due to the deteriorating real estate market.
We plan to operate a management system dedicated to regional headquarters for 87 business sites worth KRW 3.2 trillion, including Saemaul Geumgo’s managed land trust.
Management targets include 13 business sites related to managed land trust loans (KRW 180 billion) and 74 business sites with loans of KRW 20 billion or more (KRW 2,999.8 billion).
Saemaul Geumgo’s overall loan delinquency rate in the first quarter of this year was 5.34%, up 1.75% from 3.59% at the end of last year. This figure is more than double the delinquency rate (2.42%) of the entire mutual finance during the same period.
The corporate loan delinquency rate stood at 9.99% as of the end of the first quarter of this year, up 3.27% from 6.72% at the end of last year.
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