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Bailout Bank Checks to Begin

May 07,2001
The Korea Deposit Insurance Corporation will begin inspections Monday of financial firms that have received bailout funds. The state-run insurer will be checking to ensure that companies have adequately carried out their rescue plans so far this year.

Six banks, including Hanvit, Seoul and Kyongnam and ten other financial institutions will be under the insurer's scrutiny. This will be the first inspection since the law on public funds management took effect late last year.

"When the firms received the funds they promised to improve operations," a source at the insurer said. "Firms with insufficient results will be reprimanded and told to fully abide by the promise."



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