Regulator suspends 4 savings banks

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Regulator suspends 4 savings banks

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Customers read a sign posted at the entrance of Mirae Savings Bank headquarters in Jeju yesterday. Mirae is one of four savings banks whose operations have been suspended for the next six months. [NEWSIS]


Four troubled savings banks, including the industry’s leader, Solomon Savings Bank, were suspended for risk of insolvency by the Financial Services Commission at 6 a.m. yesterday.
*insolvency: 지불불능, 채무초과, 파산
*Financial Services Commission: 금융위원회
금융위원회는 어제 오전 6시 업계 대표주자 솔로몬 저축은행을 포함해 문제가 많은 4개 저축은행을 부실 금융회사로 결정하고 영업정지를 내렸다.

The government regulator announced that the operations of Solomon Savings Bank, Mirae Savings Bank, Korea Savings Bank and Hanju Savings Bank would be frozen for six months and ordered the financial institutions to immediately raise capital.
*raise capital: 자금을 조달하다
금융당국은 솔로몬, 미래, 한국, 한주 등 4개 저축은행에 대해 6개월 영업정지와 즉각적인 경영개선 명령을 내렸다.

“Normal operations of the four savings banks will be suspended until Nov. 5, and the banks are required to raise capital within 45 days with an aim of reaching 5 percent in terms of the Bank for International Settlements capital adequacy ratio,” said Kim Joo-hyun, secretary general of the FSC. The BIS ratio is an internationally recognized measure of bank solvency.
*Bank for International Settlements: 국제결제은행
*capital adequacy ratio: 자기자본비율
*bank solvency: 은행 지불능력
김주현 금융위원회 사무총장은 “11월5일까지 4개 저축은행의 영업활동을 정지시켰으며 45일 이내에 국제결제은행 기준 자기자본비율 5%까지 끌어올리도록 경영개선 명령을 내렸다”고 말했다.

Since three of the suspended savings banks - all except Hanju - are among the 10 biggest in the country, the effects of the regulator’s decision are expected to be significant. Solomon is the No. 1 savings bank with total assets of 5 trillion won ($4.42 billion) and 330,000 customers.
*total assets: 자산총액, 합계자산
한주를 제외한 나머지 3개는 업계 10위권내 대형 저축은행들이어서 금융당국의 영업정지 결정이 시장에 큰 파장을 가져올 것으로 예상된다. 솔로몬은 자산총액이 5조원(약 44.2억 달러)이며 고객이 33만명에 이른다.

According to an examination by the Financial Supervisory Service, Korea, Mirae and Hanju savings banks have BIS capital adequacy ratios of less than one percent, and Solomon has debts that exceed its total assets.
금융감독위원회의 조사에 따르면, 한국, 미래, 한주 저축은행은 BIS 자기자본비율이 1% 미만이고 솔로몬은 부채가 자산총액을 초과했다.

If the banks fail to normalize operations within the given period, the FSC will support selling them to third parties or placing them under government administration at the Korea Deposit Insurance Corporation.
*Korea Deposit Insurance Corporation: 예금보험공사
주어진 기한 내에 정상화 성과가 없으면 금융위원회는 제3자 매각 또는 예금보험공사 관리에 맡기는 방안을 추진할 것이다.

번역: 이무영 정치사회부장(mooyoung@joongang.co.kr)

Korea JoongAng Daily
Monday, May 7, 2012

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