Nearly two-thirds of financial firms’ bailout now retrieved

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Nearly two-thirds of financial firms’ bailout now retrieved

Korea has recouped 62.2 percent of the public funds it spent to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial regulator said yesterday.
The country has retrieved 104.9 trillion won ($98 billion) in public funds as of the end of November, according to the Financial Services Commission.

The November figure is almost unchanged from the previous month’s tally, and marks a 6.82 percentage point increase from the recovery rate at the end of 2008, the FSC said. The government recouped 22.9 billion won last month.

The government has poured a total of 168.7 trillion won in taxpayer money into local financial institutions to rescue them from bankruptcy since the financial crisis erupted in late 1997.
Meanwhile, the regulator said the country has retrieved 3.64 trillion won, or 58.9 percent of the 6.19 trillion won pumped into the financial system to stave off market instability in the aftermath of the 2008 global credit crunch. In November, it recouped 44.9 billion won.

Yonhap

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