Export-Import Bank posts record deficit from loans

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Export-Import Bank posts record deficit from loans

The Export-Import Bank of Korea recorded the biggest deficit since its founding in 1976 largely due to loans given out to help restructure the shipping and shipbuilding industries.

The state-run bank on Tuesday said the deficit in the first half of the year amounted to 937.9 billion won ($838.3 million) after the bank increased its loan loss reserves, particularly on loans it gave to the indebted Daewoo Shipbuilding and Marine Engineering.

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