Korea Joongang Daily
Korea JoongAng Daily

Banks assemble funds to support embattled KFCC

Commercial and state-run banks have signed some 6 trillion won ($4.6 billion) worth of repurchase agreements with the troubled Korean Federation of Community Credit Cooperatives (KFCC) to provide liquidity amid concerns over a credit crunch.

2023-07-11

Credit union savings safe, contingency plans ready: gov't

A pan-government response group was formed Thursday to ease jitters over a possible collapse of a major credit union amid a spiraling delinquency rate on its loans. The joint task force will implement protective measures to protect deposits at the...

2023-07-06

Default rate investigation

The Ministry of Interior and Safety announced it will conduct a joint investigation into 30 MG Community Credit Cooperatives branches which have a default rate exceeding 10 percent, and said these branches may be shut down or merged if necessary.

2023-07-04