{"id":2202116,"date":"2023-08-30T17:00:51","date_gmt":"2023-08-30T08:00:51","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202116"},"modified":"2023-08-31T20:56:43","modified_gmt":"2023-08-31T11:56:43","slug":"how-a-south-korean-creditors-troubles-put-rok-financial-stability-at-risk","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/08\/how-a-south-korean-creditors-troubles-put-rok-financial-stability-at-risk\/","title":{"rendered":"How a South Korean creditor\u2019s troubles put ROK financial stability at risk"},"content":{"rendered":"

South Korea\u2019s financial landscape faces a looming crisis as the Korean Federation of Community Credit Cooperatives, more commonly known as Saemaul Geumgo, grapples with an escalating financial predicament due to its <\/span>overexposure to the real estate market<\/span><\/a> and its decentralized organizational structure.<\/span><\/p>\n

Saemaul Geumgo, a mutual credit institution, faces soaring delinquency rates and the specter of bank runs despite the organization\u2019s vast assets and user base, and concerns are rising not only about the immediate threats to the company\u2019s stability but also the potential aftershocks across South Korea\u2019s financial ecosystem.\u00a0<\/span><\/p>\n

Saemaul Geumgo lures many depositors by offering <\/span>marginally higher deposit interest rates<\/span><\/a> than banks. As a result, it commands a total of $211.4 billion (<\/span>280 trillion won<\/span><\/a>) in assets, nearly as much as the nation\u2019s seventh-largest bank. The cooperative also serves a robust user base of more than <\/span>22 million people<\/span><\/a>.<\/span><\/p>\n

Its organizational system, however, sets it apart from many of its peers. While it operates a central headquarters, its numerous local branches act as <\/span>distinct legal entities<\/span><\/a> in a decentralized setup. To give context, Saemaul Geumgo has <\/span>3,260 regional offices nationwide<\/span><\/a>, surpassing the <\/span>2,873 combined branches<\/span><\/a> of South Korea\u2019s top four banks: Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank.<\/span><\/p>\n

Among these branches, 1,344 are registered as <\/span>independent corporations<\/span><\/a>. This structure contributed to a bank run in early July when some branches\u2019 risky lending practices came to light.<\/span><\/p>\n

Until recently, buoyed by a real estate boom, many Saemaul Geumgo branches heavily backed project financing tied to real estate development. But when South Korea\u2019s central bank started <\/span>hiking interest rates<\/span><\/a> in 2022, the real estate sector slipped into a downturn, and branches that had over-invested in real estate development confronted dire financial strains.<\/span><\/p>\n

South Korea\u2019s house prices recorded their <\/span>first monthly increase<\/span><\/a> in July since May 2022, with a slight uptick of 0.03%, following 13 months of declining values. This news likely provided some reprieve for Saemaul Geumgo.\u00a0<\/span><\/p>\n

However, while this growth comes on the heels of <\/span>policy shifts<\/span><\/a> by the government earlier this year to support the housing market, simultaneous <\/span>increases in household debt<\/span><\/a> suggest that the market may not be poised for a strong rebound.<\/span><\/p>\n

In addition, despite its size and significance, Saemaul Geumgo falls under the purview of the Ministry of Interior, a deviation from the usual practice where the Financial Services Commission (FSC) monitors financial institutions.<\/span><\/p>\n

This strain manifests starkly in the numbers: Saemaul Geumgo\u2019s delinquency rate shot up from <\/span>1.9%<\/span><\/a> at the end of 2021 to <\/span>4%<\/span><\/a> by the end of the following year, further increasing to <\/span>6.4%<\/span><\/a> by June 2023. Around 100 branches are now in a precarious position, with some in the metropolitan area grappling with delinquency rates as high as <\/span>20 to 30%<\/span><\/a>. Dozens of branches nationwide face delinquency rates <\/span>exceeding 10%<\/span><\/a>.<\/span><\/p>\n

South Korean <\/span>media coverage<\/span><\/a> on July 4 spotlighted Saemaul Geumgo\u2019s looming challenges. By the next day, <\/span>reports<\/span><\/a> emerged of a near-bankruptcy of a branch in Namyangju City, which had merged with a neighboring Saemaul Geumgo branch. As this news proliferated, widespread speculation intensified fears and <\/span>spurred a bank run<\/span><\/a>.<\/span><\/p>\n

\"\"

Interior vice minister Han Chang-seob visits the a Saemaeul Geumgo branch in Seoul to open a deposit account, July 6, 2023 | Image: ROK Ministry of Interior and Safety<\/a><\/em><\/p><\/div>\n

PROMPT GOVERNMENT INTERVENTION<\/b><\/p>\n

In the wake of the Saemaul Geumgo crisis, South Korean government authorities acted swiftly. Both the chairman of the Financial Services Commission and the acting interior minister made personal visits to Saemaul Geumgo, <\/span>depositing<\/span><\/a> tens of thousands of dollars each. This symbolic move was intended to convey the government\u2019s confidence in the institution to the public.<\/span><\/p>\n

Officials <\/span>emphasized<\/span><\/a> Saemaul Geumgo\u2019s robust liquidity position, urging the public to remain calm. In a bid to stem the bank run by panicked customers, the government also put in place a <\/span>special provision<\/span><\/a>. Customers who withdrew their funds during the early July bank run were given until July 14 to reinstate their accounts without any penalties, ensuring they retained all associated benefits.<\/span><\/p>\n

In addition, swift financial assistance came from other quarters of the banking sector. Seven leading banks, including Kookmin, Shinhan, Hana and Woori, purchased bonds from Saemaul Geumgo, injecting $4.5 billion (<\/span>6 trillion won<\/span><\/a>) into the institution.<\/span><\/p>\n

These remedial steps bore fruit and by mid-to-late July, and the once-rampant rumors of Saemaul Geumgo\u2019s instability <\/span>began to fade<\/span><\/a>. As a further backstop, the Monetary Policy Board of the Bank of Korea <\/span>announced<\/span><\/a> on July 27 its readiness to offer emergency support to mutual credit institutions, including Saemaul Geumgo, to the tune of $75.5 billion (100 trillion won).<\/span><\/p>\n

However, the overarching solvency concerns surrounding Saemaul Geumgo remain, raising questions about the government\u2019s regulatory oversight. Some <\/span>argue<\/span><\/a> for transitioning its supervisory authority from the interior ministry to the FSC. Presently, the ministry oversees Saemaul Geumgo with a mere <\/span>six personnel<\/span><\/a>, leading critics to charge that the ministry is ill-equipped to manage such a sprawling entity effectively.<\/span><\/p>\n

However, the FSC has met the prospect of oversight transfer with <\/span>hesitation<\/span><\/a>, viewing such a move as potentially burdensome. Saemaul Geumgo\u2019s leadership might also harbor <\/span>reservations<\/span><\/a>, anticipating more rigorous regulatory scrutiny under the new regime.<\/span><\/p>\n

ELECTION CONCERNS<\/b><\/p>\n

As South Korea grapples with the financial predicaments surrounding Saemaul Geumgo, the upcoming general elections set for April introduce another layer of complexity, as the Yoon administration fights to stave off a crisis that could hurt it at the ballot box.<\/span><\/p>\n

Legal pressures are mounting as prosecutors have filed <\/span>corruption charges<\/span><\/a> against the chairman of Saemaul Geumgo\u2019s central headquarters, with investigations underway. Meanwhile, the catalyst of the Saemaul Geumgo crisis \u2014 the real estate project financing debacle \u2014 shows <\/span>no signs of improvement<\/span><\/a>.<\/span><\/p>\n

Drawing particular attention, the securities industry\u2019s balance of overdue real estate project finance loans reached $634.5 million (<\/span>840.4 billion won<\/span><\/a>) in this year\u2019s first quarter, nearly double the previous year\u2019s tally of $351.6 million (<\/span>465.7 billion won<\/span><\/a>).\u00a0<\/span><\/p>\n

The loan delinquency rate also grew substantially \u2014 from <\/span>3.37% in 2020<\/span><\/a> to <\/span>3.71% in 2021<\/span><\/a>, soaring to <\/span>10.38% by 2022\u2019s end<\/span><\/a> and peaking at <\/span>15.88%<\/span><\/a> in the latest assessment.<\/span><\/p>\n

These troubling figures loom over the securities industry, hinting it may be the next sector to face fallout from real estate project financing issues. Coupled with concerns over government loans to businesses during the pandemic, whose impending loan maturities have been <\/span>extended<\/span><\/a> yet again, the issue has spurred discussions about a potential economic crisis.<\/span><\/p>\n

Any signs of an economic crisis would significantly impact the president and the ruling People Power Party, so the government is actively working to stave off financial disruption by injecting as much liquidity into the financial sector as possible. But it remains to be seen if the government\u2019s efforts will be sufficient.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s financial landscape faces a looming crisis as the Korean Federation of Community Credit Cooperatives, more commonly known as Saemaul Geumgo, grapples with an escalating financial predicament due to its overexposure to the real estate market and its decentralized organizational structure. Saemaul Geumgo, a mutual credit institution, faces soaring delinquency rates and the specter […]<\/p>\n","protected":false},"author":10407,"featured_media":2202117,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,27],"class_list":["post-2202116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nHow a South Korean creditor\u2019s troubles put ROK financial stability at risk - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/08\/how-a-south-korean-creditors-troubles-put-rok-financial-stability-at-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How a South Korean creditor\u2019s troubles put ROK financial stability at risk - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s financial landscape faces a looming crisis as the Korean Federation of Community Credit Cooperatives, more commonly known as Saemaul Geumgo, grapples with an escalating financial predicament due to its overexposure to the real estate market and its decentralized organizational structure. 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