12-15-일

STX Group targets 30 tln won in sales next year SEOUL, Dec. 14 (Yonhap) -- STX Group, a mid-sized South Korean conglomerate, said Sunday it expects to post 30 trillion won (US$21.8 billion) in sales next year, up 11 percent from this year's estimated 27 trillion won, thanks to a steady growth of its key businesses. The group, whose business portfolio ranges from shipbuilding to construction, expects 1 trillion won in profit next year. The group did not provide comparable figures. The group's shipbuilding and machinery units are expected to post 18 trillion won in sales, while its shipping and plant construction businesses are expected to draw 11 trillion won in sales. Since early 2000, STX has been aggressively expanding its business portfolio by acquiring numerous firms. The group owns STX Shipbuilding Co., the world's fifth-largest shipyard, and the shipper STX Pan Ocean Co. Last year, STX took over Norway's Aker Yards, helping STX make inroads into the lucrative cruise line industry. sam@yna.co.kr



Seoul weighs more bank support measures SEOUL, Dec. 14 (Yonhap) -- South Korea's central bank and government are reviewing a variety of measures to help improve conditions at local banks and free up lending amid a global credit squeeze, government sources said Sunday. Industry leader Kookmin Bank and its local rivals have come under pressure to increase their lending capacity and help corporations facing default. But banks have so far remained reluctant to extend loans to companies and households, as lenders too have struggled to cope with mounting bad assets. The average capital adequacy ratio at 18 local banks -- a key measure of financial strength -- dropped to 10.79 percent at the end of September from 11.36 percent three months earlier, due to increased bad loans. Their ratios may slide further as the South Korean economy, Asia's fourth-largest, is set to face a steep decline in growth. The economy grew just 0.5 percent in the third quarter from the three months prior. Experts say growth will continue to dwindle in the fourth quarter due to falling exports and weak domestic demand. "In order to help banks extend more loans, their capital adequacy ratios should be raised," said an official on condition of anonymity. "They are now selling bonds to shore up their capital base, but the government is preparing various measures for them."According to the sources, state-run lenders and pension funds may form a pool to buy shares to be issued by banks. State-run banks such as Korea Development Bank also may provide additional support to commercial lenders that fail to keep their ratios above a certain level. In a related move, the government increased its investment in state-run lenders to 5.36 trillion won (US$3.89 billion) from an earlier earmarked amount of 3.61 trillion won. There are growing concerns that financial market instability will lead to worsening corporate liquidity and a slump in the real economy. South Korea has pumped funds into the banking system and guaranteed lenders' debts to stem the impact of the worldwide financial crisis on its export-reliant economy. The government has also set aside a 10 trillion won fund -- pooled by banks, brokerages and insurers -- to help companies struggling to sell bonds. sam@yna.co.kr



Samsung to export WiBro technology to Taiwan, Kuwait SEOUL, Dec. 14 (Yonhap) -- South Korea's Samsung Electronics Co. said Sunday that it has signed deals with partners in Taiwan and Kuwait to provide them with wireless broadband (WiBro) Internet technology. The electronics giant said the deal with Taiwanese carrier VMAX Telecom Co. calls for the setting-up of infrastructure that will allow commercial WiBro services to begin next year. Financial terms were not revealed. WiBro, one of the major 4G communications standards, is an improved version of WiMax that enables high-speed Internet connectivity even when a user is in motion. WiMax refers to a wireless Internet technology developed by the world's largest chipmaker, Intel Corp. Samsung Electronics also formed another deal with MADA Communications Co. of Kuwait to provide WiBro service-related equipment and launch commercial service there in 2010. With the latest deals, Samsung Electronics has sealed export agreements for WiBro technology with firms in 10 countries, including the United States, Russia and Brazil, it said. sam@yna.co.kr



Sales at duty-free shops drop in Nov. SEOUL, Dec. 14 (Yonhap) -- Sales at duty-free shops in airports and downtown Seoul sank in November due to an economic slump, a customs office said Sunday. According to the Korea Customs Service, sales at duty-free retailers reached US$199.3 million last month, a drop of 14.4 percent from $232.8 million a year earlier. The customs agency said sales at duty-free shops fell as overseas travels by Koreans fell amid an economic slump and a weaker local currency prodded them to reduce spending. Locals bought products worth $72.6 million at duty-free retailers last month, compared with $166.3 million a year earlier. On the other hand, spending by foreign tourists at duty-free shops increased to $126.6 million from $66.5 million over the cited period, according to the customs office. A surge in the Japanese yen versus the Korean won drove Japanese travelers to buy more products at duty-free shops, it said. In the first 11 months of the year, sales at duty-free shops reached $24.01 billion, compared with $23.98 billion a year earlier, according to the office.



(ROUNDUP) S. Korea, China, Japan agree to regularize tripartite summit By Yoo Cheong-moFUKUOKA, Japan, Dec. 13 (Yonhap) -- The leaders of South Korea, Japan and China agreed Saturday to widen cooperation in promoting free trade, fiscal expansion and currency swaps to weather the global economic crisis at an unprecedented trilateral summit, South Korea's presidential office said. South Korean President Lee Myung-bak, Japanese Prime Minister Taro Aso and Chinese Premier Wen Jiabao also agreed to reinforce tripartite partnership for "regional stability, prosperity and peace," while expressing regrets at North Korea's recent refusal to agree to verification measures for its nuclear program, said the office in a press release. The meeting in the Japanese city of Fukuoka marked the first three-way summit held separately from multilateral international forums. The three countries have met annually on the sidelines of the Association of Southeast Asian Nations (ASEAN) Plus Three summit. "It was a historic meeting, as leaders of South Korea, Japan and China got together at one place within the region for the first time," Lee said in a joint press conference after the summit. "I found through this summit talks that the three countries share common visions. All problems can be resolved through dialogue. Closer cooperation among the three will enhance the development of the entire world, as well as of the region. Korea's latest currency swap deals with Japan and China also illustrate the importance of regional cooperation."Lee called for closer tripartite cooperation in persuading North Korea to give up its nuclear program through the six-party talks, saying the North's nuclear problem will eventually be resolved, though it may take longer-than-expected time. Aso and Wen also attached special meaning to the first tripartite summit in their separate remarks at the press conference at the Kyushu National Museum in downtown Fukuoka. Noting South Korea, Japan and China account for 16.7 percent of the world's gross domestic product, Aso said the three-way summit is a "revolutionary" event that will greatly contribute to the global stability and prosperity. Ahead of the tripartite summit, Lee met separately with Aso and Wen. Lee and Aso agreed to launch a number of joint peace-building and reconstruction projects in Afghanistan timed with the January inauguration of U.S. President-elect Barack Obama, who has repeatedly called for greater Asian contributions to the war-torn country, according to spokesman Lee Dong-kwan. In addition, the two leaders agreed that South Korea and Japan should join forces to further strengthen their manufacturing sectors and avoid mistakes made by troubled U.S. manufacturers, said the spokesman. "Both Lee and Aso consented to the need for steady efforts to boost bilateral relations and the Japanese prime minister agreed to visit South Korea in the nearest possible future to resume bilateral shuttle diplomacy," he said. In their bilateral meeting, the South Korean and Chinese leaders agreed to closely cooperate in forcing North Korea to abandon its nuclear program, the spokesman said. The two leaders also expressed regret at the latest round of the six-party talks that broke down in Beijing on Thursday in a dispute over verification measures for the North's nuclear declaration. "Lee explained the latest circumstances on the Korean Peninsula, while Wen stressed the two Koreas should attempt to improve relations through dialogue and negotiations. The Chinese leader then offered continued support for better inter-Korean relations," said the spokesman. As part of efforts to strengthen tripartite economic partnership, meanwhile, the three countries agreed to accelerate preparatory moves for bilateral and trilateral free trade talks, regularly hold meetings of their foreign ministers, improve business environment for one another's companies and intensify three-way cooperation in the fields of energy, financial markets and logistics, according to the press release. "Lee, Aso and Wen, while taking note of the importance of frequent dialogue among their countries, agreed to regularly hold the tripartite summit meeting," said a joint statement issued earlier after the summit. "The three leaders agreed to strengthen policy cooperation between their countries for the denuclearization of North Korea after expressing regrets at the North's 'uncooperative attitude' shown at the just-concluded six-party talks."South Korea, the U.S., Japan, China and Russia have been engaged in the China-hosted six-party talks with North Korea, which has agreed in principle to scrap its nuclear program in return for aid and diplomatic benefits. But the latest session of the six-party talks broke down Thursday after North Korea refused to accept a Chinese draft verification plan that called for nuclear inspectors to be able to remove samples from North Korean nuclear sites for outside analysis. Following their summit meeting, Lee, Aso and Wen issued three joint statements calling for tripartite partnership, closer cooperation over the global financial crisis and disaster management cooperation. In addition, they adopted a three-way action plan calling for holding the tripartite summit annually and establish a tripartite cyberspace secretariat in 2009. Under the agreement, next year's tripartite summit will take place in China, while South Korea will host one in 2010. "The three leaders underlined the importance of a series of international meetings and cooperative efforts aimed at stabilizing financial markets and restoring global growth. The leaders also stressed the importance of further enhancing regional cooperation to address the turmoil of financial markets," said one of the statements. "They shared the view that Asian countries are expected to play a role as 'the center of world economic growth' in order to reverse the downward trend of the world economy and return it to the path of sustainable growth."Meanwhile, the three leaders agreed on reinforcing existing currency swap deals concluded between their countries and accelerate a separate agreement with ASEAN member states to create an US$80 billion joint fund by next June to cushion the region against the financial crisis. On Friday, South Korea's central bank announced agreements with its Japanese and Chinese counterparts to expand the ceiling of their respective foreign currency credit swap lines to $30 billion. South Korea, faced with a weakening won and declining foreign exchange reserves, has long sought to expand its foreign currency swap lines with the U.S., Japan and China. The three leaders also discussed regional follow-up measures for the agreements reached at the Group of 20 summit held in the U.S. last month before exchanging opinions on the agenda for the next G-20 summit slated for April 2 in London. ycm@yna.co.kr



N. Korea not a 'nuclear power,' but has nukes: U.S. official By Hwang Doo-hyongWASHINGTON, Dec. 13 (Yonhap) -- A senior Pentagon official reiterated on Saturday that the U.S. government does not accept North Korea as a nuclear power, but added that he understands Pyongyang has several nuclear bombs. "Our objective is to make sure North Korea does not keep that capability," said the official, who spoke on condition of anonymity due to the sensitivity of the issue. The United States has been facing skepticism over its policy of not regarding the North as a nuclear power, in light of recent reports and comments by officials that indicate otherwise. In an article appearing in the January-February edition of the U.S.-based Foreign Policy magazine, titled "Reprogramming the Pentagon for a New Age," Defense Secretary Robert Gates is quoted as saying: "There is the potentially toxic mix of rogue nations, terrorist groups, and nuclear, chemical, or biological weapons. North Korea has built several bombs, and Iran seeks to join the nuclear club."The Pentagon official said the quote by Gates "reflects the judgment of the U.S. government intelligence community and that's nothing new." He cited as the most recent example a report of the National Intelligence Council (NIC) released in November. The NIC report, titled "Global Trends 2025: A Transformed World," contains a passage that reads: "The possibility of a future disruptive regime change or collapse occurring in a nuclear weapon state such as North Korea also continues to raise questions regarding the ability of weak states to control and secure their nuclear arsenals."The NIC report is the third such example in which the U.S. describes North Korea as a nuclear state despite its official policy. The U.S. Joint Forces Command (JFC) drew controversy after it released a report on Dec. 4 that described North Korea as an Asian nuclear power along with China, India, Pakistan and Russia. Some critics say that more than a decade of fruitless international efforts towards the communist state's nuclear disarmament have taught Washington to learn how to live with a nuclear-armed North Korea. Others say the U.S. government's primary goal should now be halting North Korea's alleged nuclear nonproliferation, amid rising concerns over terrorists obtaining radioactive "dirty bombs."The Pentagon official disagreed. "The U.S., South Korea and the rest of the international community support the U.N. resolution for a non-nuclear North Korea. That's why we have six-party talks towards the North's denuclearization."The official said he hoped the JFC would soon correct what he described as a "mistake" in its recent report. "I am sure the JFC will be taking care of correcting it," he said, but said he was not aware of when that might happen. He added the JFC's report "reflects the views of individuals, not the policy of the U.S. government."Another official, however, expressed doubts that the JFC would alter the report, titled "Joint Operating Environment (JOE) 2008: Challenges and Implications for the Future Joint Force."North Korea detonated its first nuclear device in October 2006 and claimed the test was a success. Experts and policymakers continue to debate that claim. U.S. and South Korean intelligence authorities have said the North has enough plutonium to produce several nuclear warheads, but have yet to officially confirm whether Pyongyang actually possesses such weaponry. Some say the North has developed a primitive nuclear warhead that cannot be loaded on any delivery system, while others claim Pyongyang's technology is more advanced. President-elect Obama said on the campaign trail that the North has eight nuclear weapons, but did not elaborate. The U.S. president-elect has said he will support the six-party nuclear talks while seeking more direct bilateral engagement. The latest round of six-party talks ended Thursday without an agreement over how to verify North Korea's nuclear facilities. Some observers suspect Pyongyang is waiting for Obama's inauguration on Jan. 20. North Korean state media has picked up on the controversy over the JFC report. Pyongyang's official Korean Central News Agency said Wednesday in reference to the document, "It is the first time that a U.S. government report has acknowledged and announced that North Korea is a nuclear weapons state."Jack Pritchard, president of the Washington- based Korea Economic Institute, recently urged the incoming Obama administration to quickly address the North Korean nuclear issue, saying, "The longer North Korea possesses nuclear weapons, the harder for them to give it up."Pritchard, formerly the U.S. point man on North Korea, said in April he was told by officials in Pyongyang they expected to be able to keep a small arsenal of nuclear weapons. Obama has said his administration will seek a drastic curtailment of nuclear arms globally, including in the U.S., to buttress the fragile Nuclear Non-Proliferation Treaty (NPT). Some have criticized the treaty on the grounds that the world's largest nuclear powers have so far been reluctant to do their part in disarming. "By keeping our commitment under the Nuclear Non-Proliferation Treaty, we'll be in a better position to press nations like North Korea and Iran to keep theirs," Obama said on the campaign trail. North Korea has long questioned the legitimacy of the non-proliferation regime, which guarantees nuclear weapons for five existing nuclear powers -- the U.S., China, Russia, Britain and France -- while denying other states. Pyongyang broke from NPT in 2002 after the U.S. claimed that Pyongyang had clandestinely developed a uranium-based nuclear program in violation of the 1994 Geneva framework agreement. North Korea has denied both the existence of the uranium program and the proliferation of its nuclear technology to Syria, as the U.S. has alleged. Those have been major sticking points in the ongoing six-party denuclearization talks, which began in 2003 to replace the 1994 agreement. U.S. President George W. Bush said in August that he was not sure whether North Korea has any real intention to abandon its nuclear weapons. "That's the fundamental question, and I can't answer that for you," he said. North Korea considers its nuclear arsenal as its only working deterrent against an outside invasion, and has witnessed how Pakistan and India have resumed amicable ties with the U.S. years after performing nuclear tests. North Korean media have also said that Iraq was invaded due to lack of nuclear arsenal.



Parents found guilty in child rape case SEOUL, Dec. 14 (Yonhap) -- The parents of a teenager who committed rape after being exposed to pornography from an early age were found guilty of being negligent in their duty to protect and supervise their child. The Seoul Southern District Court said Sunday it fined the parents 83 million won (US$60,300) for failing to take proper care of their 18-year-old son who raped a seven-year-old girl from his neighborhood in 2006. The boy, who suffers from attention-deficit hyperactivity disorder, had been sentenced to a 10-year prison term. The girl's parents also sought 225 million won in damages, claiming his parents had not fulfilled their duty to supervise him. The identities of the boy and his parents were withheld. "The parents could have prevented the crime with appropriate education but failed to show enough attention to their child. They neglected their duty to raise their child so that he can properly adjust to society," the court said in a statement. The boy grew up watching pornography and other lascivious materials on the Internet from the age of 13 and imitated a film he had seen when he raped the girl, the court said. hayney@yna.co.kr(END)



N. Korea slams Seoul-backed human rights laws SEOUL, Dec. 14 (Yonhap) -- North Korea slammed South Korea's ruling conservative party Sunday for pushing legislation that would amplify outward criticism of human rights in the North, calling it an "act of anti-unification."Two legislators from the Grand National Party have each proposed motions that would expand Seoul's role in denouncing human rights conditions in Pyongyang. The bills call on the government to provide conservative activist groups with up to 300 million won (US$218,000) to aid them in making and sending anti-Pyongyang leaflets across the inter-Korean border. A recurrence of leafleting by South Korean groups has drawn a backlash from Pyongyang and contributed to worsening cross-border relations. North Korea recently placed new restrictions on travel across the shared border and expelled hundreds of officials from a joint industrial park, calling the move a retaliatory measure against Seoul's hardline policy stance towards the North. "Those are poisonous laws that imitate the anti-North Korea laws in the United States," Tongil Shinbo, Pyongyang's weekly magazine, said of the proposed legislation. "It goes without saying what will happen to the relationship between the two Koreas after such laws are established." Conservative activists here, many of whom are family members of South Koreans abducted by the North, often fly balloons into North Korea laden with leaflets denouncing the communist regime and calling for North Koreans to defect to the South. Civic groups said earlier this month they will "temporarily" suspend spreading the flyers to join government efforts to thaw chilling ties with Pyongyang. The laws are currently pending in Seoul's parliament. They also call for restoring a propaganda radio broadcast aimed at North Korea that was shut down under a 2003 joint agreement. Opposition parties and progressive civic groups in Seoul are strongly opposed to the North Korea human rights laws, accusing President Lee Myung-bak and his conservative party of risking further tension with Pyongyang. Relations between the two Koreas began to sour after the Lee administration took office in February. Seeking inter-Korean reconciliation and a peaceful end to the nuclear crisis, Lee's predecessors had adopted a "silent" approach in dealing with sensitive political issues such as human rights conditions in the North and defectors. The incumbent administration, however, has taken a tougher stance, vowing not to expand inter-Korean cooperation projects or aid to the impoverished state until North Korea abandons all of its nuclear ambitions. The two Koreas, which technically remain at war, are both party to the six-nation aid-for-denuclearization talks, along with China, Japan, Russia and the United States. hayney@yna.co.kr(END)



S. Korea, EU to hold high-level talks on free trade deal SEOUL, Dec. 14 (Yonhap) -- Chief negotiators from South Korea and the European Union will hold a meeting in Vienna this week to resolve contentious issues such as auto trade and rules of origin in their free trade negotiations, officials said Sunday. During the inter-session meeting that will run from Monday to Wednesday, South Korean Deputy Trade Minister Lee Hye-min and his European counterpart Ignacio Garcia Bercero will discuss how the two sides can strike a deal as soon as possible, according to the officials. Since signing a free trade agreement (FTA) with the United States last year, South Korea has held seven rounds of negotiations with the EU in a bid to gain a greater footing in the 27-nation economic bloc, South Korea's second-largest trading partner after China. During their seventh round of negotiations in May, the two sides reported "significant" progress in their free trade negotiations, saying they had agreed to reach a deal within the year. A date for the eighth round of talks has not yet been set, but will be held depending on the results of this week's negotiations, the officials said. The negotiations have made little headway as both sides have been reluctant to accept each other's demands on tariff reductions, rules of origin and auto trade and auto-related technical standards. The latter has been one of the most divisive issues between the two sides. Brussels wants Seoul to cut regulations for European carmakers by applying international standards instead of domestic rules. Bilateral trade came to US$93.07 billion in 2007, and some unofficial studies suggest an FTA would boost that figure by as much as 40 percent in the long run. The EU is also the largest foreign investor in South Korea, with outstanding investment reaching $43.40 billion at the end of 2007. South Korea is seeking to sign FTAs with as many countries as possible in an effort to strengthen its export-oriented economy. Currently, South Korea has FTAs with Chile, Singapore and the European Free Trade Association, as well as a partial pact with the Association of Southeast Asian Nations. The Korea-U.S. agreement has been signed but still awaits approval by the legislatures of both nations. Seoul is also seeking similar trade deals with Canada, India and Mexico. sam@yna.co.kr(END)


정부.한은, 시중銀 자본확충 본격 검토
기사입력 2008-12-14 07:35 최종수정2008-12-14 14:12

국책금융기관 정부출자 5조원대로 늘려(서울=연합뉴스) 금융팀= 정부가 시중은행의 자본확충 방안을 다각도로 추진하고 있으며 국책은행에 대한 내년도 출자액도 5조원대로 대폭 확대했다.발권력을 갖고 있는 한국은행도 금리인하 만으로는 한계가 있다고 보고 실물경제에 자금이 원활히 공급되도록 은행 자본확충을 포함한 다양한 방안을 검토하고 있다. 이는 시중은행들의 자금중개 기능이 사실상 마비돼 실물경제에 자금이 제대로 공급되지 않고 있기 때문이다. 이런 상황이 좀더 진행될 경우 기업들이 연쇄 도산할 가능성도 배제할 수 없다는 위기의식이 정부 내에 급속히 퍼지고 있다. 정부 고위 관계자는 14일 "내년 1월 말까지는 올해 12월 말 기준 은행별 국제결제은행(BIS) 기준 자기자본 비율의 윤곽이 드러난다"며 "이 때부터 BIS 비율이 공식적으로 발표되는 2월 중순까지 권고치에 미달하는 은행에 대해 국책 금융기관 등을 통한 자본 확충 지원이 이뤄질 것"이라고 말했다.금감원은 최근 13개 은행에 내년 1월 말까지 기본자기자본 비율이 9% 수준에 도달할 수 있게 자본을 늘리도록 권고하는 공문을 보냈다.금감원이 은행별로 12월 말 기준 기본자기자본 비율 추정치를 갖고 제시한 자본 확충 규모는 하나은행과 우리은행이 각각 3조 원대이고 국민은행과 신한은행은 1조 원 안팎이며 9개 지방은행은 1천억~5천억 원 수준이다.정부는 은행들이 스스로 자본확충에 성공하지 못할 경우 지원에 나서기로 하고 구체적인 지원방안을 준비하고 있다.자본 확충 방안으로는 국책은행과 연기금 등이 자본확충펀드를 조성해 은행의 상환우선주 등을 매입하거나 산업은행 등 국책은행이 한국은행에서 자금을 빌려 이 돈을 시중은행에 출자하는 방식 등이 가능하다. 현행법상 한국은행은 산업은행에 저리로 자금을 빌려주거나 수출입은행에 출자할 수 있다.이와 관련, 한은 관계자는 "현 단계에서는 어떻게 하겠다고 확정적으로 말하기가 어려운 상태"라면서 "그러나 자본확충 등을 위해 중앙은행이 무엇을 해야 하는지에 대해 고민하고 있다"고 밝혔다. 한은이 자본확충 펀드 등의 지원에 나선다면 그 금액은 적어도 수조원에 이를 것으로 전망되고 있다. 한은은 채권시장안정펀드의 전체 조성액 10조원 가운데 50%인 5조원을 지원한다고 최근 발표한 바 있는 만큼 자본확충 펀드에도 상당규모의 지원에 나설 가능성이 높다는 것이 시장의 분석이다.위기가 좀더 진행되면 미국의 연방준비제도이사회(FRB)가 시행했던 것처럼 한은이 특수목적회사에 출연하고 이 회사가 기업어음(CP)을 매입해주는 방안 등도 검토될 수 있는 것으로 전문가들은 예측하고 있다. 국회는 내년도 국책 금융기관 출자금액을 당초 예산안에 비해 1조7천500억원 증액해 최종 의결했다. 당초 정부는 연말 현물출자와 내년 예산투입분을 포함해 국책 금융기관에 3조6천100억원을 출자할 예정이었지만 국회 예산조정 과정에서 5조3천600억원으로 늘었다.keunyoung@yna.co.kr
국책금융사 대출.보증여력 50조 확대>
5조원 자본확충.. 경기부양 지원 가속(서울=연합뉴스) 금융팀 = 내년 경기침체에 대비해 실물경제를 지원할 국책 금융기관에도 대규모 출자가 단행된다. 시중은행의 국제결제은행 자기자본비율(BIS)을 높여 기업 대출여력을 확대하는 한편 중소기업에 대한 정책적 지원과 은행 자본확충을 담당할 국책 금융기관에 재정을 투입해 경제위기에 대응하겠다는 것이 정부의 구상이다.


국회도 예산안 통과 과정에서 정부가 제시한 당초 출자금액을 늘려주는 등 국책 금융회사의 역량 강화에 전폭적인 지원을 아끼지 않았다. ◇ 국책은행에 3조3천억 출자..신규대출 여력 40조 육박14일 기획재정부와 금융위원회에 따르면 국책 금융기관 출자금액이 '2009년 예산안 및 기금운용계획안'의 국회통과 과정에서 정부안에 비해 1조7천500억원 증액됐다. 당초 정부는 연말 현물출자와 내년 예산투입분을 포함해 국책 금융기관에 3조6천100억원을 출자할 예정이었지만 국회 예산조정 과정에서 5조3천600억원으로 늘었다. 산업은행은 연말 현물출자(5천억원)와 내년 현금출자(5천억원)를 포함해 1조원을 추가 출자하는 것이 당초 정부안이었지만 내년 현금출자액이 4천억원 늘어 총 1조4천억원의 출자가 이루어지게 됐다. 수출입은행은 연말 6천500억원 규모의 현물출자에 이어 내년에 3천억원의 예산을 투입키로 해 출자규모가 9천500억원으로 늘었다. 당초 정부는 올해 안에 3천500억원을 현금출자하고 내년에 3천억원을 추가 출자키로 했었다. 기업은행은 국회 정무위원회가 출자규모를 1조원에서 1조5천억 원으로 늘리는 방안을 예결특위에 제출했지만 확정된 예산안에선 증액이 이루어지지 못했다. 정부는 원안대로 기업은행에 연말까지 5천억원을 현물출자하고 내년에 5천억원을 현금출자할 방침이다. 은행에 1조원을 출자할 경우 BIS 비율 8% 적용시 최대 12조원까지 신규 대출여력이 발생했다. 따라서 국책은행에 3조3천억원을 출자하면 출 40조원에 육박하는 신규 대출여력이 생기는 셈이다. ◇ 보증기관 출자로 中企 보증여력도 확충중소기업에 대한 보증업무를 수행하는 보증기관에 대한 출자규모도 크게 늘었다. 은행은 보증서를 받은 기업에 대출할 경우 위험가중치가 낮아 BIS 비율 하락부담을 덜 수 있다. 신용보증기금과 기술보증기금의 내년 출자금은 당초 정부안이 4천억원, 1천억원이었지만 국회통과 과정에서 각각 9천억원, 2천억원으로 총 6천억원 늘었다. 신.기보에 대한 출자금 1조1천억원에 보증배수 10배를 적용하면 보증여력이 11조원이나 확대된 셈이다. 중소기업 무역금융을 지원하는 수출보험기금에도 정부안보다 500억원 늘어난 3천100억원의 출자가 이루어지게 됐다. 금융기관의 부실채권을 매입하는 자산관리공사(캠코)에는 당초 정부안에는 없었던 4천억원 증자방안이 예산에 반영됐다. 캠코는 연말까지 1조원 규모로 은행 부실채권을 매입하겠다고 최근 발표했으며 내년에도 평상시에 비해 많은 부실채권을 사들일 예정이다. 캠코가 부실채권을 매입할 경우 은행의 BIS 비율이 낮아진다. 내년부터 은행 담보대출의 만기연장을 보증할 계획인 주택금융공사도 2천억원의 정부 출자를 받게 됐다. 정부 관계자는 "자금난을 겪고 있는 중소기업에 대한 정책적 지원을 확대하고 금융기관의 부실채권 매입 규모를 늘리는 한편 은행의 대출여력 확보를 위해 자본을 확충해주는 등 금융시장 안정과 실물경제 지원을 위한 역량을 강화할 목적으로 국책 금융기관에 대한 대규모 출자가 이루어지게 됐다"고 설명했다(끝)<저작권자(c)연합뉴스. 무단전재-재배포금지.> 2008/12/14 07:35 송고



전광우 "정책금융기관 통해 자금공급 확대"(종합2보)
산은.신보 등 자본확충후 시장에 활용 시사 (서울=연합뉴스) 윤선희 기자 = 전광우 금융위원장은 4일 서울 그랜드하얏트호텔에서 UBS 코리아 콘퍼런스에서 기조연설을 통해 "정부는 금융시장 안정 등을 위해 정책금융기관을 통해 자금 공급을 확대하겠다"고 밝혔다. 전 위원장은 "지금 상황에서 빠르고 지속가능하고 충분한 대책을 내놔야 한다. 경기부양과 금융시장 안정을 위해 앞으로 공적기구의 역할이 커질 것"이라며 이같이 말했다.

이는 산업은행이나 신용보증기금, 기술보증기금 등 정책금융기관에 대해 추가로 자본을 확충해 시장안정에 활용하겠다는 뜻으로 해석된다. 그는 또 "글로벌 금융위기 상황에서 선제적인 대책을 내놓는 데 대해서는 아이디어는 동의하나 (대책을 내놓을 경우) 자칫 기업이나 은행의 자구노력을 더 약화시킬 수 있어 신중할 필요가 있다"고 말했다. 그는 "전세계적으로 은행들에 필요한 것은 위험자산과 부채를 줄이는 것인데, 한국의 은행들도 부채감소를 위해 위험자산 재조정이 필요하다"며 "정부도 필요한 대책을 검토하겠다"고 밝혔다. 전 위원장은 또 "외환보유액 등을 고려할 때 한국의 부채규모는 우려할 수준이 아니며 금융기관들의 자산도 건전하고 자본은 적정성을 유지하고 있다"며 "은행들은 손실흡수능력이 186%로 경기가 더 악화해도 손실을 흡수할 여력이 충분하다"고 말했다. 그는 또 "꾸준한 수출증가세와 국내총생산(GDP) 성장률을 감안하면 한국의 거시경제도 다른 나라와 비교할 때 여전히 견조하다"며 "특히 경제협력개발기구(OECD)가 내년 한국의 수출 증가율을 6.4%로 전망하는 등 세계경기 침체가 수출에 미치는 영향은 제한적일 것"이라고 강조했다. indigo@yna.co.kr(끝)<저작권자(c)연합뉴스. 무단전재-재배포금지.> 2008/12/04 15:55 송고



은행권 4분기 자본확충 10조원 달할 듯
(서울=연합뉴스) 최윤정 최현석 기자 = 은행권의 4분기 후순위채 발행과 증자를 통한 자본확충 규모가 10조원에 달할 것으로 보인다. 은행들은 자본확충을 통해 연말 국제결제은행(BIS)기준 자기자본비율이 11%대로 높아질 것으로 전망하고 있다.
일 은행권에 따르면 국민.우리.신한.하나.외환.산업.기업.수출입.씨티.SC제일은행 등 10개 은행이 4분기 중 계획하고 있거나 이미 실행한 자본확충 규모는 9조1천450억원으로 집계됐다. 국민은행은 지난달 후순위채 1조5천억원을 발행한 데 이어 이달 중순 이후 KB금융지주의 지원을 받아 5천억원을 증자할 계획이다. 국민은행은 2조원의 자본확충을 통해 국제결제은행(BIS)기준 자기자본비율이 지난 9월 말 9.77%에서 11.06%로 올라가고 기본자본비율(Tier1)도 지난 9월 말 9.17%에서 9.49%로 상승할 것으로 전망하고 있다. 국민은행은 대기업과의 주식 맞교환 등을 통해 연말 BIS 자기자본비율을 11%대 중후반으로 높일 계획이다. 우리은행은 지난달 1조원의 후순위채를 발행한 데 이어 7천억원을 증자해 4분기 중 총 1조7천억원의 자본을 확충할 예정이다. 우리은행은 BIS 자기자본비율과 기본자본비율을 9월 말 10.53%와 7.63%에서 연말 12%와 8% 가까이로 높일 계획이다. 지난달 5천450억원의 후순위채를 발행한 하나은행은 이달 중 후순위채 5천억원 추가 발행과 9천500억원 증자를 계획하고 있다. 4분기 중 총 1조9천950억원의 자본확충을 통해 9월 말 10.65%와 7.45%인 BIS 자기자본비율과 기본자본비율이 12%대 중반과 8%대 중반으로 높아질 것으로 기대하고 있다. 신한은행은 지난달 1조원의 후순위채를 발행해 0.7%포인트의 BIS비율 개선효과가 있지만 환율 등 대외 변수 때문에 추가 상승을 장담하기 어렵기 때문에 9월 말 BIS 자기자본비율과 기본자본비율인 11.9%와 8.5% 수준을 연말까지 유지하는 것을 목표로 삼고 있다. 신한금융지주는 다음 주 중 5천억원 규모의 회사채를 발행할 계획이지만 신한은행 증자와는 관련이 없으며 신한카드나 신한캐피탈 영업자금 지원과 차환용으로 사용할 예정이다. 외환은행은 지난달 후순위채 3천억원 발행을 통해 BIS 비율이 0.4%포인트가량 상승할 것으로 기대하고 있다. 국책은행인 산업은행과 기업은행은 이달 중 정부로부터 각각 5천억원을 현물 출자받기로 했으며 수출입은행은 6천500억원을 출자받을 예정이다. 미국계인 한국씨티은행이 이달 중 후순위채 발행을 검토하고 있는 점을 고려하면 4분기 중 은행권 자본확충 규모가 10조원에 달할 수도 있다. 영국계인 SC제일은행은 후순위채 발행이나 증자를 검토하지 않고 있다. 은행들이 연말을 앞두고 잇따라 자본확충에 나서는 것은 연말 BIS 비율을 높이기 위한 목적이다. 은행들은 최근 금융감독당국과 체결한 양해각서(MOU)에 따라 BIS 자기자본비율을 11~12%로 맞춰야 하며 기본자본비율은 8%까지 높여야 한다. 자구노력이 부족해서 기준을 맞추지 못하면 임직원 문책과 대외채무 보증비율 축소, 보증 수수료 상향 등 MOU 불이행에 따른 제재를 받을 수 있다. 동부증권 배정현 애널리스트는 "지금 상황에서는 증자 규모가 충분하지만 내년에는 손실이 얼마나 발생할지 알 수 없는 상황이어서 평가하기 어렵다"면서 "지주회사가 회사채를 발행하는 방식이 상장은행이 주식을 발행해서 주주가치를 떨어뜨리는 것보다는 주주들에게 유리한 것 같다"고 말했다. harrison@yna.co.krmerciel@yna.co.kr(끝)<저작권자(c)연합뉴스. 무단전재-재배포금지.> 2008/12/04 11:46 송고


SK Telecom Fined 1.7 Billion Won for Unfair Trading Practices
©2008 Bloomberg News
By Kevin Cho
Dec. 14 (Bloomberg) -- SK Telecom Co., South Korea’s largest mobile-phone operator, was fined 1.7 billion won ($1.2 million) by the nation’s antitrust regulator for unfair trading practices.
SK Telecom blocked the sale of a certain type of an advanced handset to retail customers on concern it may reduce the carrier’s data revenue from wireless Internet services, the Korea Fair Trade Commission said in a statement today. SK Telecom also prevented some of its users from accessing content offered by a third-party service provider, the commission said.
SK Telecom will decide on its position after receiving the final written findings from the FTC, said Kim Hye Jin, a spokeswoman for the Seoul-based company.
The antitrust regulator said it expects the decision to help promote competition in the wireless Internet service market.
--Editors: Suresh Seshadri, Young-Sam Cho.

S.Korea sets 10.6 pct rise in 2009 total spending

255 words
14 December 2008
7:15 AM GMT
AFX Asia
English
(c) 2008, AFX Asia. All rights reserved.

SEOUL, Dec 14 (Reuters) - South Korea's total state spending for 2009 was finalised at 284.5 trillion won ($207.8 billion), up 10.6 percent from this year, the finance ministry said on Sunday. The comprehensive budget included a 217.5 trillion won budget in general and special accounts approved by the parliament on Saturday and public funds under the government's direct control. The increased government spending will leave the nation's fiscal deficit at 24.8 trillion won in 2009, amounting to 2.4 percent of the gross domestic product and up from this year's shortfall of 11 trillion won. The government will issue a total of 19.7 trillion won in treasuries to make up for the expected fiscal deficit next year, the finance ministry said. The government plans to beef up its spending on social infrastructure and small- and mid-sized firms next year amid growing fears Asia's fourth-largest economy may slip into a recession for the first time since the 1997-98 Asian financial crisis.
(Reporting by Seo Eun-kyung; Editing by Anshuman Daga)


S.Korea T-bonds rise after BOK bank aid plan

426 words
4 December 2008
1:53 AM GMT
AFX Asia
English
(c) 2008, AFX Asia. All rights reserved.
SEOUL, Dec 4 (Reuters) - South Korean treasury bond prices rose early on Thursday, lifted by the central bank's latest moves to ease the persistent domestic credit crunch. The Bank of Korea said after the bond market closed on Wednesday that it would provide more liquidity to local banks, by paying one-time interest of about 500 billion won ($340.6 million) on their cash reserves and purchasing more bonds. The yield on South Korea's benchmark 5-year treasury bonds fell 2 basis points to 4.48 percent. Meanwhile,the December futures contract slipped 10 ticks to 109.65 as of 0121 GMT, rewinding some of a 179-tick gain made over the past three sessions. "Yesterday's decision implies the central bank will not adjust the cash reserve ratio next week, instead relying on policy easing," said Kim Dong-whan, a fixed-income analyst at HI Investment & Securities.
Some in the markets had anticipated that Wednesday's Bank of Korea emergency meeting would lower the amount that local banks have to set aside in cash relative to deposits at the banks. "Investors are expecting more central bank actions to get its liquidity given to the commercial banks reach to many cash-starved companies," he said. The Bank of Korea projected on Wednesday that its fresh liquidity aid plan would lead to about 6.3 trillion won increase in loan lending by local banks. (Reporting by Seo Eun-kyung; Editing by Keiron Henderson) ((eunkyung.seo@thomsonreuters.com; +82 2 3704 5648; Reuters Messaging;eunkyung.seo.reuters.com@reuters.net) ($1=1467.8 Won) Keywords: MARKETS KOREA BONDS * Reuters Terminal users can see related statistics, contributions and news by double clicking on: Korea debt guide Corporate debt Korea equities Special debt Government debt Municipal debt Hanwha Securities-25 Samsung bond index-5 Korea primary market focus LATEST KOREAN FORECASTS GDP trade account inflation RELATED NEWS AND OTHER TOPICS All Korea news Interest rate news-Korea All debt news-Korea Korea summary New issues-Korea Korean won spot rate All Reuters debt news-4 (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com)


Korea Won, Bonds Rally as Central Bank Cuts Rates to Record Low
©2008 Bloomberg News
By Kim Kyoungwha
Dec. 11 (Bloomberg) -- South Korea’s won and government bonds rallied after the central bank cut its benchmark interest rate to a record low to prevent the economy from slipping into its first recession since 1998.
The currency soared to a one-month high and five-year yields dropped to the lowest since 2005 after Governor Lee Seong Tae and his board reduced the seven-day repurchase rate by 1 percentage point to 3 percent in Seoul today, the least since the bank began to set a policy rate in 1999.
“It’s a preemptive strike to guard against a recession,” said Hong Sung Koo, a bond fund manager with Daishin Securities Co. in Seoul. “The aggressive move will give a helping hand to markets reeling from the worsening prospects for the economy.”
The won rose as much as 4.8 percent from yesterday to 1,330 per dollar, before trading at 1,358.50 as of 3 p.m. close in Seoul, according to Seoul Money Brokerage Services Ltd. Stocks climbed 0.7 percent to 1,153.97.
The currency also rose for a fifth day, putting it on course for the biggest weekly advance in six weeks, after the People’s Bank of China said yesterday China, South Korea and Japan agreed to meet in 2009, starting regular consultations to ensure currency stability in Asia. The won is down 31 percent this year, Asia’s worst performer among the 10 most-traded regional currencies outside Japan.
“There are some hopes that sentiment for Korea is turning around with foreign investors increasing stock purchases,” said Lee Myung Hoon, a currency dealer with state-run Industrial Bank of Korea in Seoul. “It’s also positive that Korea can expand swaps further with Japan and China.”
Global funds bought more Korean shares than they sold for a fourth day, according to Korea Exchange.
Swap Agreement
The agreement comes ahead of this week’s summit among leaders of the three nations in Japan to discuss cooperation on overcoming the financial crisis. A slumping won this year has put pressure on President Lee Myung Bak to broker an agreement on pooling some of the region’s $4 trillion in foreign-exchange reserves. Japan’s Prime Minister Taro Aso and China’s Premier Wen Jiabao will meet with Lee in Fukuoka on Dec. 13.
Japan may more than double its currency-swap agreement with South Korea to $30 billion to help its neighbor obtain foreign currency as the won’s value falls, Nikkei English News reported. China also may expand its accord with Korea, Nikkei reported.
“What is more important in the short-term for the won is optimism that an arrangement with China and Japan is finally providing dollars to local institutions,” said Dwyfor Evans, a currency dealer with State Street Global Markets in Hong Kong. “This seems to be the driver of the won in recent days.”
The won surged 14 percent when the central bank signed a $30 billion swap deal with the Federal Reserve on Oct. 30.
More Reduction
Signs of an economic slowdown have whetted investors’ appetite for the relative safety of government debt. The yield on government bonds due September 2013 fell eight basis points to 4.44 percent after dropping as low as 4.26 percent, according to the Korea Securities Dealers Association.
Goldman Sachs Group Inc. forecast the Bank of Korea will continue with its “proactive easing” and will cut by another 50 basis points by March 2009.
Today’s “surprise reduction indicated the central bank’s concern over rapid deterioration in domestic demand,” Goldman’s economists Eva Yi and Kwon Goohoon wrote in a report today. “As the government has already acknowledged the risk of a recession in 2009, we expect policy responses to stay proactive.”
--Editors: Nate Hosoda, Sam Nagarajan

Seoul weighs more bank support measures SEOUL, Dec. 14 (Yonhap) -- South Korea's central bank and government are reviewing a variety of measures to help improve conditions at local banks and free up lending amid a global credit squeeze, government sources said Sunday. Industry leader Kookmin Bank and its local rivals have come under pressure to increase their lending capacity and help corporations facing default. But banks have so far remained reluctant to extend loans to companies and households, as lenders too have struggled to cope with mounting bad assets. The average capital adequacy ratio at 18 local banks -- a key measure of financial strength -- dropped to 10.79 percent at the end of September from 11.36 percent three months earlier, due to increased bad loans. Their ratios may slide further as the South Korean economy, Asia's fourth-largest, is set to face a steep decline in growth. The economy grew just 0.5 percent in the third quarter from the three months prior. Experts say growth will continue to dwindle in the fourth quarter due to falling exports and weak domestic demand. "In order to help banks extend more loans, their capital adequacy ratios should be raised," said an official on condition of anonymity. "They are now selling bonds to shore up their capital base, but the government is preparing various measures for them."According to the sources, state-run lenders and pension funds may form a pool to buy shares to be issued by banks. State-run banks such as Korea Development Bank also may provide additional support to commercial lenders that fail to keep their ratios above a certain level. In a related move, the government increased its investment in state-run lenders to 5.36 trillion won (US$3.89 billion) from an earlier earmarked amount of 3.61 trillion won. There are growing concerns that financial market instability will lead to worsening corporate liquidity and a slump in the real economy. South Korea has pumped funds into the banking system and guaranteed lenders' debts to stem the impact of the worldwide financial crisis on its export-reliant economy. The government has also set aside a 10 trillion won fund -- pooled by banks, brokerages and insurers -- to help companies struggling to sell bonds.


More Bank Support to Come Early Next Year
2008-12-14 13:22:36
The government and central bank are expected to start full-scale support of domestic banks from early next year to help ease the effects of the global credit crunch.The government will seek out banks that fail to have a capital adequacy ratio of nine percent when the figures are released later this month, and help expand capital at such banks.State-run lenders and pension funds could form a pool to buy shares to be issued by commercial banks. Public banks could also provide additional support to commercial lenders.The average capital adequacy ratio at 18 Korean banks -- a key measure of financial strength ---- dropped to 10.8 percent at the end of September from more than 11 percent three months earlier due to increased bad loans. The figure is expected to fall further.


STX Group targets 30 tln won in sales next year SEOUL, Dec. 14 (Yonhap) -- STX Group, a mid-sized South Korean conglomerate, said Sunday it expects to post 30 trillion won (US$21.8 billion) in sales next year, up 11 percent from this year's estimated 27 trillion won, thanks to a steady growth of its key businesses. The group, whose business portfolio ranges from shipbuilding to construction, expects 1 trillion won in profit next year. The group did not provide comparable figures. The group's shipbuilding and machinery units are expected to post 18 trillion won in sales, while its shipping and plant construction businesses are expected to draw 11 trillion won in sales. Since early 2000, STX has been aggressively expanding its business portfolio by acquiring numerous firms. The group owns STX Shipbuilding Co., the world's fifth-largest shipyard, and the shipper STX Pan Ocean Co. Last year, STX took over Norway's Aker Yards, helping STX make inroads into the lucrative cruise line industry. sam@yna.co.kr(END)


KAMCO to Buy W1 Tril. Bad Loans
By Lee Hyo-sik Staff ReporterThe state-run Korea Asset Management Corp. (KAMCO) plans to acquire additional non-performing loans worth one trillion won, on top of 800 billion won, from banks to help them improve their capital adequacy ratios under the Bank for International Settlement (BIS). It will also take over about 1.7 trillion won real estate project financing (PF) loans from struggling savings banks, providing much-needed liquidity to the financial system amid the continuing global credit crunch.KAMCO CEO Lee Chul-hwi told reporters Friday that the state-run asset manager will purchase the non-performing loans from commercial lenders this month. ``We were asked by banks to acquire their bad assets as soon as possible in the wake of the worsening liquidity conditions. Normally, they sell non-performing loans to the highest bidder through an open auction. But given the gravity of the situation these days, they asked us to buy the loans quickly to help them raise their BIS ratios, Lee said.KAMCO, which is in charge of managing the country's non-performing funds and distressed companies until they are financially stable and fit to be independently operated, has already bought bad loans from banks, amounting to 800 billion won.The move is part of government efforts to assist local lenders in improving their financial status so that they can extend more credit to cash-strapped small businesses and individuals amid the ongoing credit squeeze and worsening economic conditions.Last week, the government even hinted at injecting public funds into domestic banks after securing up to 20 trillion won through a state bond issuance. In return, banks would be required to undergo drastic restructuring, including management reshuffles.Despite the Bank of Korea (BOK)'s provision of billions of dollars over the past few months, lenders have become more reluctant to give loans to businesses, as they try to hold onto more cash and improve their BIS ratios. Meanwhile, Lee also said the state asset manager will acquire real estate PF loans from savings banks worth 1.7 trillion won, up from an initial 1.3 trillion won, as more loans have gone bad than previously estimated.``We have found that savings banks hold bad PF loans of up to 1.7 trillion won. We will further study each PF loan and apply separate purchasing rates in accordance with the extent of the loan recipients' insolvency,'' he said.PF refers to a way of securing funds for a particular project, including the construction of roads and other infrastructure. In Korea, it has largely been used to build large apartments complexes, with banks providing money for building apartments through non-recourse loans secured by cash flow from the project itself. With many construction projects now in jeopardy amid the slumping real estate market, banks have failed to collect on many of the loans.Lee said he is considering purchasing distressed corporate assets of the now-defunct Lehman Brothers in Asia. ``Lehman and Merrill Lynch have left a number of bad assets in Asia. Particularly, there are attractive assets in Japan, once held by Lehman, which we think will likely increase in value when the economy rebounds. We are studying various ways of acquiring them,'' Lee said.Touching on the ongoing restructuring of state-run enterprises, Lee said he plans to slash KAMCO's workforce by 15 percent by 2012 and initiate a voluntarily retirement program this year.leehs@koreatimes.co.kr






Management and Operation of Non-performing Assets Fund Acquisition and Resolution of NPAs from financial institutionsImplementing Work-out programs for Distressed CompaniesManagement of Government Owned Properties and Resolution of Tax ArrearsSupporting the Recovery of Consumer Credit


Operation and management of non-performing asset management fund

Acquisition and disposition of NPLs from financial institutions and financially distressed companies under rehabilitation plan.

Management of assets commissioned by special purpose vehicle (SPV)

Management and arrangement of sales and purchase of restructuring company-owned assets

Business analysis of financially distressed companies and provision of advice on business


normalization including M&A arrangements.

Development and improvement of acquired real estate properties, providing real-estate consulting and real estate security trust

Public auction of confiscated properties by the government for overdue payment of local and national taxes

Liquidation of government-owned corporate body, and management and disposition of state-owned properties

Operation of real estate information center

Management of a subsidiary company specialized in real estate

Operation of government sponsored e-commerce (i.e., On-Credit, OnBid Program) Operation of Badbank Harmony Co.


Paid-in Capital : 260Authorized Capital : 1,000 (In million U.S. Dollars / $1=￦1,000)

Contribution from Financial institutions : 573Loan from KDB : 500Issuance of NPA Bond : 20,500Tatal : 21,573 (In million U.S. Dollars / $1=￦1,000)


19 Departments, 7 Offices and 9 BranchesTotal Employees: 1,066


Korea Asset Investment Trust.Established in March 20, 2001Capital: 26.1 mil. USDMain Functions: Management, disposition and trust of real estates http://www.kait.com



Bad Debt Disposal
It's Urgent to Push Drastic Bank RestructuringThere is no such thing as a free lunch. But the country's commercial banks are scrambling to get government-initiated bailout packages and liquidity support, seemingly thinking that the taxpayers' money is up for grabs. Their ``moral hazard'' is nearing a peak as they go cap in hand to the government for money without making any self-rescue efforts to tide over the global financial crisis and its knock-on effects on the real economy.Critics are accusing the banking sector of doing little to push radical restructuring, while attempting to survive on life support to the detriment of taxpayers. Local banks must have forgotten the painful lesson of the 1997-98 Asian financial crisis, which forced them to bite the bullet. Ten years have passed since the unprecedented turmoil hit every sector of Korean society. The banking sector underwent cataclysmic changes through closures, mergers and acquisitions, and sell-offs to foreign investors.After the turmoil, banks vowed to transform themselves into world-class financial institutions by developing advanced banking expertise and promoting transparency and accountability. But they have become oblivious of the difficult times, neglecting their commitment to reform. All of a sudden, they have returned to the good old days' bad practice of monopolizing credit and making money in a usurious manner.Many local lenders have concentrated on extending mortgages to homeowners by riding on the property boom over the last several years. On the other hand, they have neglected developing credit analysis methods and improving their international competitiveness. Now, they have been hit by turbulence. This time it is a global crisis reminiscent of the Great Depression in the 1930s. Non-performing loans are increasing sharply in the aftermath of the worldwide credit tsunami that is raising fears about deflation and recession. Against this backdrop, local lenders' capital adequacy ratio as recommend by the Bank for International Settlements (BIS) fell to an average 10.79 percent in September this year from 12.31 percent in December 2007 and 12.95 percent in December 2005. Their profits are nose-diving due to increasing bad debts. The financial authorities instructed banks to raise the ratio to 12 percent by year-end, although the minimum recommended level is 8 percent.On Friday, the state-run Korea Asset Management Corp. (KAMCO) said it will buy one trillion won ($715 million) worth of bad loans from banks this month. The move came after KAMCO decided to purchase 1.3 trillion won of bad debts from mutual savings banks in early December. This means that the government has virtually started injecting public funds into the ailing banking sector. Disposal of bad debts is badly needed to fend off a potential collapse of the banking system. But such bailout packages should be made available in return for drastic restructuring. It goes without saying that local banks can never survive without self-rescue measures. Unconditional public fund injections will only lead to a waste of taxpayers' money and failure to overcome the crisis.



Korean lenders to prime bond fund with $5.5bn
By Song Jung-a in Seoul
Published: December 9 2008 02:00 Last updated: December 9 2008 02:00
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South Korean banks plan to contribute Won8,000bn ($5.5bn) to a Won10,000bn bond fund designed to invest in corporate bonds and bank debt to ease the liquidity crunch in Asia's fourth-largest economy.
State-run Korea Development Bank will pump Won2,000bn and Kookmin Bank, the country's largest commercial lender, will inject Won1,000bn into the new fund that the government announced last month. Other banks - including Citi and Standard Chartered's Korean unit - will contribute the remainder of the Won8,000bn. Insurers and brokers will provide a further Won2,000bn.
The decision was made at a meeting of chief executives of local Korean banks. During the meeting, top managers also agreed to refrain from issuing domestic bonds and promised to extend debt maturity of construction companies for one year.
"They shared the view that banks had to make every effort to have money circulate in financial markets now that the economic slump and slow exports are hitting small and medium-sized companies," the association of local banks said.
The government has said the bond fund will be used "at the minimum level to correct temporary market failures" as Korean banks and companies suffer from a credit crunch.
The banks agreed to extend debt maturity for a year for 27 out of 30 builders asking for financial support. Construction companies in Korea are heavily indebted and there are an increasing number of unsold apartments in provincial areas.
The banks also called on the government and monetary authorities to come up with measures to revive corporate lending while maintaining their financial soundness.
South Korean banks plan to raise a combined Won7,000bn later this year by selling subordinated bonds in an effort to meet regulatory requirements to improve capital adequacy ratios in the Korean banking sector, which have fallen to the lowest in more than seven years. The banks have said they will refrain from issuing local bonds including certificates of deposit, which could help reduce market interest rates.
The government has announced a series of measures to provide liquidity to local banks including guaranteeing $100bn worth of bank debt.


Kamco to acquire lenders’ bad loans
‘Before the end of the year, we will buy 1 trillion won in bad loans.’
December 13, 2008
State-run debt clearer Korea Asset Management Corp., Kamco, will buy 1 trillion won ($732 million) worth of bad loans from lenders this month, and buy more bad assets from mutual savings banks, its chief said yesterday. “Before the end of the year, we will buy 1 trillion won in bad loans from banks,” Lee Chol-hwi told reporters. Korean lenders, led by Kookmin Bank and Shinhan Bank, have been struggling to manage a rising amount of bad loans and declining property prices. Bad assets are dragging down local lenders’ capital adequacy ratios. The average capital adequacy ratio stood at 10.79 percent at the end of September, the lowest in over seven years. Kamco also plans to buy more bad assets from mutual savings banks as an increasing amount of loans extended to fund construction projects have turned sour, Lee said. Last month, the agency said it would buy 1.3 trillion won worth of bad loans from mutual savings banks. The measure came amid concerns that the Korean economy, Asia’s fourth-largest, may face a steep decline in growth due to a sharper-than-expected drop in exports and weak domestic demand. The Bank of Korea, the country’s central bank, said earlier in the day that the economy is expected to grow 2 percent next year, slowing from this year’s estimated 3.7 percent advance. The growth estimate, if realized, would be the lowest since 1998 when the economy shrank 6.9 percent in the wake of the Asian financial crisis. Lee said Kamco is also considering buying part of Lehman Brothers Holdings Inc.’s distressed assets in Japan and bad assets from Merrill Lynch and Co. in Asia without elaborating on details. Lehman Brothers, which went bankrupt in September amid a global credit crunch, is set to liquidate its Asian property investments and loans. Yonhap


Kamco to acquire lenders’ bad loans
‘Before the end of the year, we will buy 1 trillion won in bad loans.’
December 13, 2008
State-run debt clearer Korea Asset Management Corp., Kamco, will buy 1 trillion won ($732 million) worth of bad loans from lenders this month, and buy more bad assets from mutual savings banks, its chief said yesterday. “Before the end of the year, we will buy 1 trillion won in bad loans from banks,” Lee Chol-hwi told reporters. Korean lenders, led by Kookmin Bank and Shinhan Bank, have been struggling to manage a rising amount of bad loans and declining property prices. Bad assets are dragging down local lenders’ capital adequacy ratios. The average capital adequacy ratio stood at 10.79 percent at the end of September, the lowest in over seven years. Kamco also plans to buy more bad assets from mutual savings banks as an increasing amount of loans extended to fund construction projects have turned sour, Lee said. Last month, the agency said it would buy 1.3 trillion won worth of bad loans from mutual savings banks. The measure came amid concerns that the Korean economy, Asia’s fourth-largest, may face a steep decline in growth due to a sharper-than-expected drop in exports and weak domestic demand. The Bank of Korea, the country’s central bank, said earlier in the day that the economy is expected to grow 2 percent next year, slowing from this year’s estimated 3.7 percent advance. The growth estimate, if realized, would be the lowest since 1998 when the economy shrank 6.9 percent in the wake of the Asian financial crisis. Lee said Kamco is also considering buying part of Lehman Brothers Holdings Inc.’s distressed assets in Japan and bad assets from Merrill Lynch and Co. in Asia without elaborating on details. Lehman Brothers, which went bankrupt in September amid a global credit crunch, is set to liquidate its Asian property investments and loans. Yonhap
· The total amount of small, unsecured loans held by savings banks stood at 2.38 trillion won at the end of last year, down from 2.56 trillion won six months earlier and 2.82 trillion won at the end of 2002. (출처: The Korea Herald)
소액 신용대출은 2002년말 2조8천2백억원에서 지난해 6월말 2조5천6백억원, 지난해 12월말 2조3천8백억원 등으로 계속 줄고 있다.
· Cash-tight companies that are able to prove their overall financial health will be entitled to up to 500 million won in loans without having to put up collateral. (출처: The Korea Herald)
자금상 어려움을 겪고 있는 수출 중소기업들은 수출 이행능력과 거래의 안전성을 인정받으면 최고 5억원까지 무담보로 신용대출을 받을 수 있다.
· The credit boom and bust over the past few years took its toll on people`s finances, raising the rate of indebted households to 53.3 percent from the previous 48 percent, the NSO said. (출처: The Korea Herald)
최근 몇 년간의 신용대출 붐과 거품 제거로 인해 빚이 있는 가구의 비중은 99년 48%에서 작년 53.3%로 증가했다.
· Kang of the IMF urges local banks to provide more unsecured loans that are given based on new technologies, trade receivables and other intangible assets. (출처: The Korea Herald)
IMF의 강 소장은 국내 은행들이 신기술과 매출채권 그리고 기타 무형자산에 근거한 신용대출을 늘릴 것을 촉구하고 있다.


국책은행 통한 시중은행 자본확충 검토
2008년 12월 14일 17:51
【 앵커멘트 】BIS 비율 때문에 대출을 꺼리고 있는 시중은행에 대한 정부의 지원이 본격화됩니다.공적자금 투입 대신, 국책은행에 출자하는 방식의 간접 지원책이 고려되고 있습니다.이성수 기자가 보도합니다.【 기자 】BIS 자기자본비율 때문에 대출을 꺼리고 있는 은행에 대한 지원이 시행됩니다.정부가 권고한 BIS 비율 9%를 맞추지 못하는 곳이 대상입니다.지난 9월 말 기준으로 대부분 은행의 기본자기자본비율은 7%대로, 1월 말까지 확대할 자본은 많게는 3조 원에 달합니다.어려움을 겪는 은행의 지원군으로 국책 금융기관이 나섰습니다.먼저 자산관리공사가 1조 원의 부실채권을 매입합니다.BIS 비율은 평균 0.08%포인트 높아집니다.여기에 국책은행을 통해 은행의 자본을 확충하는 우회적인 방식도 활용됩니다.현행법상 BIS 비율 8%가 넘는 금융회사에 공적자금을 투입할 수 없기 때문입니다.이를 위해 정부는 3조 6,100억 원이던 국책 금융기관 출자액을 5조 3,600억 원으로 늘렸습니다.이 자금은 은행의 상환 우선주를 매입하거나, 시중은행에 출자하는 데 투입됩니다.출자액 1조 원이면 12조 원의 신규 대출여력이 발생한다는 점을 감안하면, 50조 원의 대출 여력이 생기는 셈입니다.이에 따라 지원이 마무리되는 내년 초부터는 은행의 대출 문턱도 다소 낮아질 것으로 기대되고 있습니다.


내년 예산 일부 올해 말 집행"
2008년 12월 14일 17:41
정부가 내년 예산의 일부를 올해 연말에 앞당겨 쓰는 등 전례 없는 재정 집행에 나섭니다.이명박 대통령은 오늘(14일) 확대경제대책회의를 주재하며 국회 예산안 처리와 관련해 "내년까지 기다리지 말고 올해 12월에 착수할 수 있는 사업은 당장 시행토록 하라"고 지시했습니다.국가 예산은 회계연도가 시작돼야 집행하는 것이 원칙이지만 이 대통령의 이런 지시는 이미 시행하기로 한 사업들은 미루지 말고 집행하라는 뜻으로 풀이됩니다.



Nonrecourse debt
From Wikipedia, the free encyclopedia
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A nonrecourse debt or non-recourse debt or nonrecourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender's recovery is limited to the collateral. If the property is insufficient to cover the outstanding loan balance (for example, if real estate prices have dropped), the lender is simply paid out the difference. Thus, non-recourse debt is typically limited to 80% or 90% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan. The purpose of non-recourse debt is to require lenders to underwrite their loans on a sustainable and prudent basis since the lender is in the first-loss position with these loans, not the borrower.

Common uses
Non-recourse debt is typically used to finance commercial real estate and similar projects with high capital expenditures, long loan periods, and uncertain revenue streams. It is also commonly used for stock loans and other securities-collateralized lending structures. Because most commercial real estate is owned in a partnership structure (or similar tax pass-through), non-recourse borrowing gives the real estate owner the tax benefits of a tax-pass-through partnership structure (that is, loss pass-through and no double taxation), and simultaneously limits personal liability to the value of the investment.
A non-recourse debt of $30 billion was issued to JPMorgan Chase by the Federal Reserve in order to purchase Bear Stearns on March 16, 2008. The non-recourse loan was issued with Bear Stearns less liquid assets as collateral, meaning that the Federal Reserve will absorb the loss should the value of those assets be below their collateralized value.
[edit] Characterization
Non-recourse debt is usually carried on a company's balance sheet as a liability, and the collateral is carried as an asset.
[edit] Tax consequences of disposition of property encumbered by nonrecourse debt
For U.S. Federal income tax purposes, the interaction among the concepts of (1) the "amount realized" upon a disposition, (2) the amount of nonrecourse debt, and (3) the amount of adjusted basis in the property is fairly complex. The tax consequences of a disposition depend on whether the taxpayer acquired the property with the non-recourse debt already attached, or whether the taxpayer took out the non-recourse debt after acquisition of the property, and the relative relationships between fair market value (FMV) and purchase price and disposition price.
[edit] Basic concept: Computing gain or loss on a disposition
Upon a sale or other disposition of property under U.S. income tax law, a taxable gain generally results where the amount realized upon the sale or other disposition of property exceeds the amount of the taxpayer's adjusted basis in that property.
Generally, the amount realized is the amount of cash and other consideration received by the taxpayer. The amount of any loan forgiven or discharged is generally part of that consideration.
The adjusted basis is the sum of the following:
the amount of the original cost incurred by the taxpayer when the property was acquired, including the amount of any non-recourse debt assumed by the owner/taxpayer as part of the acquisition (also known as "original basis"),
plus the costs of improvements (if any) made by the taxpayer to the property,
less the amount of depreciation (or similar) deductions allowed (or allowable) to the taxpayer on that property.
If the amount realized exceeds the amount of adjusted basis, the taxpayer has realized a gain at the time of disposition. If the adjusted basis exceeds the amount realized, a loss has been incurred.
The Federal income tax effect of nonrecourse debt may be explained by first considering the tax effect of a disposition involving recourse debt (that is, a debt in which the property provides first security coverage, and the borrower/taxpayer is personally liable for any deficiency that may remain after the lender forecloses against the property), and then contrasting against similar facts involving nonrecourse debt.
[edit] Disposition of property subject to a recourse debt
Example:
1. The unpaid principal of the recourse debt is $100,000;
2. The fair market value of the property is $80,000;
3. The taxpayer's adjusted basis in the property is $45,000.
Assuming that the creditor forecloses on the property and that the $20,000 excess of the debt over the property's fair market value ($100,000 less $80,000) is contractually discharged (for didactic symmetry with the non-recourse example, let's assume, contrary to whole commercial point of a recourse loan, that the debt is outright forgiven by the creditor, with no actual payment), the taxpayer would realize the $20,000 amount as income from the discharge of indebtedness. That $20,000 of forgiveness would be taxable to the taxpayer as ordinary income even though the taxpayer received no "cash" at the time of the discharge.[1] The $35,000 excess of the fair market value over the adjusted basis ($80,000 less $45,000) would be treated as a taxable capital gain on the "sale or other disposition" of the property -- again, even though the taxpayer received no "cash" at the time of the foreclosure.
[edit] Disposition of property subject to a nonrecourse debt
Assuming the same facts except that the debt is nonrecourse, the result would be quite different. The taxpayer would realize zero taxable ordinary income from the discharge of debt. Instead, the entire $55,000 difference between the unpaid principal of the debt and the taxpayer's adjusted basis ($100,000 less $45,000) would be treated as a taxable capital gain on the "sale or other disposition" of the property -- again, even though no cash is received by the taxpayer at the time of foreclosure.[2]
At the sale, foreclosure or other disposition, nonrecourse debt incurred as part of the financing of the acquisition, and money extracted from an investment by mortgaging out, are treated the same: both are taxable realization only at the time of the property's disposition,[3] even if, at time of disposition, the property is worth less than the amount of the mortgage. Nonrecourse debt that is in place at the time of acquisition of the property is included in basis (the Crane case),[4] subsequent borrowing is not (Woodsam),[5] but subsequent borrowing proceeds reinvested in a depreciable property thereby avoid Woodsam and take advantage of Crane.[citation needed]
The market can be frustrating. Just a few weeks ago it looked like the markets were about to reach lows we haven’t seen since the early 90’s.
The commodity bubble was bursting, hedge funds were imploding, and it seemed like the selling would never stop. To add fuel to the fire, unemployment was getting worse, consumers started saving again (seemingly all at the same time, which isn’t very helpful), and practically every week another bank failed.
It was disastrous. The government was handing out cash to banks and guaranteeing private companies’ commercial paper while putting trillions of dollars it doesn’t have at risk. It seemed like a depression wasn’t out of the question, but all of that’s starting to change.
Consider what’s happened over the past few weeks. Citigroup (NYSE:C) practically failed. It has become painfully obvious that despite a multi-billion dollar bailout, one of Detroit’s Big Three is going to go away, either through merger or through bankruptcy. Retailers reported the sharpest holiday shopping season declines in decades, and the unemployment rate is climbing faster and faster.
There’s almost no good news, but the market is still up. Sometimes it just doesn’t make any sense. However, it could be telling us something - the recent rally could be a giant signal the worst is behind us.
All the Signs of a Market Bottom
A few weeks ago, we looked at the five telltale signs of a market bottom. At that time, we saw four of the five signs, but were still waiting for one more in order to start seriously considering a market bottom.
The first four signs a bottom was nearing were confirmed. Investors were bailing out of mutual funds at record pace, the VIX set new highs, more than 90% of closed-end funds were trading at a discount (much higher than normal), and a perma-bear like Jeremy Grantham was turning bullish.
We were just waiting on one more: the market to react positively to horrible news.
Over the past few weeks, we’ve seen just that. When Citigroup declared it was about to go under, the market went up. When the market learned 533,000 jobs were lost in November (much more than even the worst-case expectations), stocks went up. The market is skipping right past otherwise horrible news.
That’s not all. Although we have all five signs of a market bottom we’ve been waiting for, there are quite a few more reasons to start turning more positive on the markets.
Discounting the Future
The market is supposed to be a forward-looking discounting machine. It’s supposed to price in what’s expected to happen over the next few months and years.
Is the market perfect at this? No. If it were, there would be no real opportunity to do well in it.
The market is, however, very good at incorporating what the masses expect for the future. It does it all in one quantifiable place, and right now, those expectations are for a turnaround to come sooner, rather than later.
The recent rallies have shown the market is anticipating the economy to stabilize and possibly begin its recovery in a matter of months. Just take a look at what is happening.
Goldman Sachs’ research department (yes, I know, who would listen to them after all that’s happened between a $200 oil forecast and the credit crisis and all?) released some historical precedents on how the market anticipates a recovery. In their defense, predicting the near-term future is darn near impossible, but these are historical facts. According to the bank:
The S&P 500 tends to bottom:
One quarter before the GDP bottoms3 months before the ISM manufacturing survey bottoms7 months before the peak unemployment rate4 months before the largest decline in non-farm payrolls and4 months before the bottom in consumer confidence surveys
If the market truly did hit rock bottom in November, we can expect a genuine economic recovery somewhere between March and June of 2009.
Believable? I wouldn’t bet on it, but it’s certainly possible. So, here’s what to do.
Where Do We Go From Here
If history is any evidence, it’s time to buy stocks.
The five signs of a market bottom are in. All the investment legends have turned bullish: Buffett, Grantham, Heebner, etc. We also got the market starting to anticipate this recession ending in less than a year. (Granted, I’m still concerned too many people are watching for a bottom to actually happen).
Of course, I’m still hesitant on calling “the bottom.” Trying to time the bottom is a fool’s game. Even though, it’s certainly tempting to do so after watching the market climb for two days. Frankly, there are still a lot of unanswered questions posing a lot of risk.
When will the housing market hit bottom? How will overleveraged commercial property companies fare? How bad will this holiday shopping season really be?
However, there still are some even bigger questions we have to deal with. Like, how high will the unemployment rate go? I’m still expecting it to top out over the summer in the 8% to 9% range. From that point, an economic recovery will really take quite a bit of time to get going again.
The government isn’t helping matters either. For instance, when will the government stop borrowing hundreds of billions of dollars from the banks (T-bills currently yield 0.01%) and trying to figure out why the banks don’t have the extra cash to lend to profit-seeking businesses? How much capital is going to override market forces and determine the best place for investment? Will it be roads and bridges, alternative energy, or electric cars?
There’s just too much uncertainty out there right now to go “all in.” I still recommend sticking to the plan of buying stocks consistently over the next year. You have to keep enough cash on hand to live and just in case an even better buying opportunity comes along to pick up stocks even cheaper. For now though, I’m still buying stocks and sticking to the plan.
The Three Places I’m Buying
Here are three places that I really think some great returns can be had in the next few months, and years:
1. Biotech
Over the next 10 years, stem cells will change the world we live in. Every week a new development is made and the research is ongoing. It’s reaching that point where stem cells are at the verge of going mainstream.
There are already some amazing stories cropping up about the effectiveness of stem cells and there are only going to be more and more over the next few years. Stem cells are making miracles happen and the last 20 years of research are starting to pay off.
Here at the Prosperity Dispatch, we fully expect biotech (stem cells in particular), after years of underinvestment, to have all the legs of a major bull run and the real possibility of forming the next bubble. It’s only a matter of time until the market realizes it.
2. China
Over the past few months, shares of Chinese companies have held up remarkably well. This time around, the China boom is going to look a lot different. The last decade has been led by China building infrastructure and working aggressively to become the manufacturer to the world.
The next boom in China will come from the maturing of the economy as it slowly starts to move away from the highly cyclical manufacturing industries and into less-cyclical service industries.
If China is where the U.S. was at 100 years ago, then there are many great years ahead. If the U.S. were where the U.K. was at 100 years ago, I’d definitely continue to look outside the U.S. for long-term opportunities.
3. Gold
Although we’ve taken the past few days to look at gold and when (and if) a bull market will resume, and a few different ways to get in on what could be a big bull run for gold, there’s one thing that really has caught my attention recently.
The XAU/Gold ratio is a measure of index of leading gold mining companies (XAU – Philly Gold and Silver Sector Index) relative to gold price. Over the past 25 years, the XAU/Gold ratio has been 0.25. That means the XAU index would be about ¼ the price of an ounce of gold.
On Monday, the XAU closed at 94 while gold closed at $760 an ounce. This makes the XAU/Gold 0.124. That’s less than half the ratio’s long-run average and just off the 25-year lows.
It’s either a very bullish sign for gold stocks or a very bearish signal for gold. Something has to give and I’m currently working out a short gold/long gold stocks trade to capitalize on it.
All signs point to a bottom, at least in the near term; however, in a market like this, it all could change in a matter of minutes. A single warning of more trouble ahead for China, another surge in unemployment, or more disastrous retail spending in the U.S., could easily put the brakes on any rally.
There are several concerns still facing the market and two strong up days like we’ve just had can easily create a false sense of confidence, but if you develop a plan, buy top-quality stocks in sectors which have exceptionally bright futures, and are willing to go in for a couple of years, you should be just fine.


The market can be frustrating. Just a few weeks ago it looked like the markets were about to reach lows we haven’t seen since the early 90’s.
The commodity bubble was bursting, hedge funds were imploding, and it seemed like the selling would never stop. To add fuel to the fire, unemployment was getting worse, consumers started saving again (seemingly all at the same time, which isn’t very helpful), and practically every week another bank failed.
It was disastrous. The government was handing out cash to banks and guaranteeing private companies’ commercial paper while putting trillions of dollars it doesn’t have at risk. It seemed like a depression wasn’t out of the question, but all of that’s starting to change.
Consider what’s happened over the past few weeks. Citigroup (NYSE:C) practically failed. It has become painfully obvious that despite a multi-billion dollar bailout, one of Detroit’s Big Three is going to go away, either through merger or through bankruptcy. Retailers reported the sharpest holiday shopping season declines in decades, and the unemployment rate is climbing faster and faster.
There’s almost no good news, but the market is still up. Sometimes it just doesn’t make any sense. However, it could be telling us something - the recent rally could be a giant signal the worst is behind us.
All the Signs of a Market Bottom
A few weeks ago, we looked at the five telltale signs of a market bottom. At that time, we saw four of the five signs, but were still waiting for one more in order to start seriously considering a market bottom.
The first four signs a bottom was nearing were confirmed. Investors were bailing out of mutual funds at record pace, the VIX set new highs, more than 90% of closed-end funds were trading at a discount (much higher than normal), and a perma-bear like Jeremy Grantham was turning bullish.
We were just waiting on one more: the market to react positively to horrible news.
Over the past few weeks, we’ve seen just that. When Citigroup declared it was about to go under, the market went up. When the market learned 533,000 jobs were lost in November (much more than even the worst-case expectations), stocks went up. The market is skipping right past otherwise horrible news.
That’s not all. Although we have all five signs of a market bottom we’ve been waiting for, there are quite a few more reasons to start turning more positive on the markets.
Discounting the Future
The market is supposed to be a forward-looking discounting machine. It’s supposed to price in what’s expected to happen over the next few months and years.
Is the market perfect at this? No. If it were, there would be no real opportunity to do well in it.
The market is, however, very good at incorporating what the masses expect for the future. It does it all in one quantifiable place, and right now, those expectations are for a turnaround to come sooner, rather than later.
The recent rallies have shown the market is anticipating the economy to stabilize and possibly begin its recovery in a matter of months. Just take a look at what is happening.
Goldman Sachs’ research department (yes, I know, who would listen to them after all that’s happened between a $200 oil forecast and the credit crisis and all?) released some historical precedents on how the market anticipates a recovery. In their defense, predicting the near-term future is darn near impossible, but these are historical facts. According to the bank:
The S&P 500 tends to bottom:
One quarter before the GDP bottoms3 months before the ISM manufacturing survey bottoms7 months before the peak unemployment rate4 months before the largest decline in non-farm payrolls and4 months before the bottom in consumer confidence surveys
If the market truly did hit rock bottom in November, we can expect a genuine economic recovery somewhere between March and June of 2009.
Believable? I wouldn’t bet on it, but it’s certainly possible. So, here’s what to do.
Where Do We Go From Here
If history is any evidence, it’s time to buy stocks.
The five signs of a market bottom are in. All the investment legends have turned bullish: Buffett, Grantham, Heebner, etc. We also got the market starting to anticipate this recession ending in less than a year. (Granted, I’m still concerned too many people are watching for a bottom to actually happen).
Of course, I’m still hesitant on calling “the bottom.” Trying to time the bottom is a fool’s game. Even though, it’s certainly tempting to do so after watching the market climb for two days. Frankly, there are still a lot of unanswered questions posing a lot of risk.
When will the housing market hit bottom? How will overleveraged commercial property companies fare? How bad will this holiday shopping season really be?
However, there still are some even bigger questions we have to deal with. Like, how high will the unemployment rate go? I’m still expecting it to top out over the summer in the 8% to 9% range. From that point, an economic recovery will really take quite a bit of time to get going again.
The government isn’t helping matters either. For instance, when will the government stop borrowing hundreds of billions of dollars from the banks (T-bills currently yield 0.01%) and trying to figure out why the banks don’t have the extra cash to lend to profit-seeking businesses? How much capital is going to override market forces and determine the best place for investment? Will it be roads and bridges, alternative energy, or electric cars?
There’s just too much uncertainty out there right now to go “all in.” I still recommend sticking to the plan of buying stocks consistently over the next year. You have to keep enough cash on hand to live and just in case an even better buying opportunity comes along to pick up stocks even cheaper. For now though, I’m still buying stocks and sticking to the plan.
The Three Places I’m Buying
Here are three places that I really think some great returns can be had in the next few months, and years:
1. Biotech
Over the next 10 years, stem cells will change the world we live in. Every week a new development is made and the research is ongoing. It’s reaching that point where stem cells are at the verge of going mainstream.
There are already some amazing stories cropping up about the effectiveness of stem cells and there are only going to be more and more over the next few years. Stem cells are making miracles happen and the last 20 years of research are starting to pay off.
Here at the Prosperity Dispatch, we fully expect biotech (stem cells in particular), after years of underinvestment, to have all the legs of a major bull run and the real possibility of forming the next bubble. It’s only a matter of time until the market realizes it.
2. China
Over the past few months, shares of Chinese companies have held up remarkably well. This time around, the China boom is going to look a lot different. The last decade has been led by China building infrastructure and working aggressively to become the manufacturer to the world.
The next boom in China will come from the maturing of the economy as it slowly starts to move away from the highly cyclical manufacturing industries and into less-cyclical service industries.
If China is where the U.S. was at 100 years ago, then there are many great years ahead. If the U.S. were where the U.K. was at 100 years ago, I’d definitely continue to look outside the U.S. for long-term opportunities.
3. Gold
Although we’ve taken the past few days to look at gold and when (and if) a bull market will resume, and a few different ways to get in on what could be a big bull run for gold, there’s one thing that really has caught my attention recently.
The XAU/Gold ratio is a measure of index of leading gold mining companies (XAU – Philly Gold and Silver Sector Index) relative to gold price. Over the past 25 years, the XAU/Gold ratio has been 0.25. That means the XAU index would be about ¼ the price of an ounce of gold.
On Monday, the XAU closed at 94 while gold closed at $760 an ounce. This makes the XAU/Gold 0.124. That’s less than half the ratio’s long-run average and just off the 25-year lows.
It’s either a very bullish sign for gold stocks or a very bearish signal for gold. Something has to give and I’m currently working out a short gold/long gold stocks trade to capitalize on it.
All signs point to a bottom, at least in the near term; however, in a market like this, it all could change in a matter of minutes. A single warning of more trouble ahead for China, another surge in unemployment, or more disastrous retail spending in the U.S., could easily put the brakes on any rally.
There are several concerns still facing the market and two strong up days like we’ve just had can easily create a false sense of confidence, but if you develop a plan, buy top-quality stocks in sectors which have exceptionally bright futures, and are willing to go in for a couple of years, you should be just fine.
http://www.investorguide.com/browse2.cgi?id=19392


Sovereign Wealth Funds Taste Bitter Losses
So far this year, the funds have seen declines of an estimated 18 percent to 25 percent of their assets, which could lead to closer scrutiny in the future.


ANZEIGE

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Not long ago the Western world was obsessed with sovereign wealth funds, those fast-growing pools of nationally owned assets fueled by oil money and trade surpluses. The fear was that they and their sometimes controversial owners would gobble up vast troves of trophy assets in the US and elsewhere. But, after a brutal fall in the markets, that threat suddenly looks a lot less real. While the funds are cagey about saying what they actually own -- and what they have lost -- it's certain that they, like many other investors, have suffered big hits to their portfolios. They also have clearly lost firepower -- and possibly some of their appetite for acquisitions.


AFP
An Emirati investor watching the Dubai Financial Market plunge in October.
One fund that does disclose its performance, Norway's $300 billion Government Pension Fund-Global, reported a negative 7.7 percent return against an international currency basket in the third quarter through September. That was the worst performance in the 18-year history of the fund, which invests Norway's oil revenues. And it doesn't include the likely further drubbings in October and November.
Stephen Jen, an economist at Morgan Stanley in London, estimates that the world's sovereign wealth funds have seen declines in their holdings of 18 percent to 25 percent for this year. He thinks the total losses are somewhere between $500 billion and $700 billion, bringing the funds' total value down to between $2.3 trillion and $2.5 trillion. Jen thinks these losses will make waves. "You don't lose 25 percent of your assets without consequences," he says.
Invest at Home, Not Overseas
The reverberations will undoubtedly include closer scrutiny by the funds' boards over how they have been managing their assets. Coupled with other financial problems such as steep drops in local stock markets and the possible need for bailouts of local companies and banks, at least some of the funds have come under pressure to use their assets more for domestic purposes than for foreign investment. "The average Kuwaiti or Abu Dhabian can't get a mortgage or a car loan (because of the credit squeeze). They wonder why (the funds) are bailing out the Citigroups of this world," says one banker in the Persian Gulf region.
FOUND IN...

This article has been provided by BusinessWeek as part of a special agreement with SPIEGEL INTERNATIONAL.More articles from BusinessWeek:
· Alcatel-Lucent's Perpetual Turnaround
· EU Leaders Near Deal on Recovery Plan
· War of Words between Britain and Germany
· Russian Economy: From Bad to Worse
· Sovereign Wealth Funds Taste Bitter Losses
Already the Kuwait Investment Authority, the country's stash for future generations, is being asked by the Kuwaiti government to pump money into the local stock market, which has fallen sharply along with others around the world. Angry local investors have protested their fate, calling for the government to do something to bail them out. One group of investors even succeeded in persuading a court to halt trading temporarily on the Kuwait exchange.
Indeed, losses look to have been particularly steep in the Persian Gulf region, where oil and money are pretty much the sum total of the assets held by the various states in the area. Analysts think that paper losses may have been particularly large at the Abu Dhabi Investment Authority (ADIA), which is considered the world's largest sovereign wealth fund. Some analysts think ADIA has about $450 billion under management, but others say it could have more than double that amount.
While ADIA won't disclose its total assets or precise allocations, officials at the fund, which is a sophisticated investor knowledgeable about the whole gamut of asset classes, earlier this year provided visiting BusinessWeek reporters with documents showing that the fund's benchmarks called for having 55 percent to 71 percent of its portfolio invested in equities and a further 12 percent to 28 percent in so-called alternatives: real estate, hedge funds, and private equity. Brad Setser, a geoeconomics fellow at the Council on Foreign Relations in New York who pegs ADIA's total holdings at the low end, figures the fund has notched around $150 billion in losses.
Opaque and Hard to Assess
If ADIA's portfolio is in the trillion-dollar range, as some knowledgeable people estimate, the losses would have been even larger. There is some suggestion that ADIA may have trimmed its equity positions below stated minimums as market turmoil increased. ADIA also may have received $40 billion to $50 billion of new cash during the year, cushioning the decline of existing investments.
Setser figures the KIA, which is more conservatively managed than ADIA, may have lost 30 percent of its $250 billion stash, while gaining $50 billion in new oil money. If it was already heavily invested in local stocks, the damage could run higher. Potential losses at the other big Gulf sovereign wealth fund, the Qatar Investment Authority (QIA), are harder to figure because the QIA is so opaque. It is also probably the most aggressive and unpredictable of funds. For instance, while most counterparts have shied away from banks—having taken big and embarrassing losses on earlier investments in outfits such as Citigroup and Merrill Lynch -- the QIA recently pumped money into Britain's Barclays, an innovative institution that carries a high risk profile.
In recent months the QIA and its Managing Director Sheikh Hamad bin Jassim al Thani have invested a total of about $6.4 billion in Barclays, with a further $2.2 billion possible if they exercise warrants they have received. That would bring their total ownership to 12.7 percent of the big British financial institution. Bankers say the QIA also has taken steep losses on a high-end real estate project in London.
Meanwhile, the QIA's 15 percent stake in the London Stock Exchange, now worth about $363 million, also has fallen sharply in value since it was acquired last year. The LSE's share price is down close to 70 percent in sterling terms over the last year. Dubai, which has more than 20 percent of the LSE, also has seen its investment wither.
Hunkering Down
Using leverage, Dubai went on an acquisition spree of financial institutions at what turns out to have been the top of the market. For instance, at the same time Dubai acquired its LSE stake last fall it also bought just under 20 percent of NASDAQ OMX Group. Dubai now faces the need to refinance about $4 billion in acquisition finance in a much tougher market.
Dubai is hunkering down and trying to figure out how to manage its hefty debt obligations over the next couple of years. With the once red-hot real estate market having turned stone-cold, the United Arab Emirates federal government already has stepped in to rescue Tamweel and Amlak Financial, two Dubai mortgage companies that one banker said were the UAE's equivalent to Washington Mutual and failed British mortgage lender Northern Rock.
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The UAE federal government is largely financed by Abu Dhabi's oil wealth, but Dubai is hoping largely to manage its problems on its own. There are already rumors of capital injections from its wealthy neighbor. Certainly if Dubai needs money, Abu Dhabi is where the cash will come from. At the end of the day there is sufficient capital in ADIA and other Abu Dhabi institutions to pay for the worst-case financial scenarios in the UAE. But doing so may not be comfortable. "It's an interesting question whether Abu Dhabi has sufficient liquid assets to cover all of the emirates' needs next year if oil prices remain low," Setser says.
Precarious Oil
Setser thinks that the high allocation to equities at ADIA and other funds is now open to question. His reasoning: Oil prices tend to be correlated with equities. Both generally rise in response to increasing global economic growth and, as is happening now, fall when the world economy shudders. "They need to have some assets that hold value when oil falls," Setser says.
The big winners of the moment look to be the Saudis, who as far as is known, have largely eschewed risky investments for the safety of government bonds and other conservative instruments. Long derided for propping up the US budget deficit in exchange for low returns, the Saudis now look well-positioned to maintain their own huge domestic development plans.
Will other funds radically change their behavior? It's too early to tell. Some are clearly eyeing the opportunities offered by distressed assets in the West and elsewhere. The sovereign wealth funds are also able to take a long view, with a decades-long horizon to smooth out any current losses. That said, caution is likely to prevail for some time. As one banker put it, what had been $300 million in commitments to new funds may now be cut to $100 million.
Reed is London bureau chief for BusinessWeek.


은행들 BIS 비율 12% 달성에 총력
우리은행, 7천억 증자…후순위채 3천억 추가 판매하나은행, 1조원 증자…신한은행, 7천억 증자 추진국민은행, 하이브리드債 검토
입력 : 2008.12.14 09:13 / 수정 : 2008.12.14 09:32
[이데일리 김현동기자] 은행들이 유상증자와 후순위채권 판매 등을 통해 국제결제은행(BIS) 기준 자기자본비율을 12% 대로 끌어올린다.14일 은행권에 따르면, 우리은행은 오는 16일 우리금융지주를 대상으로 전환우선주 7000만주(주당 발행가 1만원)를 발행해 7000억원의 유상증자를 실시한다.이번 증자로 우리은행의 BIS 자기자본비율이 0.5%포인트 정도 개선되고, 기본자본비율(Tier I)은 9월말 현재 7.64%에서 8.14%로 상승할 것으로 추정된다.우리은행은 주식발행 외에 오는 15일부터 개인 및 법인고객을 대상으로 원화기한부 후순위채권 3000억원을 한도 소진 시까지 판매한다.이번 후순위채권은 통장식이며 만기는 5년 9개월, 1인당 1000만원 이상 100만원 단위로 판매한다. 이자지급방식에 따라 1개월 이표채(월이자지급식)와 3개월 복리채(만기일시지급식) 두 종류며, 이표채의 표면금리는 연7.50%며 3개월 복리채 표면금리는 연 7.50%(실효수익률 연 7.71%)다. 만기 후 총 수익률은 53.30%에 달한다.중도해지와 담보제공 및 담보대출은 불가능하며 세금우대 및 생계형저축상품으로 가입이 가능하다.앞서 우리은행은 지난달에도 후순위채권 1조원을 판매했었다.7000억원의 증자와 총 1조 3000억원의 후순위채권 판매가 완료될 경우, 우리은행의 BIS 자기자본비율은 9월말 10.61%에서 12.01%로 올라갈 것으로 예상된다.하나은행도 지난 11일 이사회를 열고 보통주 2500만주를 하나금융지주에 배정하는 형태로 1조원 규모의 유상증자를 하기로 확정했다. 이번 증자로 하나은행의 기본자본비율(Tier I)은 8% 중반대로 상승하고, BIS 자기자본비율은 12%대로 올라갈 것으로 추정된다.신한지주는 오는 18일 임시 이사회를 열고 신한은행에 약 7000억원을 지원하는 방안을 결정할 예정이다.이 경우 신한은행의 BIS 자기자본비율은 9월말 현재 11.9%에서 12% 이상으로, 기본자본비율(Tier I)은 8.5%에서 9% 이상으로 높아지게 된다.국민은행도 연말까지 BIS 자기자본비율을 12% 대로 끌어올리기 위해 하이브리드채권(신종자본증권) 등 다양한 방안을 강구 중이다.국민은행은 지난달 1조 5000억원 규모의 후순위채권을 판매했고, 이달 초에는 5000억원의 유상증자를 실시했다.
이데일리 김현동 기자 citizenk@



은행들 BIS 비율 12% 달성에 총력
우리은행, 7천억 증자…후순위채 3천억 추가 판매하나은행, 1조원 증자…신한은행, 7천억 증자 추진국민은행, 하이브리드債 검토
입력 : 2008.12.14 09:13
[이데일리 김현동기자] 은행들이 유상증자와 후순위채권 판매 등을 통해 국제결제은행(BIS) 기준 자기자본비율을 12% 대로 끌어올린다.14일 은행권에 따르면, 우리은행은 오는 16일 우리금융지주를 대상으로 전환우선주 7000만주(주당 발행가 1만원)를 발행해 7000억원의 유상증자를 실시한다.이번 증자로 우리은행의 BIS 자기자본비율이 0.5%포인트 정도 개선되고, 기본자본비율(Tier I)은 9월말 현재 7.64%에서 8.14%로 상승할 것으로 추정된다.우리은행은 주식발행 외에 오는 15일부터 개인 및 법인고객을 대상으로 원화기한부 후순위채권 3000억원을 한도 소진 시까지 판매한다.이번 후순위채권은 통장식이며 만기는 5년 9개월, 1인당 1000만원 이상 100만원 단위로 판매한다. 이자지급방식에 따라 1개월 이표채(월이자지급식)와 3개월 복리채(만기일시지급식) 두 종류며, 이표채의 표면금리는 연7.50%며 3개월 복리채 표면금리는 연 7.50%(실효수익률 연 7.71%)다. 만기 후 총 수익률은 53.30%에 달한다.중도해지와 담보제공 및 담보대출은 불가능하며 세금우대 및 생계형저축상품으로 가입이 가능하다.앞서 우리은행은 지난달에도 후순위채권 1조원을 판매했었다.7000억원의 증자와 총 1조 3000억원의 후순위채권 판매가 완료될 경우, 우리은행의 BIS 자기자본비율은 9월말 10.61%에서 12.01%로 올라갈 것으로 예상된다.하나은행도 지난 11일 이사회를 열고 보통주 2500만주를 하나금융지주에 배정하는 형태로 1조원 규모의 유상증자를 하기로 확정했다. 이번 증자로 하나은행의 기본자본비율(Tier I)은 8% 중반대로 상승하고, BIS 자기자본비율은 12%대로 올라갈 것으로 추정된다.신한지주는 오는 18일 임시 이사회를 열고 신한은행에 약 7000억원을 지원하는 방안을 결정할 예정이다.이 경우 신한은행의 BIS 자기자본비율은 9월말 현재 11.9%에서 12% 이상으로, 기본자본비율(Tier I)은 8.5%에서 9% 이상으로 높아지게 된다.국민은행도 연말까지 BIS 자기자본비율을 12% 대로 끌어올리기 위해 하이브리드채권(신종자본증권) 등 다양한 방안을 강구 중이다.국민은행은 지난달 1조 5000억원 규모의 후순위채권을 판매했고, 이달 초에는 5000억원의 유상증자를 실시했다.
이데일리 김현동 기자 citizenk@


http://www.edaily.co.kr/news/econo/SubMain.asp?sub_cd=DA2&DirCode=0020301 (이데일리)



국민은행, KB금융지주 지분 3.3% 매각
입력 : 2008.12.12 09:40
KB금융
31,250
5,450
14.85%










[이데일리 하수정기자] 국민은행이 보유중이던 KB금융(105560)지주 지분 3.3%를 블록딜 형태로 매각했다. 12일 금융권에 따르면 국민은행은 지난 11일 KB지주 주식 1100만주, 3.3%를 블록딜로 국내외 투자자들에게 매각했다. 매각가격은 전일 종가 3만6700원 대비 8% 정도 할인된 3만3700원 수준이다.





은행권, 론리뷰 돌입 "만성 자금부족 가린다"
유동성 점검대상 사실상 `모든 기업`으로 확대
입력 : 2008.12.12 11:55
하이닉스
6,350
170
2.61%










[이데일리 하수정기자] 민간 주도의 기업 구조조정이 본격화되고 있다. 각 채권은행들은 기업들에 대한 실사 평가에 착수하는 한편, 기업별 지원책과 자구안을 마련하는 작업이 진행되고 있다. 연말 결산, 설날 자금 수요 등이 몰려있는 내년 1분기에는 회생 불가능 기업에 대한 퇴출이 이어질 전망이다. ◇ 중견·대기업도 구조조정 대상 12일 금융권에 따르면 동부그룹 주채권은행인 산업은행은 동부제철에 대한 강도높은 자구책을 요구했다. 산업은행은 원자재 수입 등으로 유동성 사정이 악화된 동부제철에 대해 보유 중인 10.1%의 지분을 매각할 수도 있다는 뜻을 밝히면서 자구 노력에 대한 압박을 가하고 있다. 매각작업을 준비중인 하이닉스(000660)역시 비핵심자산 매각 등을 통해 1조원 규모의 자구노력을 주문받았다. 외환은행과 산업은행, 우리은행, 신한은행, 농협 등 주주협의회 소속 주요 은행 5곳에서 신규 대출 5000억원과 3000억원 증자를 해주는 대신, 하이닉스 자체적인 유동성 확보 노력을 요구한 것이다. 그동안 중소형 건설사 중심으로 진행됐던 대주단 협약에 최근 대형사들도 속속 참여하기 시작했다는 점도 주목할 만하다. 최근 10위권 대형 건설사 4곳이 대주단에 신청한 것으로 알려졌으며, 이들 건설사는 1년간 채권 행사가 유예되는 혜택을 받는 동시에 주채권금융사로부터 월별 유동성 점검도 받게된다. 시중은행 관계자는 "지난 3분기에는 키코로 손실난 중소기업이나 프로젝트파이낸싱 부실 위기에 놓인 중소건설사들 위주의 구조조정이 있었다면 4분기부터는 중견기업, 대기업을 포함해 모든 기업들에 대한 유동성 점검이 진행되고 있다고 보면 된다"고 설명했다. ◇ 내년 1분기 기업 퇴출 가시화될 듯 은행들은 구조조정을 위한 별도 전담반을 잇달아 구성하고 기업들의 재무구조 상황 점검에 나섰다. KB금융(105560)지주 소속 국민은행은 여신그룹 부행장 직속으로 `기업 가치향상 지원본부(가칭)`를 꾸리고 건설업과 조선·해운업 대책반, 프리 워크아웃팀, 부실 중소기업을 조기 파악해 지원하는 `KB고객향상 프로그램`등 30여명을 투입했다. 국민은행은 객관적인 검증을 위해 회계법인과 함께 기업 실사를 진행하고, 기업별로 담보 제공이나 구조조정, 보유 부동산 처분 등 자구책을 제시키로 했다. 국민은행의 전체 거래 기업 중 B-이하 요주의 대상은 5%정도다.신한금융(055550)지주 소속 신한은행도 30명의 베테랑 심사역과 산업전문가를 배치한 `기업구조개선본부`를 신설하고 건설업과 조선업, 해운업에 대한 특별관리에 들어가는 등 기업 유동성 점검 작업에 돌입했다. 우리은행과 하나은행, 농협 등 여타 은행들도 기업 지원과 구조조정을 진행할 전담 조직을 구성해 기업 지원과 구조조정 작업을 병행하고 있다. 시중은행들은 우선 기업들의 일시적인 유동성 문제를 해소시키기 위해 대출 상환을 연장해주는 등 지원에 초점을 맞춘 뒤 내년 초에는 본격적인 옥석가리기가 진행될 것으로 전망했다. 각 은행은 요주의 대상 5~10% 중에서 일부 퇴출 기업이 나올 가능성이 있을 것으로 분석하고 있다. 시중은행 고위 관계자는 "각 은행별로 기업들의 `론(대출) 리뷰`를 통해 일시적 유동성 문제인지, 구조적 자금부족인지를 따지고 있다"면서 "설 자금 수요가 지나가고 올해 실적을 결산하는 내년 초, 특히 3월 정도에는 회생 불가능한 기업들이 가려지게 될 것"이라고 내다봤다.




금융위, 8개 은행에 한도 초과여신 10.6조 승인
(상보)환율 급등에 여신한도 소진..신규대출 받을 수 있게 조치
입력 : 2008.12.12 16:35
[이데일리 김수연기자] 금융위원회가 은행의 신용공여한도를 초과한 10조6000억원에 대해 예외를 인정해주기로 했다. 12일 금융위원회는 산업은행 등 모두 8개 은행이 `동일인 및 동일차주 신용공여한도를 초과하는 것에 대해 예외를 인정해달라`고 신청한 것을 모두 받아들이기로 했다고 밝혔다. 이에 따라 ▲수출입은행 1조9000억원 ▲씨티은행 2000억원 ▲소시에떼제네랄서울지점 2000억원에 대해 동일인 여신한도초과가 승인됐다. 또 계열사 등 동일차주에 대해서는 ▲수출입은행 2조6000억원 ▲산업은행2조6000억원 ▲하나은행1조3000억원 ▲우리은행 9000억원 ▲SC제일은행 6000억원 ▲외환은행 2000억원의 한도초과를 승인키로 했다. 은행법은 은행의 안정성을 높이고, 한정된 금융자산이 특정인이나 기업에 집중되지 않도록 동일인과 동일차주에 대해 각각 은행자기자본의 20%, 25%를 넘는 신용공여를 할 수 없도록 규정하고 있다. 금융위는 "최근 환율이 상승, 은행의 기업에 대한 외화표시 대출과 지급보증을 원화로 환산한 금액이 급증해 한도에 근접하거나 초과하는 일이 생겼다"며 "이로 인해 신규여신을 받지 못하게 되고, 정상적인 무역금융 확동이 위축될 수 있어 한시적으로 예외를 인정한다"고 밝혔다. 이어 "예외는 수출입 등 무역금융에 한정된다"며 "금융감독원은 해당 은행에서 매달 신용공여 취급현황을 받아, 한도초과해 승인한 여신의 적정성을 점검하겠다"고 덧붙였다.
이데일리 김수연 기자 soo@


· The Financial Supervisory Commission said Gyeongnam Arim Mutual Savings Bank had failed to meet a capital-adequacy ratio set by the Bank for International Settlements, with its equity capital wiped out. (출처: The Korea Herald)
금융감독위원회는 경남아림상호저축은행의 국제결제은행 (BIS) 기준 자기자본비율이 지도기준에 미달하고 부채가 자산을 초과해 6개월간 영업 정지된다고 밝혔다.
· Banks will be able to invest up to 70 percent of their equity in securities from the current 60 percent. (출처: The Korea Herald)
은행의 유가증권 투자한도는 자기자본의 60%에서 70%로 상향조정되었다.
· Gyeongnam Arim, which has about 8,900 depositors, has 188.8 billion won ($178.42 million) in total assets and a negative net worth of 26.9 billion won. (출처: The Korea Herald)
경남아림상호저축은행의 예금자는 약 8천900명 수준이고 총자산은 1천888억원이며 자기자본은 -269억원이다.
· Last year, the central bank warned that the lenders would face difficulties in finding other methods to strengthen their capital bases if they reached the limit for such issues. (출처: The Korea Herald)
지난 해 한은은 이들 채권의 발행한도가 소진될 경우 자기자본 확충을 위한 여타 방안을 찾기가 어려울 것이라고 시중은행에 경고한 바 있다.



한은 RP매각규모 대폭 축소..`양적완화 병행`
10.4조 응찰에 5조만 낙찰.."시중자금 넉넉하게 유지"
입력 : 2008.12.11 15:11
[이데일리 최한나기자] 사상 최대폭 금리를 내린 한국은행이 시중 자금을 넉넉히 가져가는 양적 완화 정책에도 박차를 가했다. 한국은행은 11일 환매조건부증권(RP) 거래에서 10조4000억원 응찰액 가운데 5조원만 낙찰시켰다. 은행들이 10조원 이상 남는 자금을 흡수해달라고 요청한 것에 대해 절반만 가져가고 나머지는 돌려보낸 것이다. 한은에 따르면 지난 지준반월 마감일인 10일 기준 금융기관의 자금조정예금 이용실적이 6조원에 달하는 상태다. 이는 한은에서 저리(低利)만 받고 자금을 맡길 정도로 은행들이 들고 있는 여유자금이 많다는 의미다. 한국은행은 "현재 금융기관의 유동성 사정이 매우 풍부해 RP 응찰규모가 10조4000억원에 달했지만, 금융기관의 적극적인 자금 운용과 시장금리 하락을 유도하기 위해 RP매각 규모를 대폭 축소했다"고 설명했다. 이어 "앞으로도 유동성 공급을 확대해 금융시장 안정노력을 지속할 것"이라고 강조했다.


[단기자금시장 분석] 6조원 지준 출발..콜금리 하락 예상
기사입력 2008-12-12 09:48
(서울=연합인포맥스) 신경원 기자= 단기자금시장참가자들은 12일 새로운 지준반월의 전체 은행권의 지급준비금규모가 6조원으로 시작하면서 은행권의 유동성이 더욱풍부해졌다고 진단했다. 이에 따라 은행권의 콜금리가 하락할 가능성이 커졌다. 이는 전일 한국은행이 실시한 환매조건부채권(RP) 매각입찰을 통해 10조원 이상의 응찰에도 매각규모를 5조원으로 줄인 영향이다. 이날 통안채 만기분 2조5천억원와 재정자금이 시중에 방출되는 반면 원천세 본납분 2조5천억원이 국고로 납입될 예정이다. 지난 11일 RP 매각 만기분 8조5천900억원, 자금조정예금 인출분 4조8천억원, 지급준비예금에 대한 이자지급분 5천억원, 재정자금 5천억원이 시중에 들어갔다. 반면RP 매각분 5조원과 원천세 선납분 3천200억원 가량이 각각 한은과 국고로 환수됐다.이를 반영해 전일의 지준과 적수는 모두 6조6천888억원로 '잉여'를 나타냈다.자금시장의 담당자는 "전일 한은이 10조원 이상의 RP 응찰에도 5조원만 낙찰시키면서 은행권의 자금사정이 더욱 좋아졌다"면서 "금일 원천세 본납분으로 은행권의 콜차입 심리만 다소 줄어들 것"으로 내다봤다.그러나 다른 자금시장 담당자는 "다음주 들어서만 적수의 잉여규모가 45조원을 넘어설 것"이라면서 "금일 은행권의 콜금리가 하락할 가능성이 크다"고 예상했다. kwshin@yna.co.kr(끝)



[Editorial] Impeachment of top prosecutor
기사입력 2001-12-07 19:04 최종수정2001-12-07 19:04
Ahead of the vote on an impeachment motion against the nation's top prosecutor expected at the National Assembly today, the rival political parties are engaged in nerve-racking confrontation. Each of the parties involved is looking for a narrow way out to grasp at whatever benefit that may be derived from the situation. But none actually have seemed to figure out how to avoid damage from the mutually contrived political deadlock.With the outcome of the vote suddenly turning opaque, the main opposition Grand National Party has vowed to do everything within its capacity to see the impeachment bill through. But few can be assured at this time that the bill will pass the legislature. The gigantic GNP, which lacks one seat of a majority in the 273-seat legislative chamber, was almost certain of its victory - but only before the splinter United Liberal Democrats abruptly changed their position earlier this week to oppose the motion.The ruling Millennium Democratic Party welcomed the about-face of the ULD, its divorced coalition partner. Again, ULD president Kim Jong-pil cited his "deep concern for national interest" as the reason for yet another tactical swing between the two major parties. He said he was worried about "a leadership vacuum in the highest law-enforcement institution" that would follow the approval of the motion in parliament. This is exactly the same reason why the government ignored the opposition demand to sack Prosecutor General Shin Seung-nam. But the governing party, as well as the public, would do well to realize that Kim's words are nothing but sweetened poison. By now, the entire political community should also be well aware that Kim and his minions have been pursuing nothing but their own political gains when they shifted their support from one party to another. Apart from their intricate matrix of political calculation, what the rival parties should recognize is the grim reality that Prosecutor General Shin has already lost the public's confidence. It may not necessarily be due to a shortage of his personal integrity or his negligence of duties. Most of the problems may rather be rooted in the time-old practices of the prosecution in this country that has traditionally operated in close coordination with, or more often in subordination to, the powers that be.It is also true, however, that few people believe Shin is free from responsibility for inappropriate investigations into the recent series of massive financial scandals. He is accused of ordering junior prosecutors to cover up the corruption scandals involving ranking officials as well as his own brother. He could have deterred the present turmoil by complying with the request of the National Assembly's Legislation-Judiciary Committee to testify on these allegations which was a step prior to the GNP's motion to impeach him.In a document explaining his position that he sent to the parliamentary committee, Shin insisted that his testimony would hamper the prosecution's political neutrality and its independent probe on the scandals. But this is an absurd protest when an independent counsel has already been set up to reinvestigate the cases. The prosecutor general seems far from understanding the nature of the problem, let alone the deep public distrust in the institution that is under his command and the call for its reform. In this regard, President Kim Dae-jung should have also showed better wisdom to prevent the current political crisis. It is a pity that Kim has let himself as well as the entire political circles swamped in even deeper turbulence over his uncompromising position concerning chief prosecutors. Moreover, this is certainly the least plausible time for the chief executive, already showing symptoms of a lame duck, to aggravate the political climate over an unpopular prosecutor general.With the impeachment motion reported to its plenary session Thursday, the National Assembly has to vote on it within 72 hours unless the leadership of both governing and opposition parties agree otherwise. When political compromise is beyond reach, it would be inevitable to go through the procedures provided by law in full respect of its principle. Regardless of the vote return, however, it is expected that no concerned party will be free from the serious aftermath of the showdown. The politicians should remember that the people want them to cut short the unproductive partisan struggle and work on policy programs concerning their livelihood and welfare, not to mention the budget bill for next year and hundreds of other bills awaiting the parliamentary deliberations.



KDB vows to support banks, smaller firms
Wed. December 10, 2008; Posted: 09:19 PM

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SEOUL, Dec 10, 2008 (Asia Pulse Data Source via COMTEX) -- KOOKF Quote Chart News PowerRating -- South Korea's state-run Korea Development Bank (KDB) will make efforts to help financial firms increase capital and extend support to cash-strapped smaller firms, its chief said Wednesday.
South Korean banks are struggling to bolster their falling capital adequacy ratios, a key barometer of financial soundness, as the slowing economy increases the amount of bad loans.
"KDB plans to support banks' efforts to increase their capital base by buying their subordinated bonds and will play a role as a safety valve to help market players stave off the global financial turmoil," KDB chairman Min Euoo-sung said during a forum.
When a lender sells subordinated debt, proceeds from the debt sale are recorded as supplementary capital, which helps raise the lender's capital adequacy ratio. KDB also plans to put 2 trillion won (US$1.43 billion) into a proposed bond fund aimed at stabilizing the local debt market.
Min's remarks came as the government announced it would take market conditions into account when selling KDB, hinting the sale of state-owned lenders may proceed slower than planned.
South Korea plans to start reducing its 100 percent stake in KDB next year and fully privatize the lender by 2012. KDB, established in 1954, engages mainly in providing local companies with loans for capital spending.


S.Korea T-bonds rise after BOK bank aid plan

426 words
4 December 2008
1:53 AM GMT
AFX Asia
English
(c) 2008, AFX Asia. All rights reserved.
SEOUL, Dec 4 (Reuters) - South Korean treasury bond prices rose early on Thursday, lifted by the central bank's latest moves to ease the persistent domestic credit crunch. The Bank of Korea said after the bond market closed on Wednesday that it would provide more liquidity to local banks, by paying one-time interest of about 500 billion won ($340.6 million) on their cash reserves and purchasing more bonds. The yield on South Korea's benchmark 5-year treasury bonds fell 2 basis points to 4.48 percent. Meanwhile,the December futures contract slipped 10 ticks to 109.65 as of 0121 GMT, rewinding some of a 179-tick gain made over the past three sessions. "Yesterday's decision implies the central bank will not adjust the cash reserve ratio next week, instead relying on policy easing," said Kim Dong-whan, a fixed-income analyst at HI Investment & Securities.
Some in the markets had anticipated that Wednesday's Bank of Korea emergency meeting would lower the amount that local banks have to set aside in cash relative to deposits at the banks. "Investors are expecting more central bank actions to get its liquidity given to the commercial banks reach to many cash-starved companies," he said. The Bank of Korea projected on Wednesday that its fresh liquidity aid plan would lead to about 6.3 trillion won increase in loan lending by local banks. (Reporting by Seo Eun-kyung; Editing by Keiron Henderson) ((eunkyung.seo@thomsonreuters.com; +82 2 3704 5648; Reuters Messaging;eunkyung.seo.reuters.com@reuters.net) ($1=1467.8 Won) Keywords: MARKETS KOREA BONDS * Reuters Terminal users can see related statistics, contributions and news by double clicking on: Korea debt guide Corporate debt Korea equities Special debt Government debt Municipal debt Hanwha Securities-25 Samsung bond index-5 Korea primary market focus LATEST KOREAN FORECASTS GDP trade account inflation RELATED NEWS AND OTHER TOPICS All Korea news Interest rate news-Korea All debt news-Korea Korea summary New issues-Korea Korean won spot rate All Reuters debt news-4 (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134



The central bank surprised the market on December 11 by slashing its key rate by a record one-percentage point to a historic low of 3 percent. The decision was quite exceptional because interest rates normally drop by degrees, usually around 0.25 percent each time, depending on the market condition. The drastic cut in the key rate reflects the unexpectedly fast economic downturn and the prolonged monetary stringency. Despite several drops in the rates so far, the real estate price has been continuously plummeting, and the open market rate has been escalating. Meanwhile, international oil prices have decreased to less than 40 dollars per barrel, which has caused a downturn in consumer prices. All these have been major factors behind the latest rate cut. Additionally, due to the global economic recession, Korea’s exports have been shrinking, and the employment trend will see a downturn in the first quarter of next year. That will likely have a negative effect on domestic demand. Worrying about the possibility that Korea’s economy will face the worst situation in the first half of next year, the central bank took the drastic measure to cope with a possible financial crisis and serious economic setback. Furthermore, the central bank selected some stock companies for repurchase in order to maximize the effect of the rate cut. This reflects the bank’s determination to set up a variety of liquidity channels beyond an indirect supply of money through banks. In other words, the central bank is resolved to directly provide money where there is liquidity shortage.The central bank`s move is also intended to take pre-emptive and aggressive steps to ward off rapid economic downturn. In particular, it will help stabilize financial markets and push down the lending rates. Facing the global economic crisis, the central banks of many countries have drastically cut their key rates since September. But Korea’s economic slowdown and tight liquidity seem to be more complex, a mixture of credit crunch and other economic difficulties. Therefore, a monetary policy alone is not enough to fight off rapid recession. Korea’s economy can fall into a ‘liquidity trap,’ in which consumption and investment are never revived, no matter how much the rates are cut. That’s why the government should consider other necessary measures, financial and otherwise, to cope with the ever-worsening economic situation.


INTEL WAGES COURT BATTLE AGAINST ANTI-TRUST RULING IN S KOREA
Wed. December 10, 2008; Posted: 12:41 AM

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SEOUL, Dec 10, 2008 (AsiaPulse via COMTEX) -- INTC Quote Chart News PowerRating -- Intel Corp. said Wednesday it has filed a formal complaint with a South Korean court to overturn a ruling against the world's largest chipmaker by the nation's anti-trust regulator.
‘Wrapping up a two-year probe, the Korea Fair Trade Commission (KFTC) ruled in June that Intel violated the nation's anti-trust law by pressuring computer makers to avoid using chips made by its rival Advanced Micro Devices Inc. of the United States.
At that time, Intel was fined for some 26 billion won (US$18 million).
In a statement, Intel said the complaint was filed to the Seoul High Court, claiming the KFTC's ruling was based on "substantial factual and legal errors in formulating its final written opinion."
Intel accused the KTFC of failing "to understand the dynamics, pricing and competition in the microprocessor market."
Wednesday's action means Intel took the South Korean regulator's ruling straight to the court, without appealing to the KFTC.
Proceeding directly with the formal complaint will permit the South Korean court to review the case in its entirety and reach an independent decision.
"Intel also believes that the KFTC has misinterpreted or chose to ignore large amounts of economic evidence and analysis demonstrating the ultimate benefit to consumers from the reduced prices and increased performance of Intel's microprocessors," the Santa Clara, California-based company said.
Officials at the public relations team at Intel's Korean unit were not immediately available for comment.
(Yonhap)
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S KOREA'S HYNIX EXTENDS DEADLINE FOR PARTNER'S STAKE PURCHASE
Tue. December 02, 2008; Posted: 03:40 AM

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SEOUL, Dec 02, 2008 (AsiaPulse via COMTEX) -- INTC Quote Chart News PowerRating -- Hynix Semiconductor Inc. (KSE:00660), the world's No. 2 computer memory chipmaker, said Tuesday that it has extended a payment deadline for a partner company's investment in one of the South Korean company's overseas units.
Hynix said that it extended the deadline for one year from December 31 for Numonyx BV to invest US$100 million in Hynix's plant in Wuxi, China. The delay was made at the request of Numonyx, a joint-venture chip company run by Intel Corp. and STMicroelectronics NV.
The South Korean company signed a deal with Numonyx in late September in which the latter promised to buy a 10 per cent stake in Hynix's Chinese plant. The two companies signed a comprehensive tie-up deal in August.
Numonyx, which paid US$50 million to Hynix in early October, requested the extension for the remaining half, citing difficulty of near-term payments due to a slump in the global memory industry, according to Hynix.
(Yonhap)


2008.12.11일 한국은행은 RP매각 규모를 금융기관 신청액의 절반 이하인 5조원 수준으로 대폭 축소하고 나머지 자금을 금융시장에 공급하였음금일 금융기관들의 RP 응찰규모는 10.4조원에 달하였음현재 금융기관의 유동성 사정은 상당히 풍부하여 지난 지준반월 마감일인 12.10일 금융기관의 자금조정예금 이용실적이 6조원 수준까지 늘어나 있는 상황임또한 금일에는 금융기관 지급준비예금에 대한 이자도 지급(0.5조원)이번 RP매각 규모 대폭 축소를 통한 유동성 공급 확대는 금융기관의 적극적인 자금운용과 시장금리 하락을 도모하기 위한 것임한국은행은 앞으로도 유동성 공급 확대 등을 통해 금융시장 안정 노력을 지속할 것임출처 : 한국은행


한은 2.5조 RP매입, 금융기관별 1~45% 한도(2보)
입력 : 2008.12.12 14:41
[이데일리 최한나기자] 발행기관별 매입한도- 농협중앙회, 신한은행, 우리은행 : 각각 입찰기관별 낙찰금액의 45%- 국민은행, 산업은행, 하나은행 : 각각 입찰기관별 낙찰금액의 30%- 씨티은행, 외환은행, SC제일은행, 주택금융공사, 중소기업은행 : 각각 입찰기관별 낙찰금액의 20%- 대한주택공사, 부산은행, 수출입은행, 한국토지공사 : 각각 입찰기관별 낙찰금액의 10%- 경남은행, 광주은행, 대구은행, 중소기업진흥공단 : 각각 입찰기관별 낙찰금액의 5%- 수협중앙회, 전북은행, 제주은행 : 각각 입찰기관별 낙찰금액의 1%

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Creditor Banks Preparing to Weed Out Nonviable Companies



DECEMBER 12, 2008 04:31


Under the government’s guidelines for corporate restructuring that aims to weed out nonviable companies and support viable ones suffering from temporary liquidity shortages, creditor banks are preparing their own restructuring measures.
Each creditor bank is speeding up the grading of companies by sector to sort out the winners from the losers.
Full-fledged restructuring, however, will begin between February and March after banks obtain corporate earnings reports early next year.
○ No. of nonviable companies rising
Bank officials in charge of corporate credit say the number of nonviable companies will rapidly increase.
“Companies to be liquidated will come from those under ‘caution,’ which comprise five percent of the companies we extended loans to,” a source at Korea’s largest lender Kookmin Bank said yesterday.
An official at the state-run Korea Development Bank said, “Normally, the share of companies with the rating ‘early warning’ is five percent. But the figure is gradually rising due to deteriorating economic conditions. We are closely watching those companies.”
According to Bank of Korea data on 1,140 manufacturers, 30.8 percent were in the red in the third quarter and unable to pay interest on their debts.
Shinhan Bank has set up a corporate restructuring division and another task force to manage companies in construction, shipbuilding and shipping. For small and mid-size enterprises and small office/home office companies, or SOHOs, the bank is reviewing debt-to-equity and liquidity ratios.
Woori Bank will also establish a corporate restructuring support division with two subdivisions for corporate improvement and resuscitation. The first subdivision will handle debt workouts and the second companies going under court receivership.
“The government intends to assist companies suffering from a temporary cash crunch. But we should wait until early next year when 2008 earnings reports show which companies should be liquidated,” the vice president of a commercial bank said on condition of anonymity.
○ Large companies to face restructuring first
A government official in charge of corporate restructuring at a corporate financial support organization said, “Banks are evaluating large companies through assessment and monitoring. Smaller companies will mainly get support for the time being, but as restructuring for large companies proceeds, they will also undergo restructuring.”
Under the Corporate Restructuring Promotion Act, a company borrowing more than 50 billion won (36.8 million U.S. dollars) from creditor banks is subject to restructuring. The restructuring of a company with debts of less than 50 billion won, however, is left to the discretion of the banks. Financially distressed builders are being encouraged to join a debt rescheduling program by creditor banks and cash-strapped small- and mid-size companies can get support from the “fast track” program.
Whether a company will undergo restructuring depends on its financial soundness as judged by creditor banks. On a scale of one to 10, those with scores between one and four are deemed sound and those between five and seven are considered part of the “gray zone.”
Most small and mid-size companies belong to the gray zone and the majority of builders and shipbuilders are on the borderline.
Normally, those rated six and over are rated “early warning” and those seven and over “need caution.”


★ 중앙은행이 공개시장에서 유가증권(최근의 예를 보면 외평채나 통화채)을 매각하면 시중은행들은 유가증권을 매입하여야 하므로 시중자금을 흡수하는 결과를 초래합니다. 시중자금의 흡수(통화량 감소)는 은행의 자금부족으로 중앙은행에 대한 지급준비금을 적게 쌓게하는 결과를 낳아 지급분비율인상과 같은 효과가 발생하며 아울러 은행의 자금부족은 신용창조마저 감소시키는 결과를 이르게 합니다.★ 공개시장 조작정책중앙은행이 은행이나 금융시장의 자금사정에 영향을 줌으로써 통화량을 적정 수준으로 유지하는 간접적 조절방식이 있는데 공개시장 조작정책, 재할인 정책 지급 준비율 정책 등이 이에 해당된다. 1. 공개시장 조작 정책이란 중앙은행이 은행이나 금융시장을 대상으로 국채 등의 유가증권을 매매 함으로써 통화량을 조절하는 수단이다. 그 동안 우리나라에서는 이를 본격적으로 활용하지 못 하였으나 1980년대 후반 이후 경상수지의 흑자 또는 외국자본의 유입 증가로 해외 부문을 통한 통화의 공급이 크게 늘어남에 따라 이를 흡수하기 위해 통화안정증권을 비롯한 통화 조절용 채권을 많이 발행하는 등 보다 적극적으로 이런 형태의 관리 방식을 활용하고 있다. ☆ 공개시장조작의 실제□ 우리나라의 공개시장조작은 통화안정증권의 발행과 증권매매 등에 의해 운용1) 통화안정증권의 발행ㅇ 통화안정증권(MSB: Monetary Stabilization Bonds)은 기조적인 유동성 조절수단 (structural adjustment)으로 활용- 국제수지 흑자 등으로 해외부문 등을 통해 공급된 과잉유동성의 환수가 필요할 경우에는 통안증권 신규 발행을 확대(발행한도: 총통화의 50/100 이내)2) 증권 단순매매 및 RP매매ㅇ 증권단순매매는 단순매입과 단순매각으로 구분되나 단순매각은 실적이 없으며* 단순매입은 기조적인 유동성공급 또는 일시적 대규모의 유동성 공급에 주로 활용* 유동성환수수단인 단순매각은 대체수단인 통안증권의 발행으로 사용된 적이 없음ㅇ 중심적인 공개조작수단인 RP는 일상적 유동성 미세조절(fine tuning)에 주로 활용- RP매각은 유동성 환수, RP매입은 유동성 공급에 활용되며 만기는 장기물은 13∼15일물, 단기물은 1∼3일물로 운용* RP매매는 대상증권의 유통시장이 활성화되지 않아도 쉽게 이용할 수 있을 뿐만 아니라 RP만기를 대상증권의 만기와 관계없이 신축적으로 조절할 수 있으며 대상증권의 매도와 매수시에 발생할 수 있는 손실을 최소화할 수 있어 중심적인 공개시장조작수단으로 활용2. 재할인이란 중앙은행이 자금이 부족한 은행에 대하여 그 은행이 기업으로부터 할인하여 사들인 상업어음을 다시 할인하거나 동 어음을 담보로 대출을 해 주는 제도인데 재할인 대상 어음의 종류나 재할인 규모를 변경 시킴으로써 은행에 공급하는 자금량을 조절할 수 있으므로 중요한 통화 조절 수단으로 사용되고 있다. 3. 지급준비금제도 는 당초 예금자를 보호하기 위해 예금액의 일부를 중앙은행에 예치하도록 한 제도이지만 오늘날에는 통화량을 조절하는 정책 수단으로도 유용하게 활용되고 있다. 왜냐하면 은행이 중앙은행에 예치하여야 할 지급준비금의 비율을 변경하면 은행이 대출할 수 있는 자금의 양이 달라지므로 결국 통화량을 조절할 수 있기 때문이다. ☆ 지급 준비율 정책 : 중앙은행이 은행의 자금량 조절1)지급 준비율 인상 → 일반 은행의 대출 감소 → 통화량 감소2)지급 준비율 인하 → 일반 은행의 대출 증가 → 통화량 증가☆ 우리나라의 지급준비금 제도□ 지준의무 부과대상: 예금은행 및 산업은행의 예금채무□ 법정 최저 지급준비율(적립비율): 예금종별로 1∼5%― 필요지준은 한국은행에 대한 예치금이나 금융기관 자체 보유 현금(시재금: 필요지준의 35% 범위내에서 인정)으로 적립- 법정 최저 지급준비율-- 근로자재산형성저축, 근로자장기저축, 근로자주택마련저축, 장기주택마련저축, 가계장기저축, 근로자우대저축 1%-- 정기예금, 정기적금, 상호부금, 주택부금, 양도성예금증서 2%-- 기타예금 5%□ 적립 방식: 1주일 이연(移延) 반월평잔(半月平殘) 적립방식― 반월단위로 지분부과대상 예금에 대한 법정지급준비금(반월예금평잔×지준율)을 1주일의 시차를 두고 적립하여야 함ㅇ상반월(1일∼15일)은 당해월 8일부터 22일까지, 하반월(16일∼말일)은 당해월 23일부터 익월 7일까지 필요지준액을 평잔기준으로 적립ㅇ지준적립은 지준계산기간중 예금평잔에다 지준율을 곱하여 산출된 금액을 적수계산방식에 의해 지준적립기간중에 적립하며 반드시 매일의 적립규모가 균등하지 않아도 됨다음으로 중앙은행은 금융기관별 또는 자금종류별로 공급 한도를 정하여 이 범위 내에서만 시중에 돈이 풀려 나가도록 은행의 대출을 통제하는 등 통화 공급량을 직접 조적 할 수 있다. 이 방법은 통화조절의 효과가 강력하고 신속하다는 이점이 있으나 통화의 자연스러운 흐름을 방해하여 꼭 필요한 부문에 자금을 제때에 공급하지 못하게 되는 등 부작용을 초래할 우려가 있다. 따라서 이러한 방식은 물가가 급히 오르는 경우와 같은 특수한 경제 사정 하에서 많이 사용된다. 이상과 같이 통화량을 조절하는 데는 직접 및 간접적인 수단이 있으며 두 개 이상의 수단을 함께 사용하는 경우도 많은데 구체적으로 어떤 방식을 택하는가 하는 문제는 나라마다 당시의 경제 상황에 따라 달라진다. 우리나라는 1980년대 초까지만 해도 통화량의 조절을 직접 규제수단에 주로 의존해 왔었으나 최근에는 금리자유화 및 금융시장 개방 등에 따라 통화량 조절에 공개시장조작과 같은 간접조절수단을 주로 활용하고 있다
출처 : 인터넷



(서울=연합인포맥스) 신경원 기자= 한국은행은 11일 환매조건부채권(RP) 매각 규모를 대폭 축소해 시장금리의 하락을 도모하겠다고 밝혔다.한은은 이날 RP입찰에서 매각규모를 금융기관의 신청액보다 적은 5조원으로 줄였다. 입찰에는 무려 10조4천억원이 응찰했다.이와 관련 한은은 금융기관의 유동성 사정을 더욱 풍부하게 만들어 적극적인 자금운용과 시장금리 하락을 도모하기 위한 것이라고 강조했다.한은은 또 현재 금융기관의 유동성이 풍부해 지난 지준반월 마감일인 10일 금융기관의 자금조정예금 이용실적이 6조원까지 늘어났다고 설명했다.한은은 이날 5천억원의 지급준비예금에 대한 이자도 지급했다.한편 한은은 이날 7일물 RP매각에서 5조원을 연 3.00%의 금리에 낙찰시켰다.kwshin@yna.co.kr



한은 "금융권, 남는 돈 있으면 채권 사라"
(상보)RP매각 10.44조원 응찰에 5조원만 낙찰..'금리하락 유도'
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황은재 기자 12/11 15:28 조회 772
한국은행이 국채 등을 환매조건부로 사겠다고 온 금융권 자금 5조원을 돌려 보냈다. 남는 돈이 있으면 한은과 거래하지 말고 시장에서 회사채를 사거나 대출에 나서라는 압박이다. 11일 한은이 실시한 7일물 환매조건부 증권 매각(한국은행 기준)에 공개시장조작대상 금융회사들이 10조4400억원을 응찰했다. 그러나 한은은 5조원만 낙찰시키며 나머지 5조4400억원은 금융회사로 돌려보냈다. 결과적으로 한국은행이 금융시장에 5조4400억원 규모의 유동성을 추가로 공급한 셈. 유동성 공급확대를 통해 시장금리를 떨어뜨리고 금융회사의 적극적인 자산운용을 유도하겠다는 뜻이다. 김종화 한은 시장운영팀장은 "RP 매각 규모를 금융기관 신청액의 절반 이하인 5조원 수준으로 대폭 축소하고 나머지 자금을 금융시장에 공급했다"고 말했다. 이어 "금융기관의 유동성 사정이 상당히 풍부해 지난 지준 반월마감일인 10일 금융기관의 자금조정예금 이용실적이 6조원 수준까지 늘어난 상황"이라고 전했다. 자금조정예금은 금융기관이 남을 때 한은에 예금하는 수단이다. 한은은 이번 RP 매각 규모 축소는 금융시장에 돈이 흘러넘치는 상황이지만 더 넘치게 해 실물 경제 부분 등으로 유동성 공급이 이뤄질 수 있도록 하겠다는 것이다. 또 금융기관들이 채권 등 금융상품에 투자하라는 압박성 주문이기도 하다. 한은은 "이번 RP 매각 규모를 대폭 축소를 통한 유동성 공급확대는 금융기관의 적극적인 자산운용과 시장금리 하락을 도모하기 위한 것"이라며 "앞으로 한은은 유동성 공급 확대 등을 통해 금융시장 안정 노력을 지속할 것"이라고 밝혔다.


한은 "비상 판단시 회사채 등 매입주체 될 수도"
이성태 총재, CP 회사채 등 직접 매입 가능성 언급
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이승제 기자, 황은재 기자 12/11 13:48
한국은행이 향후 기업어음(CP), 회사채 등의 매입주체로 나설 지 관심이 집중되고 있다. 발권기관인 한은이 유동성 강화를 위해 직접 시장 주체 중 하나로 나설 경우 엄청난 시장 영향력을 발휘하게 된다. 이성태 한은 총재는 11일 금융통화위원회 정례회의 직후 기자설명회에서 "한은은 통화신용의 수축기라고 판단하면 발권력을 동원해 시장에 직접 개입할 수도 있을 것"이라고 말했다. 이 총재는 "이는 비상사태일 때, 또는 비상사태라고 판단할 때 할 수 있는 것인데, 한은은 아직 이 경계선을 넘어서지 않았다"며 "전통적인 방식을 유지할 것인지, 비상수단을 써야 하는지를 판단하기 어려운 상황에 와 있는 게 사실"이라고 말했다. 이는 한은이 현 한국경제 상황을 비상사태로 판단할 경우 직접 시장 주체로 나설 수 있다는 점을 간접적이지만 '가능성 있는 시나리오'로 거론했다는 점에서 주목된다. 한은은 현재 은행채 환매조건부채권(RP)과 은행의 후순위채를 매입해 유동성 강화를 뒷받침하고 있다. 하지만 시장에서는 "한은이 미국 연방준비제도이사회(FRB)처럼 직접 시장 주체로 참여해 유동성을 대폭 확대해달라"고 요구하고 있다. 한국은행법 제80조(영리기업에 대한 여신)을 보면 '금융기관이 기존 대출금을 회수하며 신규 대출을 억제하고 있는 심각한 통화신용의 수축기에 있어서 한국은행은 제79조의 규정에 불구하고 (금융통화위원회) 위원 4인 이상의 찬성으로 금융기관이 아닌 자로서 금융업을 영위하는 자 등 영리기업에 대하여 여신할 수 있다'라고 규정돼 있다. 제79조(민간과의 거래제한)는 '한국은행은...정부·정부대행기관 또는 금융기관 외의 법인이나 개인과 예금 또는 대출의 거래를 하거나 정부·정부대행기관 또는 금융기관 외의 법인이나 개인의 채무를 표시하는 증권을 매입할 수 없다'라고 규정돼 있다. 또 103조(영리행위의 금지 등)에는 '한국은행은 직접 또는 간접을 불문하고 영리행위를 하거나 영리기업의 소유 또는 운영에 참여할 수 없으며...'라고 정해 놓았다. 위 조항들을 종합하면, 한은은 현재 상태에서 CP, 회사채 등을 직접 매입할 수 없다. CP, 회사채는 여신의 범위에 포함되기 때문이다. 하지만 '심각한 통화신용의 수축기'라고 판단할 경우 이 제약이 풀어지며 자유롭게 CP, 회사채 등을 직접 사들일 수 있다. 이렇게 되면 한은은 유동성이 필요한 부문에 직접 자금을 공급하는 효과를 거둘 수 있다. 지금처럼 유동성을 공급해도 은행에서 한은으로 되돌아오며 실물 부문으로 흐르지 못하는 '돈맥경화 현상'을 해소할 수 있다. '타깃형 유동성 공급'이 가능해진다는 얘기다. 또 발권력을 가진 중앙은행이 직접 CP, 회사채를 매입하면 단기금리와 중·장기금리의 스프레드(격차)를 줄여 관련 시장이 보다 원활하게 작동할 수 있게 된다. 비상사태로 인해 우량한 기업임에도 자금시장에서 돈을 구하지 못해 흑자도산하는 등 폐해를 막을 수 있다는 얘기다. 이와 관련 이 총재는 "한은은 현재 금융시장에 간접 참여하며 금융 시장 전체를 상대로 유동성 공급을 하고 있다"며 "현 상황에서 (금융시장 부문간) 유통이 잘 안 되고 있어 자금이 필요한 부문에 직접 처리할 수 있도록 방안을 강구해야 한다"고 강조했다.



(서울=연합인포맥스) 신경원 기자= 단기자금시장 참가자들은 전일 실세 콜금리가20bp가 하락할 정도로 은행권의 자금사정이 풍부하다고 9일 밝혔다.이날 시중은행으로 통안채 만기분 1조5천400억원과 재정자금이 들어온다. 반면 통안채 발행분 3조원, 국고채 발행분 1조4천억원, 국고채 이자분 자금환수 1조3천억원이 시중에서 빠져나갔다.지난 8일 총액한도대출 증액분 2천500억원, 자금조정예금 인출분 5천억원, 국방부 등의 재정자금 8천억원이 시중에 유입됐다.자금시장에 따르면 지난 8일 실세 콜금리는 12bp 하락한 연 3.73%로, 기준금리 대비 27bp를 밑돌았다. 은행권과 외국계은행의 콜금리는 연 3.55%와 3.73%로 각각 전일보다 18bp와 20bp 떨어졌다. 자금시장 담당자는 "지준마감일을 앞두고 은행권의 콜머니 규모가 더욱 줄고 있다"면서 "그나마 증권사가 콜머니를 하고 있어 라인이 되는 경우 일부 운용사는 콜론을 증권사에 체결시키고 있다"고 설명했다.그는 "한국은행의 자금조정예금 규모가 최종 변수로 작용할 것"이라면서도 "이번지준반월 은행권의 적수가 잉여로 마감될 수밖에 없다"고 진단했다.kwshin@yna.co.kr