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Deposit insurer to sell 7.2 tln won of bonds in 2017

All Headlines 10:54 January 03, 2017

SEOUL, Jan. 3 (Yonhap) -- South Korea's state-run deposit insurer said Tuesday it will issue 7.19 trillion won (US$5.93 billion) in bonds this year in two types.

The Korea Deposit Insurance Corp. (KDIC) plans to float bonds worth 4.69 trillion won for its special fund created in 2011 to help restructure the country's ailing savings bank industry. The fund is scheduled to run through 2026.

The KDIC will also sell 2.5 trillion won of bonds for redemption funds intended to recover public funds injected for the restructuring of the financial sector since the outbreak of the Asia-wide foreign exchange crisis in 1997.

The funds raised by this year's bond issuance will be used for the redemption of debentures that mature in 2017.

The KDIC plans to reduce the amount of outstanding redemption funds to 10.6 trillion won and that of special funds to 13.7 trillion won by the end of the year.

The logo of the Korea Deposit Insurance Corp. in a photo provided by Yonhap News TV. (Yonhap)

lcd@yna.co.kr
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