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S. Korea retrieves 70.4 pct of bailout funds

Finance 12:00 April 26, 2022

SEOUL, April 26 (Yonhap) -- South Korea has recouped 70.4 percent of the public funds it injected to bail out troubled financial firms since the 1997-1998 Asian financial crisis, the financial regulator said Tuesday.

The country retrieved 239.3 billion won (US$191.5 million) in the first quarter, according to the Financial Services Commission (FSC).

As of end-March, a total of 118.8 trillion won has been retrieved out of the 168.7 trillion won in state funds spent to save firms from bankruptcy.

The recovery rate inched up to 70.4 percent from 70.3 percent tallied at the end of last year.

Of the funds recouped in the first quarter, most came from the government's sale of a 2.2 percent stake in Woori Financial Group in February, the FSC said.

kokobj@yna.co.kr
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