Seoul: The government of South Korea has successfully retrieved over 72 percent of the public funds used to bail out financial institutions during the 1997-1998 Asian financial crisis. This significant recovery effort has been confirmed by the financial regulator.
According to Yonhap News Agency, the Financial Services Commission (FSC) reported that by the end of June, the government had recovered 72.4 percent, equivalent to 122.1 trillion won (approximately US$88.3 billion), of the total 168.7 trillion won in bailout funds disbursed during the crisis. This shows a 0.3 percentage point increase in fund recovery compared to the previous three months.
During the second quarter of the year alone, the South Korean government managed to recoup 527 billion won in public funds. The ongoing recovery of these funds highlights the sustained efforts by the government to stabilize the financial sector and recuperate the financial resources allocated in response to the crisis.