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Annual Report Korea Deposit Insurance Corporation

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Annual Report Korea Deposit Insurance Corporation 2011 ANNUAL REPORT KOREA DEPOSIT INSURANCE CORPORATION Hahoetal - Korean Traditional Mask CEO Message ooking back, the year 2011 was a turbulent year for the Korean economy both at home and abroad. Outside the country, concerns continued to rise about the fiscal crisis in Europe and the slowdown in the global economy. At home, there were various threats to national L economic growth and financial stability including rising household debts and the restructuring of the weak mutual savings banking sector. Against this backdrop, the Korea Deposit Insurance Corporation (KDIC) strived to carry out its mission to protect depositors and maintain the stability of the financial system as an important financial safety net player. Above all, the KDIC made strong efforts to handle the failures of 16 mutual savings banks that occurred during 2011 in an orderly fashion to minimize depositor inconvenience and calm financial market fears. In addition to successfully carrying out its responsibilities for the conservatorship of failed mutual savings banks, the KDIC shortened the period for provisional deposit payments and expanded the payment limit. Also, the creation of the Special Account for the Restructuring of the Mutual Savings Banking Sector within the Deposit Insurance Fund enabled the KDIC to ensure stable funding and financial assistance for the restructuring efforts. Moreover, the resolution mechanism (i.e. P&A) for failed mutual savings banks became more efficient and speedier. Another challenge for the KDIC was to maximize fund recovery through efficient management and sales of assets which the KDIC acquired in the resolution process. With regard to the recovery of public funds spent on the handling of the 1997 Asian financial crisis, every effort was made to make sure that the money could be recovered as scheduled. In addition, by holding parties responsible for a bank failure accountable for their actions, the KDIC tried to encourage member institutions to adopt sound management practices. In the meantime, the KDIC was given a broader authority to conduct solitary examinations of mutual savings banks and joint examinations of large, group-affiliated mutual savings banks with the Financial Supervisory Service under the Korean government's financial supervision reform plan. This has created an enabling environment for the KDIC to detect risk signs earlier at troubled member institutions and take preemptive action. During 2011, the KDIC also enhanced public awareness campaigns to educate the public about deposit insurance using a variety of media including TV, newspapers and radio. And education programs targeting vulnerable groups without access to financial information were expanded, too. This Annual Report is a compilation of the activities that the KDIC performed during 2011 for depositor protection and maintenance of financial stability. This year, improvements were made to its contents and format to provide a better understanding of the KDIC's activities and the deposit insurance system for all members of the society. Going forward, the KDIC will remain committed to enhancing its expertise and maintaining a high level of integrity so that it can effectively protect depositors from financial risks, big or small, and maintain the stability of the financial system. I look forward to your continued interest and support for the KDIC. Joo Hyun KIM Chairman & President C ontents Ⅰ. Major Initiatives Ⅱ.Organization Operations Ⅲ.Financial Consumer Protection Ⅳ.Advancement of the Deposit Insurance System Ⅴ.Risk Management Ⅵ.Resolution of Insolvent Financial Institutions Ⅶ.Management of Bankruptcy Estates and Acquired Assets Ⅷ.Promotion of Sound Business Management and Accountability for Insolvency Ⅸ.Fund Management Ⅹ.Account Settlement for Fiscal Year 2011 Appendix 001 Ⅰ. Major Initiatives 013 Ⅱ. Organization Operations 014 1. Organization Setup 020 2. Organization Management 033 Ⅲ. Financial Consumer Protection 034 1. Prevention of Damages to Financial Consumers 039 2. Protection of Financial Consumers of Insolvent Financial Institutions 045 Ⅳ. Advancement of the Deposit Insurance System 046 1. Improvement of the Deposit Insurance System 049 2. Research on Deposit Insurance Schemes 051 3. International Exchange and Cooperation 057 Ⅴ. Risk Management 058 1. Inspections and Joint Examinations 063 2. Management of Public Fund-injected Financial Institutions 069 Ⅵ. Resolution of Insolvent Financial Institutions 070 1. Conservatorship of Insolvent Financial Institutions 075 2. Sales and Contract Transfers Regarding Insolvent Financial Institutions 080 3. Management of Special Assets Owned by Insolvent Financial Institutions 085 Ⅶ. Management of Bankruptcy Estates and Acquired Assets 086 1. Management of Bankruptcy Estates 091 2. Management of Assets Acquired from Insolvent Financial Institutions 095 Ⅷ. Promotion of Sound Business Management and Accountability for Insolvency 096 1. Promotion of Sound Business Management among Insured Financial Institutions 097 2. Investigations into Insolvent Financial Institutions 102 3. Investigations into Default Debtor Corporations 104 4. Investigations into Properties Owned by Persons Implicated in Insolvency 109 Ⅸ. Fund Management 110 1. Deposit Insurance Fund Bond Redemption Fund 120 2. Deposit Insurance Fund 129 Ⅹ. Account Settlement for Fiscal Year 2011 130 1. Overview of Account Settlement 131 2. Criteria for Account Settlement 163 3. Account Settlement Results 149 Appendix 150 1. Overview of the Deposit Insurance System 153 2. External Evaluation 154 3. Summary of Major Events in 2011 155 4. Statistics Tables 003 <Table Ⅰ-1> Suspended Mutual Savings Banks in 2011 003 <Table Ⅰ-2> Shortened Time Period for Provisional Deposit Payment 003 <Table Ⅰ-3> Increased Coverage Limit for Provisional Deposit Payment 004 <Table Ⅰ-4> Resolution of (16) Mutual Savings Banks Suspended in 2011 005 <Table Ⅰ-5> Preparation and Use of the Special Account 007 <Table Ⅰ-6> Joint Examinations with the FSS 008 <Table Ⅰ-7> Property Investigation of Suspended Mutual Savings Banks and Preservation of Creditor Claims in 2011 009 <Table Ⅰ-8> Financial and Economic Education in 2011 010 <Table Ⅰ-9> Major Recovery Events in 2011 011 <Table Ⅰ-10> Major Changes in KDIC-owned Stakes in Financial Institutions 015 <Table Ⅱ-1> Deposit Insurance Committee Members 015 <Table Ⅱ-2> Deposit Insurance Committee Activities 016 <Table Ⅱ-3> Deposit Insurance Committee Agenda in 2011 018 <Table Ⅱ-4> Executive Board Members 019 <Table Ⅱ-5> Organization Chart 019 <Table Ⅱ-6> Number of Staff 022 <Table Ⅱ-7> Strategic Goals, Strategic Tasks and Detailed Action Plan 023 <Table Ⅱ-8> Hi-KDIC Program 028 <Table Ⅱ-9> Major Social Charity Activities in 2011 030 <Table Ⅱ-10> Detailed Action Plan for the First Phase (Year 2011) 035 <Table Ⅲ-1> Deposit Insurance System Promotion Messages and Images 036 <Table Ⅲ-2> Awareness Survey Results 037 <Table Ⅲ-3> Number of Branches Investigated On-site Per Person Regarding the Display of KDIC Signage 039 <Table Ⅲ-4> Financial and Economic Education in 2011 041 <Table Ⅲ-5> Number of Requests for Provisional Deposit Payment and Deposit Payoffs 042 <Table Ⅲ-6> Uncollected Dividends Payments Delivered to Bankruptcy Creditors 047 <Table Ⅳ-1> Major Provisions in the Depositor Protection Act related to the Special Account for MSB Restructuring 049 <Table Ⅳ-2> Major Research in 2011 050 <Table Ⅳ-3> Major Publications in 2011 055 <Table Ⅳ-4> Sharing Korea's Deposit Insurance System Operation Experience with Other Countries in 2011 061 <Table Ⅴ-1> Performance of Joint Examinations with the FSS 062 <Table Ⅴ-2> Main Contents of Financial Risk Review in 2011 064 <Table Ⅴ-3> Conclusion of, Amendments to and Additions to MOUs on Business Normalization 071 <Table Ⅵ-1> Conservatorship of Insolvent Financial Institutions in 2011 072 <Table Ⅵ-2> Number of Staff Dispatched to Each Mutual Savings Bank Suspended in 2011 074 <Table Ⅵ-3> Improvement in Arranging Loans Secured on Deposits 074 <Table Ⅵ-4> Number of Deposit-secured Loans Arranged by the KDIC 077 <Table Ⅵ-5> Resolution Methods for Insolvent Financial Institutions in 2011 078 <Table Ⅵ-6> Comparison of Resolution Periods for Insolvent Mutual Savings Banks 080 <Table Ⅵ-7> Contract Transfer in Packaged Deals in 2011 081 <Table Ⅵ-8> Outstanding Loans Made by Busan Mutual Savings Bank Affiliates to SPCs per Business Purpose 083 <Table Ⅵ-9> Example of Procedures for the Disposition of Special Assets 087 <Table Ⅶ-1> Appointment of Bankruptcy Trustees 089 <Table Ⅶ-2> Sales of Assets Held by Bankruptcy Estates 090 <Table Ⅶ-3> Closed and In-progress Bankruptcy Estates 091 <Table Ⅶ-4> Assets Acquired by Resolution Financial Institutions in 2011 092 <Table Ⅶ-5> Assets Acquired by the KR&C (Accumulated) 093 <Table Ⅶ-6> Assets Owned by the KR&C (Balance) 099 <Table Ⅷ-1> Investigations into Wrongful and Improper Activities Regarding Insolvent Financial Institutions 100 <Table Ⅷ-2> Lawsuits Filed Regarding Insolvent Financial Institutions 101 <Table Ⅷ-3> Legal Actions against Insolvent Financial Institutions and Assets Recovered 102 <Table Ⅷ-4> Investigations into Default Debtor Corporations 102 <Table Ⅷ-5> Lawsuits Filed Regarding Default Debtor Corporations 103 <Table Ⅷ-6> Legal Actions against Default Debtor Corporations and Assets Recovered 104 <Table Ⅷ-7> Investigations into Implicated Parties' Properties and Legal Actions 105 <Table Ⅷ-8> Recovery of Properties Hidden Overseas Per Year 106 <Table Ⅷ-9> Number of Cases Reported, Number of Recoveries and Recovered Amount per Year 111
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