Execution time2024-03-24 06:07
The central association’s standard regulations also include a ‘reasonable selling price setting scheme’
Federation of Korean Savings Banks
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(Seoul = Yonhap News) Reporter Oh Ji-eun = In order to quickly liquidate insolvent real estate project financing (PF) businesses from savings banks, measures such as the central association’s regular guidance of auctions and public auctions are being promoted.
According to the financial sector on the 24th, the Federation of Korean Savings Banks periodically steers the sale of non-performing loans to revive auctions and public auctions and revises standard regulations to set reasonable sale prices.
The central meeting’s standard regulations are business guidelines that apply to 79 savings banks across the country, and the plan is to complete the review soon and report it to the financial authorities.
Recently, the Financial Supervisory Service asked the National Federation of Korea Federation to prepare a plan to revive auctions and public auctions in order to promote the liquidation of insolvent PF businesses of savings banks.
First, the National Association intends to review the standard regulations to hold auctions and public auctions every 3 to 6 months for receivables overdue for more than 6 months.
The current standard regulations specify that receivables overdue for more than six months be sold by auction or public auction, but do not specify periodic enforcement actions.
In addition, we intend to include provisions relating to the sale price, which is the biggest obstacle to rapid reorganisation, in the standard regulations.
The Financial Supervisory Service has asked the Korean Federation of Financial Supervisory Service (FSS) to specify auction and public auction procedures and noted that savings banks are delaying bids by offering too high prices and suppressing successful bids.
On the other hand, the view of the savings bank industry is that there are currently a lot of properties for sale, and as concerns about a hard landing in real estate increase, buyers are offering low prices and liquidation is progressing slowly.
A savings bank official said, “If you lend 10 billion won on collateral (bridge loan) worth 13 billion won and accumulate about 2 billion won in provisions, the book value will be 8 billion won . At the moment, with an additional 10% (1 billion won) of accumulated reserves, the book value is 70 billion won. “It’s gone down to 100 million won, ” he said. “However, the price offered by the asset management company on the buyer’s side is only 4 to 5. billion won.”
The central society decided to prepare provisions to fix auction and public auction prices so that they can be accepted as reasonable prices in the market.
Previously, Park Sang-won, Deputy Director of the Financial Supervisory Service, said at a savings bank business performance briefing on the 21st that the PF delinquency rate soared to 6.94% at the end of last year, saying, “We the authorities can enforce auctions and public auctions, and they can help light companies by revitalizing sales channels and improving auction procedures.” “We are trying to stimulate public auctions,” he said.
The Financial Supervisory Service is also following a plan to encourage savings banks to actively participate in auctions and public auctions by reorganizing the business feasibility assessment from the current 3 stages to 4 stages and increasing the back-to-back ratio .
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2024/03/24 06:07 Sent
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