Autonomy of banks to be respected

New Finance and Economy Minister Jin Nyum announced Thursday that owners of companies that the government has injected with public funds will be held responsible for poor management. On the other hand, Lee Keun-Young, chairman of the Financial Supervisory Commission announced that he will respect and support self-promoted restructuring plans by commercial banks and requested the banks to start negotiating for mergers.

During the first meeting with the presidents of 16 commercial banks at the Bankers¡¯ Building, Myong-dong, the finance and economy minister and the FSC chairman made their statements. Jin said that if additional public funds need to be injected, a clear vision will be proposed of future prospects for the banking industry. The minister further stated that a white book on the use of public funds would be published by next month to enhance public understanding and said the ministry would make every effort to recollect public funds that have been injected into insolvent companies.