Over 130 trillion won including interest deferred example
Although the government picks out insolvent companies
Bank “It’s hard to check corona damage”
It is pointed out that the restructuring of’Limited Companies’ has been postponed without promise as the extension of the maturity of the’corona loan’ worth 130 trillion won and the postponement of interest repayment have been extended again until September.
The government has repeatedly announced that it will not apply to companies with low business feasibility that cannot even pay interest even if Corona 19 did not strike, but the voice of the scene is different. This is because most of the maturity extensions are mechanically made without considering the direct or indirect damages of Corona 19.
On the 2nd, the Financial Services Commission said it would operate a financial support program for SMEs and small business owners for another six months, and limited the support targets to Corona 19 victims. Dae-young Kwon, head of the Financial Industry Bureau of the Financial Services Commission, said, “Companies that have been suspended for repayment of interest due to Corona 19 and those that cannot pay interest under normal economic conditions should be distinguished.” It targets companies that temporarily lacked funds.” This is because if indiscriminate support is provided to so-called’zombie companies’, which are not able to cover interest expenses with operating profit, it is left behind in the economy as a burden.
The Financial Services Commission argues that it is picking out insolvent companies, but the story of banknotes is different. An official from a large bank said, “It is not easy to determine exactly whether sales have fallen due to Corona 19. Almost all loans are going through the’Corona 19 code’.” According to the corona19 victim identification method proposed by the government, documents with annual sales of less than 100 million won are not required at all, and companies with annual sales exceeding 100 million won need only have a copy of the bankbook stating that their deposits have decreased. There is no room to weigh the connection with Corona 19. It is a structure that can survive all business if it is closed or there is no capital erosion to the point of closure.
Another commercial bank official said, “With this measure, borrowers will be able to repay corona loans at will and even extend the maturity of loans after October.” I’m worried about whether it’s not.”
The government is saying that it will carry out restructuring of marginal companies, but in reality, it is the evaluation of the financial sector that it shows that it is trying to save all of them by delaying the overdue interest. Financial companies have been hoping to end the delay in repaying interest. The reason was that the insolvency was serious if it was not enough to pay interest. The Financial Services Commission explained that the deferral of interest repayment is only 3% of the total (loan balance of 3.30 trillion won, interest is 163.7 billion won), and the number of applications has continued to decline since April of last year.
Reporter Park Jong-seo/Kim Dae-hoon [email protected]
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