Banks have signed a KRW 6 trillion repurchase agreement with the Saemaul Credit Cooperative

Banks have signed a KRW 6 trillion repurchase agreement with the Saemaul Credit Cooperative: COMPANY / Reporter Kim Jisun / 2023-07-11 04:08:58

[Alpha Biz=(Chicago) Reporter Kim Jisun] The Korea Federation of Community Credit Cooperatives scandal is expected to calm down as the banking sector is supplying short-term liquidity of more than 6 trillion won.

According to the financial sector on the 10th, the five major commercial banks (KB· Shinhan, Hana, Woori, NH Nonghyup), the Korea Development Bank, and the Industrial Bank of Korea signed a contract with Saemaul Finance Firm to purchase RP (repurchase agreement) one after another over the weekend and this day.

It is a contract for each bank to receive treasury bonds and monetary stabilization securities bonds held by Saemaul Finance Firm as a complement (purchase of RP) and provide liquidity.

Seven banks have already signed contracts with the Korea Federation of Community Credit Cooperatives to purchase RPs worth 500 billion ∼2 trillion won each, with a total of more than 6 trillion won to be provided or supported by Saemaul Credit Cooperative.