In order to facilitate the exchange of Korea and Taiwan's international experiences of handling non-performing loans, the Central Deposit Insurance Corporation and the Taiwan Academy of Banking and Finance are on April 14 from 9:00~11:30 a.m. jointly hosting at the Taiwan Academy of Banking and Finance (2F, 62, Roosevelt Road, Sec. 3, Taipei) the "Seminar on Korea's Experience of Handling its Non-performing Loans" & "The Financial Sector's New Frontier-Handling Non-performing Loans" new book launch. The main focus of this book is to describe how, since the 1997 Asian financial crisis, the Korea Asset Management Corporation (KAMCO) has effectively used public funds to purchase and appropriately handle the non-performing loans of Korea's financial institutions and the various challenges that have been faced. In addition, the book also explains how, in such difficult circumstances, KAMCO has helped enterprises with non-performing loans rebuild their operations, so that Korea's successful experiences in this regard can be promoted in the countries of Asia and Europe, in order to assist other countries in the handling of their non-performing loans. KAMCO can be said to have helped other countries play the role of a financial firefighter in their respective financial sectors.
In view of Korea's appropriate handling of its non-performing loans, within only a few years both the Korean economy and its financial sector experienced a rapid recovery. The Central Deposit Insurance Corporation has together with the Taiwan Academy of Banking and Finance helped to promote this book in Taiwan, and with the assistance of Mr. Che-Kuo Cheng, the former chief of the economic unit in the R.O.C. embassy in Seoul, who translated the book into Chinese, the book provides excellent reading.
The event will begin with an opening ceremony during which opening remarks will be presented by both the Chairman of the Central Deposit Insurance Corporation, Mr. Chin-Tsair Tsay, and the President of the Taiwan Academy of Banking and Finance, Dr. Chi Schive. Following this, the former President of KAMCO, Dr. Jae-Ryong Chung, who is also one of the authors of the book, has been especially invited to deliver the keynote speech on the topic: "Korea's Experience of Handling its Non-performing Loans". A discussion has also been arranged, during which the Chairman of the Taiwan Asset Management Corporation (TAMCO), Mr. Rong-Jou Wang, and the President of the Central Deposit Insurance Corporation, Mr. Johnson Chen, will share on Taiwan's experiences of handling the non-performing loans of financial institutions with the other financial specialists, scholars and distinguished guests present. The whole of the proceedings will be accompanied by simultaneous translation between Chinese and Korean. Admission to the event is free, and those who would like to register their attendance can do so either on line through the site http://www.tabf.org.tw/tw/NewClass/ or by phoning (02)3365-3666 ext. 614 or 615. The deadline for registration is April 12.
Central Deposit Insurance Corporation (Taiwan)
April 10, 2006