The summary of the provided text is as follows:
The text discusses the current crisis in the financial sector, particularly focusing on the insolvency of Saemaul Geumgo, a non-bank financial institution (NBFI). The crisis has been exacerbated by a rapidly rising delinquency rate, which is over 10% and poses a significant threat to the institution. The government has taken measures to address this, including asking those who have withdrawn their deposits to re-deposit.
Saemaul Geumgo's real estate financing is also a significant concern. The institution has been providing loans equivalent to 30% of the progress rate, which has led to a problem with the real estate PF. If the real estate PF fails, it will be difficult for Saemaul Geumgo to survive.
The institution's management and supervision are also a point of concern. Saemaul Geumgo directors in each region have strong powers, and the work is managed under the Ministry of Public Administration and Security, not the Financial Supervisory Service.
The text also discusses the impact of the crisis on the broader economy, mentioning the potential serial bankruptcies and the need for a low-cost phone operator. It highlights the need for improvements in the telecommunication law, including lowering the rate plan and terminal support.
The household debt burden is also discussed, with the text noting that it is the highest in 10 years. The increase in household debt is attributed to the loan interest rate, and the text suggests that the situation is not only related to household debt, but also to real estate and stocks.
The text concludes by emphasizing the critical situation of the current interest rate, particularly the loan interest rate related to light, and the need for measures to address the crisis in the financial sector.
1. The current crisis is serious due to the potential insolvency of Saemaul Geumgo [Source: Text].
2. The delinquency rate of Saemaul Geumgo has been rising rapidly, now standing at over 6.5% [Source: Text].
3. The normal delinquency rate for financial institutions should ideally be between 0.3 to 0.5 [Source: Text].
4. Saemaul Geumgo has not been subject to the Depositor Protection Act, which protects depositors up to 10 million won [Source: Text].
5. Saemaul Geumgo has conducted a full investigation on over 100 places, and if the delinquency rate is over 10%, it can't be saved [Source: Text].
6. Saemaul Geumgo's real estate financing is said to be a loan to established high schools [Source: Text].
7. The delinquency rate is a key indicator of insolvency, and if it continues to rise, the company could face insolvency [Source: Text].
8. The Ministry of Public Administration and Security continues to instruct Saemaul Geumgo to lower the delinquency rate [Source: Text].
9. The delinquency rate of 6.5% means that Saemaul Geumgo is not a financial institution, increasing the risk of insolvency for borrowers [Source: Text].
10. The interest rate is tied to the delinquency rate, and any rise in interest rates could lead to serial bankruptcies [Source: Text].
11. The telecommunications cartel in Korea is a monopoly that gives exceptional treatment to certain businesses [Source: Text].
12. The optimal rate plan and lower terminal prices are proposed solutions to lower communication costs [Source: Text].
13. The household debt burden is the highest in 10 years, with the debt burden of household debt close to 2,000 trillion won [Source: Text].
14. The interest burden is higher due to a fake fixed interest rate, which is fixed for 5 years and then refinanced [Source: Text].
15. The real estate market turmoil, house price falls, and interest rate changes have a significant impact on the household debt burden [Source: Text].