ENFORCEMENT DECREE OF THE PUBLIC CAPITAL REDEMPTION FUND ACT
Presidential Decree No. 17822, Dec. 30, 2002
Amended by Presidential Decree No. 19513, jun. 12, 2006
Presidential Decree No. 19806, Dec. 29, 2006
Presidential Decree No. 20653, Feb. 29, 2008
Presidential Decree No. 24191, Nov. 20, 2012
Presidential Decree No. 27037, Mar. 11, 2016
Presidential Decree No. 27129, May 10, 2016
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 2 (Definition of Debts of Fund for Redemption of Deposit Insurance Fund Bonds and Non-Performing Loan Resolution Fund) |
"Bonds provided for by Presidential Decree" referred to in subparagraph 1 of Article 2 of the Public Capital Redemption Fund Act (hereinafter referred to as the "Act") means any of the following bonds which the Financial Services Commission determines and publicly announces in consultation with the Minister of Strategy and Finance: | 2. | A bond with the par value of not more than the amount of money computed by deducting that of any other bond provided in subparagraph 1 from 49 trillion won, which is bound to be redeemed out of the Fund for Redemption of Deposit Insurance Fund Bonds established under Article 26-3 (1) of the Depositor Protection Act (hereinafter referred to as the "Fund for Redemption of Deposit Insurance Fund Bonds"). |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 3 (Financial Resources of Public Capital Redemption Fund) |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 4 (Entrustment of Affairs relating to Administration and Management of the Fund) |
| (1) | The Financial Services Commission shall entrust affairs relating to the administration and management of the Fund to the Governor of the Bank of Korea pursuant to Article 4 (4) of the Act. |
| (2) | The Governor of the Bank of Korea shall report the details of raising and administration of the Fund of each month to the Financial Services Commission by no later than the 20th day of the following month. |
| (3) | The Governor of the Bank of Korea shall submit a report on the settlement of accounts of the Fund of each fiscal year to the Financial Services Commission together with the following documents by no later than February 20 of the following fiscal year: |
| 1. | Documents relating to general conditions and analyses of the Fund; |
| 4. | Documents specifying revenues and expenditures in cash, such as revenue and expenditure accounts; |
| 5. | Other documents related to the settlement of accounts of the Fund. |
| (4) | If necessary for the smooth management and sale of goods referred to in Article 3, the Financial Services Commission may demand the Governor of the Bank of Korea to assign a person selected through deliberation by the Public Funds Oversight Committee established under Article 3 (1) of the Special Act on the Management of Public Funds (hereinafter referred to as the "Committee") from among the following persons to deal with the affairs relating to the management and sale of the goods on behalf of the Governor of the Bank of Korea: |
| 1. | The Korea Deposit Insurance Corporation (hereinafter referred to as the "Korea Deposit Insurance Corporation") established under the Depositor Protection Act; |
| 4. | Other persons acknowledged by the Committee as appropriate for dealing with the affairs relating to the management and sale of goods. |
| (5) | When the Governor of the Bank of Korea intends to assign a person selected pursuant to paragraph (4) (hereinafter referred to as "agency") to deal with affairs relating to the management and sale of goods, he/she shall conclude an agency contract with the agency which includes the following matters: |
| 1. | The purpose and scope of agency services; |
| 2. | Fees and expenses for agency services; |
| 3. | Other matters necessary for conducting agency business. |
| (6) | The agency shall report the current status and plan for the management and sale of the relevant goods to the Governor of the Bank of Korea and undergo deliberation and coordination by the Committee therefor. |
| (7) | If necessary for the creation, administration and collection of public funds, the Governor of the Bank of Korea or the Committee may order the agency to file necessary reports, or request the interested persons, persons for reference or employees in charge to appear and submit their opinions. |
| (8) | The agency shall endeavor to sell goods at appropriate prices. |
| (9) | Except as otherwise expressly provided in this Decree, matters necessary for the performance of affairs relating to the administration and management of the Fund by the Bank of Korea shall be determined by the Governor of the Bank of Korea with approval from the Financial Services Commission. |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 5 (Contribution to Fund) |
| (3) | The amounts of money referred to in Article 5 (4) and (5) of the Act shall, within three months after the expiration of each fiscal year, be contributed to the Fund from the special accounts for postal savings and the special accounts for postal insurance, respectively. |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 6 (Plans for Redemption of Principal of and Interest on Public Funds) |
Specifications of and plans for the redemption of public funds which the Financial Services Commission submits to the National Assembly pursuant to Article 8 of the Act shall include specifications of the redemption of public funds in the relevant year as well as public funds subject to the redemption and plans for raising financial resources for such redemption in the following year. [This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 7 (Institutions to Temporarily Lend Funds) |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
| Article 8 (Fund Administration Council) |
| (1) | The Fund Administration Council established under Article 10 of the Act (hereinafter referred to as the "Council") shall be comprised of no more than ten members, including one chairperson. |
| (2) | The chairperson shall be the vice chairperson of the Financial Services Commission. |
| (3) | Members shall fall under any of the following persons: |
| 1. | A Grade III public official of the Financial Services Commission or public official in general service belonging to the Senior Civil Service Corps who is in charge of the management of the Fund; |
| 2. | A Grade III public official of the Ministry of Strategy and Finance or public official in general service belonging to the Senior Civil Service Corps who is appointed by the Minister of Strategy and Finance; |
| 3. | Assistant Governor of the Bank of Korea in charge of the management of the funds; |
| 4. | An executive of the Korea Deposit Insurance Corporation in charge of the management of the Fund for Redemption of Deposit Insurance Fund Bonds; |
| 5. | An executive of the Korea Asset Management Corporation in charge of the management of the Non-Performing Loan Resolution Fund; |
| 6. | A person deemed to have abundant professional knowledge and experience relating to the management or administration of the Fund and who is appointed by the Financial Services Commission. |
| (4) | The term of office of each member falling under paragraph (3) 6 shall be two years. |
| (5) | Where a member appointed pursuant to paragraph (3) 6 falls under any of the following cases, the Financial Services Commission may withdraw his/her appointment: <Newly Inserted by Presidential Decree No. 27129, May 10, 2016> |
| 1. | Where he/she becomes unable to perform his/her duties due to mental disorders; |
| 2. | Where he/she has committed any malfeasance in relation to his/her duties; |
| 3. | Where he/she is deemed disqualified as a member due to neglect of duties, injury to dignity, or any other reason; |
| 4. | Where he/she indicates his/her intention that it is impracticable to perform his/her duties. |
| (7) | Except as otherwise expressly provided in this Decree, matters necessary for the operation of the Council shall be determined by the Chairperson after a resolution by the Council. <Amended by Presidential Decree No. 27129, May 10, 2016> |
[This Article Wholly Amended by Presidential Decree No. 24191, Nov. 20, 2012]
ADDENDUM
This Decree shall enter into force on January 1, 2003: Provided, That Article 5 shall enter into force on January 1, 2004.
ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2006.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19806, Dec. 29, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2007.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 24191, Nov. 20, 2012>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27037, Mar. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27129, May 10, 2016>
This Decree shall enter into force on the date of its promulgation.