금융기관 부실과 개산지급금 제도에 대한 연구:저축은행을 중심으로 (A Study on the Failure of Financial Institutions and Advance Dividend - Focusing on Cases of Mutual Savings Bank Failures)

24 Pages Posted: 13 Aug 2017 Last revised: 9 Jan 2019

See all articles by Seungkon Oh

Seungkon Oh

Korea Deposit Insurance Corporation

SeiWan Kim

Ewha Womans University

Jung-Hyo Hong

Kyungnam University

Date Written: June 30, 2011

Abstract

Korean Abstract: 본 연구의 목적은 부실화된 상호저축은행의 비보호대상 예금자들이 직면할 수 있는 장기간의 유동성제약문제를 일부라도 해소하기 위한 일환으로 예금자보호법상의 개산지급금 제도 도입에 관한 내용을 살펴보고, 동 제도시행에 관련된 정책적 함의를 제공하는데 있다. 이를 위하여 1998년 3월부터 2008년 12월까지 영업정지된 89개의 상호저축은행 자료를 이용하여 개산지급률 산정모형을 설정하고, 예상배당률, 조정계수, 배당소요기간 등에 대한 실증분석을 실시하였다. 주요 실증분석결과는 다음과 같다. 첫째, 전체 부실화된 저축은행들의 예상배당률의 평균과 표준편차는 각각 55.45%와 23.34%로 나타나, 최근 비부보 예금채권의 25% 수준으로 지급한 개산지급금은 보수적으로 책정된 것으로 판단된다. 둘째, 87개 저축은행 파산재단의 배당소요기간을 추정한 결과, 1차 배당과 2차 배당지급은 영업정지일로부터 평균 2.04년과 3.49년이 걸리는 것으로 나타나, 개산지급금 제도의 실행이 비부보예금자의 유동성문제를 완화하는 효과가 있는 것으로 나타났다. 셋째, 개산지급금 지급 후 예금보험공사와 파산재단 예금채권자 사이의 사후정산문제를 최소화하기 위한 대용치(proxy)로서 조정계수를 추정한 결과, 조정계수의 평균과 표준편차는 각각 117.31%와 30.3%로 나타났으나 실제 개산지급금 제도 시행시 조정계수의 범위는 다양한 측면에서 분석하는 시도가 필요할 것으로 판단된다. 이러한 실증분석결과들은 예금보험공사의 효과적인 개산지급금 제도를 정착시키는데 다소나마 기여를 할 수 있을 것으로 보여 진다.

English Abstract: The purpose of this paper is to review the advance dividend payment system in the Depositor Protection Act, which is designed to ease the liquidity problems faced by uninsured depositors in the event of a mutual savings bank's failure, and to suggest any policy implications related to the implementation of advance dividend payments. For this purpose, we established an estimation model for advance dividend payment ratio and did an empirical analysis of expected recovery value of uninsured deposits, adjustment coefficient, and dividend period using data from 89 mutual savings banks that failed during the period from March 1998 to December 2008. The main findings are as follows: First, the mean and standard deviation for expected recovery value of uninsured deposits of failed mutual savings banks are 55.45% and 23.34%, respectively, which leads us to conclude that the Korea Deposit Insurance Corporation’s (KDIC’s) recent decision to pay out 25 percent of uninsured deposits in advance dividend payments was quite conservative. Secondly, in the case of 87 failed mutual savings banks, the average amount of time that passed between the bank's closure and the first dividend payment and the time from closure to the second dividend payment were 2.04 years and 3.49 years, respectively. This shows that paying advance dividends will help to reduce liquidity problems for uninsured depositors. Thirdly, an estimation of the adjustment coefficient, a proxy variable to minimize the ex post netting between the Korea Deposit Insurance Corporation (KDIC) and those having deposit claims against receivers of failed banks, shows that the mean and standard deviation of the adjustment coefficient are 117.31% and 30.3%, respectively. However, it seems more desirable to be conservative and use a low adjustment coefficient. The results of these empirical analyses described above may help the KDIC introduce a practically effective scheme for advance dividend payments in the future.

Note: Downloadable document is in Korean.

Keywords: 개산지급금, 배당률, 조정계수, 상호저축은행, 예금자보호법, Advance Dividend, Recovery Ratio, Adjustment Coefficient, Mutual Savings Bank, Depositor Protection Act

JEL Classification: G01, G18, D18

Suggested Citation

Oh, Seungkon and Kim, SeiWan and Hong, Jung-Hyo, 금융기관 부실과 개산지급금 제도에 대한 연구:저축은행을 중심으로 (A Study on the Failure of Financial Institutions and Advance Dividend - Focusing on Cases of Mutual Savings Bank Failures) (June 30, 2011). Financial Stability Studies, Vol. 12, No. 1, Korea Deposit Insurance Corporation(KDIC), 2011, pp. 1-24., Available at SSRN: https://ssrn.com/abstract=3017077 or http://dx.doi.org/10.2139/ssrn.3017077

Seungkon Oh (Contact Author)

Korea Deposit Insurance Corporation ( email )

Da-dong 33, Chung-gu
Seoul, 100-180
United States

SeiWan Kim

Ewha Womans University ( email )

11-1 Daehyun-dong
Seodaemun-gu
Seoul 120-750, Seoul Seoul 120
Korea, Republic of (South Korea)

Jung-Hyo Hong

Kyungnam University ( email )

449 Wolyoung-Dong
Masan
Kyungnam
United States

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