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Normalcy returns to ROK banks after one-day strike
SEOUL. July 12: All banks resumed normal operations Wednesday after a one-day sinkr by employees demanding Job seenjby and mure government hinds Im their heavily Indebted banks, says AP.
None of the 6.2OO bank offices in South Korea was closed during the strike but many had to curtail their complex lending and foreign exchange businesses Some banks temporarily hired retired workers to fill the gap
'ft's significant that the dispute was resolved through dialogue. setting a precedence that even the opinions of labour unions can be reflected in government policies," said Lee Yong-keun. head of the Financial SujMTvisory Commission.
Tile Korea Financial Industry Union, an umbrella for the nation's 65.000 bank workers, also expressed satisfaction with the terms that ended the strike
We've not won all we wanted to get but we have secured certain amounts of victory." union leader Lee Yong-duk said.
Most of the 22 banks In South Korea are governin'nt-controlled
Both sides officially announced the end of (he strike Tuesday night but details of (he terms were withheld until nild-Wednesday. pending formal approval by an arbitration committee comprising the gov-eminent,. management and labour union.
Bui Information leaked from both sides indicated (hat the government promised to provide additional funds to Indebted banks while winning silp|X)rt for Us plan to Introduce financial holding companies that will allow managers to control two or more banks.
Experts say such an ar-rangrinent would make It easier to merge or consolidate the banks. Bank workers fear the new system would lead to mass layoffs. •
To dispel (he workers' fear of outright mass layoffs, (he government promised that even If (he new system is introduced. It
will not push foreeful mergers of hanks.
Instead, the government will enforce a new system beginning next year that will limit to 20 million won (dlrs 17,300) the amount of deposits to tie redeemed In case financially Insolvent banks are folded
Up to now, there have been no limits on the amount of re-dejnptlO!) — a factor that officials believe has contributed to iIk insolvency of some banks.
The government hopes that the new system will Influence neoplc to shun financially weak banks, thereby forcing them to merge or consolidate with other banks to survive.
The new system means that the government will depend on ihe market force to reform and restructure the banking sector, said Lee. the chief government linanclal regulator.
The government also promised to provide more funds to help ease the financial burden of several debt-ridden banks. The burden includes dlrs I billion extended in loans
to the old Soviet Union.
In a deal linked with o|x.-nlng diplomatic relations with Moscow in 1990. South Korea extended S 3 billion In loans to the old Soviet Union.
After providing S I 47 billion. South Korea suspended further reimbursements after Moscow failed to pay back interest on the loan already extended. Most of the money came from commercial banks.
Unions claim that their banks have become weak, because they were forced to make unprofitable loans or Investments under government pressure.
Reform of South Korea's inefficient banking sector was a key demand of the International Monetary Fund in exchange fof a dlrs 58 billion bailout In late 1997.
In the first round of restructuring that followed the IMF bailout, more than 40.000 banks workers lost their jobs. Officials said a second round of restructuring is necessary.