신용협동조합 예금자보호제도의 개선

Abstract

The Credit Union is a non-commercial legal entity whose purpose is to promote the public interest among its members. The Credit Union not only serves as a financial institution for the working classes but is also becoming a commercial lender of a general character, based on changing social-economic needs. In order for the Credit Union to gain the edge in its competition with other financial institutions, so as to maintain its pace of development and secure its position in the market, it needs a deposit insurance system that can prevent moral hazard. Through such means, the Credit Union's financial system can be both stabilized and enhanced in terms of its credibility. This paper first focuses on the necessity and specificity of the Credit Union's deposit insurance system. Then the author goes on to analyze the current status and the problematic issues of the Credit Union, after which suggestions are given on how to improve the deposit insurance system necessary for its development. For the purposes of securing financial resources and setting up a sizable fund, it is advised to prepare legal provisions for possible government loans. Moreover the author recommends permitting the issuance of bonds and introducing the designated reserves system as well. The paper also examines the need to exclude the deposits of directors and the management from the deposit insurance system and implement a differential premium rates. In addition the author suggests that supervision be strengthened, liquidation methods of insolvent unions be diversified, direct management of insolvent unions by the National Credit Union Federation of Korea be implemented and responsibility management be naturalized. Among the above recommendations, some will have to be implemented immediately, whereas others will need further examination before their introduction.