Korea recoups 66.5% of bailout funds: FSC

The South Korean government recouped 436.4 billion won ($389 million) of bailout funds, mostly used to help ailing financial firms during the 1997-98 Asian financial crisis, in the second quarter of 2016, the nation's top financial regulator said Tuesday.

The retrieval of taxpayers' money came largely from dividends from bailed-out firms, according to the Financial Services Commission.

The government spent a total of 168.7 trillion won to bail out financial firms and help stabilize the financial system from November 1997 to June this year.

It recouped 112.1 trillion won, or 66.5 percent, as of the end of June, up 0.3 percent on-quarter, the FSC said.

On Monday, the commission announced a plan to privatize Woori Bank within this year in a bid to recoup more public funds.

The government holds a 51 percent stake in the country's third-largest bank by asset through the state-run Korea Deposit Insurance Corp., and it plans to sell off 30 percent to several different buyers. (Yonhap)