Earticle

초록

영어

Fast-track program for SMEs is the system whereby creditor banks provide liquidity to SMEs facing temporary liquidity shortage in managerial difficulties, due to unstable financial market situation in domestic and global financial market, for the purpose of normalization of their management and enhancement of creditor bank's asset soundness. It was introduced by the Government in October 2008 as part of preemptive responses to overcome global financial crisis. By implementation of Fast-track program, banks first performed corporate credit risk assessment and provided conversion of KIKO loss into loan, maturity extension and interest rate cut for existing loans and new lending etc. to the SMEs classified as A or B grade. To conform to the purpose of emergency liquidity supply, banks' Fasttrack processing period shall in principle be within one month. In other words, Fast track program means bank's support for SMEs classified as A or B grade by the result of bank's corporate credit risk assessment, converting the liquidating liabilities of SME reflecting loss from KIKO currency option trades into new loan with the same bank, providing maturity extension of existing loans, new loan or interest rate cut etc. This is purposed for management normalization of client companies by providing quick liquidity to SMEs (including KiKO transactors) facing temporary liquidity shortage. Corporate credit risk assessment means the 4 grades of A,B,C,D, assessed by analysis of recent operation and cash flow etc. A and B graded SMEs are deemed as capable of normal operation. C graded SME needs financial structure enhancement such as corporate workout. D grade SMEs are required to be liquidated or apply for corporate reorganizationto the bankruptcy court. Performance of Fast-track program as of December 2010 is reported as total loans supported by the program amounting to 29.6 trillion won to 11,700 enterprises, and the program is evaluated as considerably effective in overcoming global financial crisis. In other words, FTP prevented or postponed chain reaction bankruptcies of SMEs and banks' loan losses, and was effective in mitigating credit crunch. However, as the epoch-making supports were pursued inevitably, there were insufficient aspects in corporate restructuring. In other words, though FTP was implemented temporarily within limited time scale at crisis, the program introduced several new attempts to complement procedural and internal problems in SME support. Firstly, the program prevents distress in advance, by providing support to normal SMEs with symptom of distress (B graded). Creditor banks preemptively support the selected SME before realization of distress through jointly selecting the beneficiary by discussion. Secondly, by liking between banks and Financial Supervisory Service and between banks, beneficiary SMEs are selected by stages and SMEs having trade relationship with multiple banks are actively supported. Selection of beneficiaries is systemized as bank implements credit risk assessment primarily and then notifies the assessment result to guarantor institutions. By strengthening interbank adjustment function under FSS's lead, SMEs having trade relationship with multiple banks are actively supported. Thirdly, by adopting special guarantee method separate from normal guarantee, suitable conditions for private sector's autonomous SME support are prepared. The program took progressive action to prepare suitable condition for extension of banks' SME loans, such as indemnifying bank directors and staffs in charge of lending unless they are negligent or intentional in loss making. Fourth, Shortening of guarantee screening period and progressive support etc. are adopted temporarily. To conform to purpose of emergency funding support, guarantee screening period was shortened. And banks progressively support even SMEs with excessive debt ration (including low credit KIKO transactors). These actions are temporarily implemented (until December 2011) and extension thereof shall be determined according to business cycle situation. However, there were adverse reactions as epoch-making supports were pursued inevitably to prevent insolvencies in paper profits or mass defaults by SMEs in crisis situation. In other words, SMEs were relatively negligent on corporate restructuring, Therefore difficulties are expected after termination of the program, as follow up management is burdensome, and it cannot be ruled out that the beneficiaries increasingly becomes distressed. In Korea, chain reaction bankruptcies of lots of companies during currency crisis in the past as well as global financial crisis caused enormous social costs as industrial facilities were broken down. In the course of overcoming the bankruptcies, experiences of introducing and using various debtor relief systems were accumulated. FTP has been adopted as part of overcoming global financial crisis this time and is assessed as considerably effective in overcoming global financial crisis. In other words, FTP is regarded as considerably effective in preventing or postponing chain reaction bankruptcies of SMEs and banks' loan loss realization, as well as mitigation of credit crunch.

목차

I. Fast-Track 제도의 의의
 II. Fast-Track(긴급유동성 지원)에 대한 평가
 III. Fast-Track 제도의 효율적 추진 방안
 IV. 결론
 참고문헌
 Abstract
 붙임 1
 붙임 2

키워드

저자

• 이상진 [ Lee Sang Jin | 기업은행기업개선부 부장, 법학박사 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  회생법학 [Korean Law Review for Rehabilitation and Bankruptcy]

• 간기

  반년간

• pISSN

  2093-6923

• 수록기간

  2010~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 360 DDC 340