Chapter 207

[207] Securing the site 4 On the morning of March 14, 2003, the first director of the Financial Supervisory Commission (FSC), which came out of the Capital Building in Yeouido, was as deep as the cloudy weather.

He was investigating SK Global's misdemeanor case because he found problems that could shake the entire financial market.

He looked at the fund, including the SK Group's bonds, as if he were looking through a microscope and wondered about the size of the fund's reimbursement demand compared to the size of the fund.

And I discovered that the cause is the card.

Credit cards are short – term funds that a credit card company borrows to make payments for customers' used cards instead. The credit card itself is a chain of debt.

Since the second half of 2002, the FSC has been looking at anxious eyes due to excessive competition and a sudden increase in the number of credit defaulters.

However, since there were many bonds based on assets, we decided that there would not be a big problem unless there were special variables to extend the maturity of the bonds.

However, as the North Korean nuclear issue broke out, overseas short-term borrowing ceased, and financial market uncertainties grew out of control due to SK Global's misdemeanor.

The size of the credit card was known to be about 50 trillion won, but after the FSC's investigation, it could not stay still more than 90 trillion won.

The financial authorities held a financial policy meeting at the Myeongdong Bank Hall in Seoul under the auspices of the Ministry of Finance and Economy.

The urgent meeting passed the night, and on March 17, the credit card company announced comprehensive measures.

The countermeasure was that the credit card company would ease the credit card regulations and provide financing on the premise of strong self-reliance efforts and measures to improve the balance sheet.

The problem was the card company's intense self-help effort.

The word self-rescue includes pressure to reduce debt even if the company pours out money.

But chaebol's work is more important to their property than the company. In order to prevent the bankruptcy of the credit card company, the company money and the government support fund were almost unheard of because of the fact that no one would be able to use the money to use it.

"What is the short term?"

"We are only able to fill in with the extra funds of the affiliate, but it does not last a few days."

"We've cut cash and card usage limits as a temporary measure. However, the cash service should be discontinued next month. I do not have enough cash. "

Vibrator vice president rubbed his forehead. I thought I was sweating.

As a result of the heavy industry, we were able to detect changes in the market in the long run. But it was very hard to endure the situation where a financial company like credit card company had to make money every day.

"We need to get more money from our affiliates. Or have a big problem next month … "

"No. We can not put our money back into our financial affairs! "

"But if the cash service stops, you can not get out of hand."

OK. If the use of the Sunyang card is stopped, it will adversely affect the stock price of the card company as well as the entire Sunyang group. "

When executives were worried, Vibrator Vice President stopped his hand rubbing his forehead.

"What are you doing now? Is the agenda of the meeting warning me of the danger? Do not you think we should come up with measures to break that danger? "

The name of the short-term foreign banknote card is plausible, but it is debt. The time has come for you to owe it and to pay it off. The only way to pay off the debt is to pay the money.

Executives are squeezing money to pay off the debt, but there is no way to get it but the warning.

There is no way to turn off the light quickly. Vibrator vice president can get the money out of here and there. I will not be able to make hundreds of billions. But nobody can get it out.

Vibrator vice chairman said with disdainful view of executives.

"I do not even … . No, what about the bond situation of Sunyang Life? "

It is the most nervous part of him, too.

"The 300 billion repayment is two months away. This must be extended to expiration. Honestly, repayment is impossible. "

Only the most extreme choices remained as expected.

At this time, an executive voice was heard in the corner of the conference room.

"Vice President. I now want to discuss the self-help measures the government has said. "

“What?”

"We need to increase the card company capital. All measures are temporary measures unless they are secure, and one day you will face the worst of the card termination. "

Other officers do not know, but it was hard to speak in public.

Sunyang Card has no stake in affiliates. Increasing its capital does not help the group's dominance at all. It is better to increase the capital of Sunyang Heavy Industry and strengthen the dominance of Vibrator Vice Chairman by increasing the capital of such companies.

And it is the answer and idea that the vibrator vice president wants to lend the money of heavy industry to the credit card company and turn off the emergency fire.

But the unaware officer prompted the vice president's reply.

"There is a belief in the name Sunyang Group. There will be no difficulty in expanding the capital of the Sookmyung Card. "

"Hey, the story is later … "

The officer sitting next to him gestured and dried up, but it was already late.

Really? How much do you need? Tell me your thoughts. "

"It is 400 billion."

"Is the money okay?"

"Yeah. Not only can you turn off the lights quickly, but you can also operate stable funds. The 4-fold increase is enough … "

"Let's pay the 5,000 won face value to 20,000 won?"

"I think it's no problem because it is a Sunyang group. With capital of 100 billion won, capital surplus of 300 billion won, and total of 400 billion won, this problem can be solved. "

The executives did not hide the nervous expression, but the opinions they wanted to say were publicly posted on the conference room table.

"But Mr. Vice President, 800 billion of bonds of Sunyang Life must be extended. Even if it comes to over 400 billion won, there is no way to stop the bonds of Sunyang Life. "

Unknown people do not notice until the end. If I had read the expression of the vibrator vice president a little, I should not have said the last word.

"Well, I've turned it all the way down, so I do not think there's anything more to say … . Do you want to finish the meeting? "

Vibrator vice president left the room without looking back. His voice stuck in the conference room as he stayed in the conference room.

"Let's have a look at me."

The president of Sunyang Card ran out of the conference room as a short distance player. When I approached the Vibrator Vice Chairman, I heard a cold voice.

"I do not want to see that baby since tomorrow. And what will I do with the Sun Yat-sen's bond? The rest is the boss, you solve. "

I do not even have to tell her name who she is.

If the capital is increased by 100 billion won, the share falls to less than 30%, and the control of the Sunyang card goes over.

Owners of the chaebols abandon the company without losing control.

Is it not a family that does not accept the landowner's fallen-down?

"Yeah. Vice President. "

President Sunyang Card knew his life was not much left. Maybe it will be the first time for the Sunyang Group to fall into bankruptcy.

I might bite my lips without knowing that I might be disgraced.

* * * "Everyone, now that everyone knows how awkward an advertisement that everyone is rich, father said, enjoy life"?

"I do not even know. If you remember everything, these scammers will stay in Korea? "

Oh Se-hyun showed a cynical smile.

"Now, tell me honestly. Did you feel this situation? "

It was not my intuition, but my sight. But the answer was different.

"Debt is growing business. This is not the case, but I thought it was too much to lead the company. "

"Anyway, thanks to it, the bomb in my arms is gone. It's the sky. "

"I will bring it back if the bomb disappears."

"Is it okay?"

"The card company is a bank that lends money first and keeps interest. If I had been careful about issuing cards and limits, would not it be a land swim business? "

The bank lends money after investigating each customer who wants to borrow and securing the collateral.

The card company does not need to be like a bank. This is because most of the loan period is one month and it is a small amount. When you first issue your card, the risk of loss falls sharply if you only get credit and income.

Why would you do this business?

"It will not be easy to regain the Sookmyung card."

"You do not have to rush, but you have to stock up against falling stock prices. And are not you a huge creditor? There are many ways. "

It is easy to recover only the card company. The difficult thing is the price.

Vibrator Vice Chairman should speak to his brother Vice President Jin Young-ki.

To do that, I have to do one thing … It is not difficult.

And that day came immediately. That meant that the fire spilled on the card company was hot.

"My father. It is difficult. My nose is a stone. "

“What?”

Vibrator vice president blinked and began to look at me.

"The money is blocked by the card. Life, fire … It's all clueless. I am serious enough to recognize short-term borrowing. Did you borrow money from your father's hospital? "

In 1999, cash loans, which were only 48 trillion, soared to 268 trillion as of the end of last year. As soon as the card company lowered its credit limit, 3 million credit defaulters were poured out.

The Korean economy has already suffered from arteriosclerosis. There were not many companies left to say that there was no problem.

"The premiums that come in every month are half full. If your father does not arrange the bonds, we'll be in big trouble. "

I thrilled and threw a thick document before.

"Try it. As the funding plan collapsed, all of the affiliates became infested. As you know, is not it all about paying money? My grandfather is a heavy industry, so I think it would be better for us to have more money than we do. "

"Do not say. Another affiliate has toss it up to the sackjackdon and tie it to the card. I will endure this. "

His grandfather's suicide is not usually. No, is not that a good thing?

"Anyway, just watch it. The government may be financing … "

"No, there is no government support. It was a breakthrough as soon as the new government arrived. It's also a screaming card screaming. There is no gut to ignore public opinion criticizing the moral hazard. "

Oh, you're smart.

If you postpone until the end of the bond maturity, you can hit the back of the real thing.

"Are you going to be like this? If my father does not solve our bond, I can not. Even if you did not get the bond interest right away, you passed it. This is the limit. "

Vibrator vice chairman did not hide the grim facial expression. She looked at her face and said softly.

"Why do not you borrow some money from the outside?"

"Do Joon-ah. If I had to borrow money, do you think I would be sorry for you, my nephew? The bank is also wobbling because of the card. "

"No matter how hard it was, I was told to go to three rich people. Is not there a place to easily lend billions of billions? "

Suddenly the eyes of the vibrator vice president shone.

Where? Do you have that kind of financial power? I do not think you're telling them, are you? "

"I went to Myeongdong to go to the ground. Not there … . Is not it your father? "

I lifted my finger and poked it over.

keun Brother

Vibrator vice president frowned at the same time.