"A Chance to Rise Again"... Nonghyup Bank Writes Off 16.4 Billion Won in Long-Term Overdue Claims

[Financial News] Nonghyup Bank is supporting farmers, livestock producers, forestry workers, and fishers facing economic difficulties in rebuilding their lives by writing off long-term overdue claims. It is practicing inclusive finance by writing off 16.4 billion won in claims discharged through individual rehabilitation or bankruptcy proceedings, helping 5,430 people engaged in agriculture, forestry, and fisheries restore their credit. 
On the 18th, Nonghyup Bank’s Bad Debt Compensation Fund announced that it had held a Fund Management Deliberation Committee meeting on the same day and written off 6,857 claims worth 16.4 billion won, including claims for which the statute of limitations had expired and claims discharged through individual rehabilitation or bankruptcy proceedings. As a result, 5,430 people engaged in agriculture, forestry, and fisheries will be able to shed their debt burdens and gain an opportunity to restore their credit and rebuild their livelihoods.
Including this write-off, the Bad Debt Compensation Fund has written off claims worth a total of 674.7 billion won to date.
Through these efforts, 80,404 people engaged in agriculture, forestry, and fisheries have gained opportunities to rebuild their economic lives. The fund is also taking the lead in practicing inclusive finance by easing the debt burden on financially vulnerable people who struggle to repay loans and laying the groundwork for their renewed participation in economic activity.
“This write-off of claims represents the practice of inclusive finance by providing people engaged in agriculture, forestry, and fisheries who have faced economic difficulties for a long time with an opportunity to rise again,” said Lee Young-woo, executive vice president overseeing Nonghyup Bank’s agriculture and public finance division. “Nonghyup Bank will continue to faithfully fulfill finance’s social role as a dependable partner to farmers and support the sustainable growth and fresh starts of people engaged in agriculture, forestry, and fisheries,” he added.
Meanwhile, the committee also discussed institutional improvement measures to strengthen practical financial support for people engaged in agriculture, forestry, and fisheries, alongside the write-off of claims. 
[email protected] Lee Hyun-jung Reporter