KAMCO???

1
??????????? ? KAMCO???

• 2002. 10.16 ??

Presented by
Korea Asset Management Corporation
2
? ?
? ? ????
?? ?????????
Infrastructure???
??????
??????
?????????
?? KAMCO???
?????? (KDIC)
???????? (KAMCO)
3
??????
4
????

• ?????????

• ??????

5
????

• 1997??????????

????
????

• ????????
• ????????

• ????
• ?????

????
????
????

• ???????
• ???????

• ???????
• ????????

Korea Asset Management Corporation
4
6
????

• ???????

????
????????????????????
????
??????,?????????????
????
??????????,?????,?????????
????
??????????????????????????
????????????????
Korea Asset Management Corporation
5
7
???????????
8
Infrastructure ???

• ???????

• ???????

• ???????

9
??????
??????
??????
??? ??? ???
?????? ????
????
????
????
Korea Asset Management Corporation
8
10
???????

• ??????????

• ?????????(Financial Supervisory CommissionFSC)
  (1998.4)
• ? ????????????? ???,???,????(??)

• ??????????????? (1998.6)

• ?????????????? (1998.9)

• ???????????????????? -- ?????(Financial
  Supervisory Service FSS ) (1999.1)

• ???????????????? (Forward Looking Criteria
  FLC )
• (1999.12)

Korea Asset Management Corporation
9
11
???????

• ????2???

?????? (KDIC)
?????? (KAMCO)
?? ????

• ????????
• ???
• ????
• ??????
• ?? (USD 64B)

• ???????
• ????
• ????????
• ??????
• ????
• (USD 17B)

Korea Asset Management Corporation
10
12
???????

• ??????

??

• ???????? (1998.12)

?????? ?????

• ??????????????,??????????
• ???????????????? (1997.1)

???? ???

• ???????????,???????????????
• ?????????????? (2000.10)

?????? ??????????? KAMCO? ??

• ??????????????, ??????????????
• ??????????(KAMCO)???????????
• ?????????????? (1997.8)

?? ???

• ????????, ??????????????????
• ????????(KDIC)???????????????
• (1995.12)

Korea Asset Management Corporation
11
13
???????

• ??????

???? ?????

• ?????????,?????????????
• ????? (2001. 8)
• ???????????????????????????

????

• ?????????????????????
• ??????? (2002 ??)

?????? ????? (CRC?)

• ?????????????,??????????
• ???? (1999.2)

?????? ????? (CRV?)

• ???????????????????,????
• ?????????????? (2000.10)

Korea Asset Management Corporation
12
14
???????

• ?????????

?????? (ABS?)

• ???????,???????????????,
• ?????????? (1998.9)

???? ???? (MBS?)

• ????????????,????????,??????????????,
  ????????????????????????(1999.1)

???????? (REITs?)

• ????????????,?????????
• (2001.3)

• ????

• ???????????, ????????,??????

Korea Asset Management Corporation
13
15
???????

• ????

?????

• ????????,??????,??????,
• ????????????? (1998.9)

????? ???

• ???????????,???????????
• ??? (1998.9)

??? ???

• ???????????????? (1999.1)

Korea Asset Management Corporation
14
16
??????

• ???????

• ???????????

• ??????????

• ????

17
??????

• ???????? (1998.6 1998??)

BIS????? gt 8 1997????
YES
NO
??
????
????? (????/??)
??
????/??
( PA )
?????? ???????? (KAMCO)
?????? ???????? (KDIC)
Korea Asset Management Corporation
16
18
??????

• ???????? (2000.2 2001?? )

DAEWOO ??
WORKOUT??? ????
???? ?????
????? Infrastructure ??
???? ????
????????? ??????
???
???????
2001?
27???
16??? (?????5?/ ???5?/????1?)

• ?????? 2? (Woori???)
• ???? 5?(???5?????)
• ???? 1?(??)
• ????????? 1? (Seoul)
• ???? 4?

3???????
Korea Asset Management Corporation
17
19
??????

• ?????????????

• ???????????????, ??????????
• ??(FLC)

• ???KDIC???????????????????

• ???????????, ?????????????????
• ??????

• ???????????????(????), ?????????????????????

• ????, ????????????????????
• ????????(USD Bn. ) 86.2(98.3?) 51.3(99?)
  38.7(00?)

Korea Asset Management Corporation
18
20
??????

• ??????????

(??USD,bill / 2002. 6????)
???? (??)
????
????
????
?? ????
??
35.2
12.7
16.7
3.5
17.1
85.2
????
3.3
1
5
3.7
13.9
26.9
????
11.7
-
0.4
5.2
1.3
18.6
????
50.2
13.7
22.1
12.4
32.3
130.7
??
Korea Asset Management Corporation
19
21
??????

• ???? ? ????

???
?????
??

• BIS????? () 8.17 10.48
• ?????? () 10.4 7.84

??
????????? / ????????
??
???
?1998???????,???????
??

• ROA() -0.9 -0.6
• ROE () -14.2 -11.9

??
?????? (???????????? )
??
???
??????
??

• ???? /??? () 1.92 1.33

??
???????????????
??
1997??2000???? / ??????
Korea Asset Management Corporation
20
22
??????

• ???? ? ???????

???? ????

• 1997???????,???????????,
• ????????

• ????,????,??????,????

???????

• ??????? ????????????
• / ????????????,
• / RM(Relationship Managers)??
• / ????????
• / ???????

• ? ? ?????????
• ? ? ??????, ??????
• ? ? ? ? ???????????(Outsourcing)

• ?? ???,??( Incentive)?,??????????
• ?? ????(Specialist)??

Korea Asset Management Corporation
21
23
??????

• ??????

• ????????????

• ?????

• ????

24
??????

• ????????

5 3??

• ??????? ?????????????
• ????, ?????????????????

????

• ?????? ???????, ??????

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• ??????? ?????,??????,
• ???????????

• ???????
• ????

?

• ???????? ?????????????

• ???????
• ???

• ??????????? ??????????,
• 
  ?????????????

Korea Asset Management Corporation
23
25
??????

• ????????????

• ?????????30????????????
• (1998.2)

• ????????????? (1998.6)

• ???????(Workout)?? (1998.7)

• ????????, ???????? (2000.11)

• ???????? (2001.3)

• ???????????? (2001.9)

Korea Asset Management Corporation
24
26
??????

• ???????????

??????????
??????
?? ?????/???
?? ????
???????
?? ?????/???
YES
NO
??????? ??
????
????

• ??????????
• ????????
• ???????

• ??????
• ????

• ???????
• ????

????? ????
??????? / ??????
??????
?? ??

• MOU ?????????
• ????????
• ?????????

?? ???

• ?????????
• ?????????
• ????,?????

Korea Asset Management Corporation
25
27
??????

• ???? ? ????????

???????????
??????????? ???????
1997?30?????, ????16????? ??????
????396.3 210.6() (97?? ) (00??
) ??????1.3 0.7 1.6 (97)
(98) (00)

• ?????????
• ??????

26
Korea Asset Management Corporation
28
??????

• ???? ? ????????

• ?? ?????????
• ?? ??????, ?????????
• ??????????????

?????

• ???????????
• ???????????????
• ??????
• ??MA??

??????

• ?????????????????
• ?????????????
• ???????????

???????

• ?????????(venture company)???
• ???????????
• ???????????

??????? ??????
27
Korea Asset Management Corporation
29
?????????

• ???? 3????

• ??????

30
???? 3????

• ????????, ?????5??????

• ???? USD 9 bill(1997??) USD 97.8
  bill(2001.8.15)

• ???????? SP B (97.12)
  BBB(99.11)
• 
  Moodys Baa2(97.12) Baa2(99.12)

• ??????????????

• ???? ?97???,98???????,?98?????????

• ??? ?8.6?????? 34???????

• ??????????????

• ???????

• ???? ???????,????????,??????

• ???? ????????????
• / ??????????????

Korea Asset Management Corporation
29
31
??????

• ??????

• ????????

• ??????, ????

• ????????????????????

• ?????????,???????????????

• ???????????????????

Korea Asset Management Corporation
30
32
????????? KAMCO???
?????? ?????? (KDIC) (KAMCO)
33
?????? (KDIC)

• ????

• ????

• ????

34
??????(KDIC)

• ????

• ????,??????

• ????

• ???????? ???????????,?????????
• ??,????????

• ????(?????) ????????????

• ???????? ??????,????

• ???????? ???????????

• ???????????????????????? ????,
• 
  
  ??????

• ?????????, ?????? ?????????????
• ??,????????????????????????????

Korea Asset Management Corporation
33
35
??????(KDIC)

• ????????????

??
3
????
1.7
29
19.5
????(??)
30.3
44
7.1
9.4
?? USD 67.9 bill 2001. 8????
??????
????
10
14

• ???? (??) ?????????, ???????????
• ???? ?PA????????????,?????????
• ?????? ?????????????????
• ???? ?????????????????
• ?? ????????????????????

Korea Asset Management Corporation
34
36
???????? (KAMCO)

• ???????

• ????

• ?????NPL??

• KAMCO????

• ??????

• ????

37
????????(KAMCO)

• ????

• ??????????
• ???????????(???????????)
• ?? ????????????????????????
• (1997.11)

• ??

• 1962.4.6 ??????(KAMCO???)
• 1966.8.3 ????????????
• 1997.8.22 ?????????????????????????
• 1997.11.24 ?????? (?????????????????)
• 1999.4.30 ??????? (??Bad Bank??)
• 1999.12.31 ??????????? (???????????,??
• Bad Bank??)

Korea Asset Management Corporation
36
38
????????(KAMCO)

• ????

• ??????????????
• ?????????????
• ?????????
• ??????????????

????? ?????

• ?????

????????
??????
???????
??????
??????
??????
Korea Asset Management Corporation
37
39
????????(KAMCO)

• ??

2002.8.31??
??????? (FSC)
???????
???

• ?KAMCO??
• ???????

??

• 5??? 27??? 3??
• 9????
• ???? 1269?

Korea Asset Management Corporation
38
40
????????(KAMCO)

• ??????????

??????
??????
385
441
(2)
(3)
?? USD16,595 mill 2001. 8????
??????
15,769
(95)
??????????????????????????????

• ??????

• ???? ????????
• ???? ??????(???????????)

Korea Asset Management Corporation
39
41
????????(KAMCO)

• ???

?? ??

• ???????????(?????????)???
• ????
• (???????????) ? (??????????
• ????????)

??? ??

• ??????????
• ????? 13

???? ?? (????)

• ???????????????????
• ????? DCF(Discounted Cash Flow)????
• ??? ???? ???? Spread
• ???? Spread
  

Korea Asset Management Corporation
40
42
????????(KAMCO)

• ????

( USD, bill / 2001. 8????)
? ?
???
??
???
7.92
10.4
5.19
????
14.55
19.0
1.70
?????
??????
54.08
70.6
22.51
? ?
76.55
100.0
29.40
?????? ?????????????????Workout??
Korea Asset Management Corporation
41
43
????????(KAMCO)

• ???????

• ??????????????
• ?????? ??,????????????

• ?????? ?
• ?, ?????
• ???????
• ???
• ???????
• ??

????
????
???
AMS / MIS

• ????/ ??(valuation) / ???? /????????????????

Korea Asset Management Corporation
42
44
????????(KAMCO)

• ????????

• ???? ?????????,????????? /
• ???????, ??????

• ABS ???????, ?????????? /
• ????????????????????

• JV-AMC ????????????????? /
• ??????????

• JV-CRC ????????????????? / ??????? /
• ??????????????????

• JV-CRV ??????????????????? / ?????
• ???? / ?????Workout??

• MA ??????? ??????????????
• /
  ?KAMCO???????????

Korea Asset Management Corporation
43
45
????????(KAMCO)

• ????

??

• ????????????????, ???????
• ??????(asset pool )??????????3?

??

• ?????????????

????

• ????????
• ????????????????
• ????????

Korea Asset Management Corporation
44
46
????????(KAMCO)

• ????

??

• ????(Outright sale) ????????

• ??????(Equity Partnership) ???????
• 
  ?????????????

????
????
?? ?????
???? ? ??
?? ??
?? ???
??
Korea Asset Management Corporation
45
47
????????(KAMCO)

• ?????(ABS)

??

• ????????????????(????)?????
• ??,????????????????

??

• ???????
• ???????????????
• ??????? / ???????

??

• ??????

???? ???

• ??????????????????
• ????
• ????
• ?????????,?????????
• ?????????

Korea Asset Management Corporation
46
48
????????(KAMCO)

• ?????(ABS)

????
??????
??
??
??
???
SPC
????
????
???????
???????
???? ??
??
???????
????????? ??????
??????
??????
???
??????
?????
??????? (FSC)
Korea Asset Management Corporation
47
49
????????(KAMCO)

• JV-AMC

??

• ??ABS??????????(SPC)???????
• ?????????????JV-AMC
• ?SPC??????????

????

• ??????, ??????
• ???????????????
• ?????????????

??

• ??SPC??????????????????
• ???????????????????????

Korea Asset Management Corporation
48
50
????????(KAMCO)

• JV-AMC

????
??
SPC
JV Partner
?? SPC??
SPC??
??????
???????
??
??
JV-AMC
AMC??
AMC??
Korea Asset Management Corporation
49
51
????????(KAMCO)

• KAMCO???????

?? ????
????
???? ??
????
???????
KAMCO ????
JV-CRC
JV-CRV
???? / ????
????????? ??????
??????? 100?????? ???????
Korea Asset Management Corporation
50
52
????????(KAMCO)

• JV-CRC

????

• ???????????????
• ?????????????

??

• ?????????
• CRC?????????,? KAMCO?????????(FMC)??????????

??

• ???? ???????
• CRC ???????????
• ???? ???????

????

• ??????????,????????
• ??KAMCO?????????
• ?? ??????????????????

Korea Asset Management Corporation
51
53
????????(KAMCO)

• JV-CRC

??????
JV Partner
????(USD135M)
???? (USD135M)
JV-CRC

• 3? CRC
• - Lehman Brothers
• - Colony Capital
• - Morgan Stanley
• ????
• USD 810M
• (135M 2) 3 CRCs

• ????
• - KAMCO????
• ????
• - ?????????
• - ?????????

????? ?????? ????
??
?????? (Fund management Company)
Korea Asset Management Corporation
52
54
????????(KAMCO)

• JV-CRV

??

• ????????????????????

????

• ?????Workout??,????????????
• ????,??????
• ????????????????

??

• ????? Paper Company
• ???????????
• ??????,??????

????

• ??????????????????????
• ????

????

• ???????????MOU??????????????
• ?????????
• ?????????????

Korea Asset Management Corporation
53
55
????????(KAMCO)

• JV-CRV

????
JV-CRV
????
??
Investors
CRV??
CRV??
?????? (AMC)
??????
?????

• ?Diners Club????????1? CRV (2001.7?)
• ????????Capital?????

Korea Asset Management Corporation
54
56
????????(KAMCO)

• ??????

??

• KAMCO????????????3?,????????

??

• ?????????????????
• ??3???????????
• ???????????????
• KAMCO?????????,??3???????(MA)??????????????????

?? ??

• ??????(ICLS Individual Corporate Loan Sale)
• ?????????????
• ????(MA Merger Acquisition)
• ??????????????

Korea Asset Management Corporation
55
57
????????(KAMCO)

• ??????

??????
????????
????
??????
???????
????
?????????
??
???????
????
??????
??
???????
????
????
Korea Asset Management Corporation
56
58
????????(KAMCO)

• ?????????

• ??USD,bill??? 2001. 8??
• ??? 41.35
• ??? 17.25
• ??? 19.07
• (??? /??? 46.1 ???? /??? 110.6)

??
14
12
???
10
????
???
8
???
??????
6
????
4
2
0
????
ABS ??
AMC ??
CRC ??
???? ??
?? ??
?? ?? ??
?????
Korea Asset Management Corporation
57
59
????????(KAMCO)

• ????????

??????? ???
????? ???
????? ?????
????????????????
Korea Asset Management Corporation
58
60
????????(KAMCO)

• KAMCO???

???? ????
??????
???? ????
?? Infrastructure??
??? ????
Korea Asset Management Corporation
59
61
????????(KAMCO)

• KAMCO???

• ???1????????????? (2000.11)
• ?7?10????????????????
• ?????????????????????????
• ????????????????????????
• ?????????????????

Russia ARCO
China Cinda, China Orient,Great
Japan
Wall, Huarong AMC
DICJ
Turkey
BRSA
Mexico
Czech
IPAB
K.O.B. Praha
Indonesia
IBRA
Plan to exchange MOU with other Asian

Build Tight Network
Eastern Europe Restructuring Agencies
with
in the first half of the year 2001.

Restructuring Agencies
Korea Asset Management Corporation
60
62
???? ????
KAMCO
Tel. [phone] / Fax. [phone] http//k
amco.or.kr