President Kim vows to conclude bank restructuring this month

President Kim Dae-Jung vowed Wednesday to conclude the restructuring of banks through additional mergers and the establishment of financial holding companies within this month.

He also said that the government would complete the restructuring of non-banking institutions such as merchant banks, insurance firms and trust and investment companies by the end of this month.

President Kim stressed that the government will break the vicious circle of uncertainty in the market and unease in the money market by liquidating insolvent companies that have placed large burdens on the people. The President was delivering an address to the National Assembly on the occasion of the presentation of the budget bill for 2001 to the House. Prime Minister Lee Han-Dong read the address.

In order to heighten objectivity and transparency in the management of public funds, the government will operate a public fund committee and will strengthen its role of calling to account those responsible for the management of insolvent businesses. The President went on to say that the government would strive to maintain the current account surplus amid a modest growth rate of 5 to 6 percent and price stability with an inflation rate of about 3 percent next year. Referring to inter-Korean issues, President Kim said the government would concentrate on pushing for policies that would contribute to advancing the mutual interests of the South and the North, rather than simple assistance. He said that he would place top priority on helping improve the economic foundation of North Korea, promising to make more efforts to attain the people¡¯s support in promoting inter-Korean cooperative projects.

Meanwhile, the President expressed deep regrets over causing inconvenience and pain to the people in the course of implementing the new medical system that separates the roles of doctors and pharmacists. The government is determined to have the medical reform formula take root at an early date by concluding the revision of the Pharmaceutical Affairs Law this year on the basis of dialogue between doctors and pharmacists.