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S. Korean Financial Assets Top 10 Quadrillion
Source: chosun.com
Source Date: Wednesday, September 15, 2010
Focus: Electronic and Mobile Government, ICT for MDGs
Country: Korea (Republic of)
Created: Sep 19, 2010

The gross value of Korean financial assets has surpassed W10 quadrillion for the first time. The figure is 10,000 times larger than a trillion and is 9.4 times more than Korea's GDP last year of W1.063 quadrillion.

The Bank of Korea said Tuesday the total value of Korean financial assets including those owned by banks, individuals, the government and businesses, amounted to W10.0036 quadrillion in the second quarter this year, up 2.6 percent (W255 trillion) from the previous quarter and W723 trillion from a year ago.

The net value of financial assets held by individuals including small businesses and civilian non-profit organizations rose W33.4 trillion to W1.167 quadrillion, a new record. The ratio of financial assets to debt, which is a gauge of their capacity to repay, also increased from 2.31 times in the first quarter to 2.33 times in the second. This is the highest since the third quarter of 2007 when the ratio was 2.35 times.

The increase was due to rise in incomes amid economic recovery, which led to the value of assets held by individuals rising faster than their debt. Financial assets owned by individuals rose W47.6 trillion during the second quarter, while debts increased only W14.1 trillion.
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