down & up of credit card industry in korea 韩国信用卡业的启示

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Down & Up of Credit Card Industry in Korea

韩国信用卡业的启示

Dae Young Kim

Financial Supervisory Service

Republic of Korea

韩国金融监管委员会

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Credit Card Industry in Korea

What happened in early 2003 toKorean Credit Card Businesses2003 年初，韩国信用

卡业告诉我们的故事

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Market situation市场状况

◇ SK Global event (February 2003) SK Global 事件 (2003 年 2 月 ) • Family owner was arrested as a suspect of accounting fraud 家族产业所有人因涉嫌财务欺诈被捕。 • Investors of Money Market Fund which invested in debt instruments issued by SK

Global suffered loss. 投资 SK Global 债券的货币市场基金投资者遭受巨大损失。

◇ Investors getting more sensitive about overissued credit card companies’ bonds

投资者对信用卡机构滥发债券行为十分敏感。 • Increasing concern about credit card companies’ loss 市场对信用卡机构的关注增加。

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Market getting deep市场陷入低谷

◇ Investors began to redeem investment trust funds in the fear of loss 投资者担心亏损，开始将信托投资基金变现。

◇ Investment trust companies had to sell or stop rolling over credit card bonds

信托投资公司不得不出售或停止购买信用卡债券。

◇ Other institutional investors were deeply concerned about their investment positions in credit card bonds 。

其他机构投资者对其在信用卡债券方面的投资状况十分焦虑。


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Resource of funds ( 8 credit card companies combined as of Dec31 2002 (in Million US dolar, %) 资金来源（ 2002 年 12 月 31 日前 8 家信用卡机构综合数据）（百万美元，％）

Liabilities 负债 51,728 91.12

Current Liabilities 流动负债 33,928 59.76

Short term Borrowings 短期借款 18,822 33.16

Call money 活期借款 115 0.2

Current Maturies of Bonds 当前到期债券 8,111 14.29

Current Maturities of Longterm Borrowings 当前到期的长期借款 500 0.88

Others 其他 6,380 11.24

Long term Liabilities 长期负债 17,800 31.36

Bonds 债券 16,566 29.18

Long term Borrowings 长期借款 1,111 1.96

Others 其他 123 0.22

Stockholder‘s Equity 股东权益 5,041 8.88

Total 总计 56,769 100

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◇ Shrink of bond transaction volume 债券交易量萎缩 • Average daily trade volume of bonds issued by credit card companie

s 信用卡机构债券的日均交易量 174 m U$ (Feb.) → 51 m U$ (Mar.)

◇ Decreasing total asset of Investment trust funds 信托投资基金总资产下降 - 22,257 m U$ (during 3.11~3.31)

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◇ Difficulties in refinancing 再融资面临的困境 • Refinaning by issuing new bond was almost impossible 通过发新债的再融资几乎没有可能

• One of the credit card company failed to raise debt with more than 300 bp above the rate of AA graded corporate bond.

一家信用卡机构以比 AA 级公司债券高 300 个基点的再融资宣告失败。

• Before March the spread was less than 30bp. 三月份前，债券差价不足 30 个基点。

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◇ Liquidity problem surged up流动性问题开始凸显

Liquidity reserve on the date of Mar173 月 17 日的流动性储备 U$ 2,628 mMaturing debt instruments from Mar 18 to Mar 313 月 18 日至 3 月 31 日到期债务 U$ 3,341 mShortage of liquidity resource 流动性缺口 U$ -713 m

• Liquidity resource included cash, cash equivalents, securities available for immediate sale, unused amount of credit line

流动性包括现金、现金等价物、可即售的有价证券、未使用的信贷额度。 • One of the credit card companies already depended on call money market for li

quidity requirement at this time此时，一家信用卡机构已经靠提前赎回其再货币市场投资来满足其流动性需求。

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Countermoves o

f Regulators 监管层的应对措施

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◇ To intervene or not to intervene? 是干预还是放任其发展？ (numbers are during or as of end of 2002) （ 2002 年内或年末数据）

• Total use of credit card 信用卡使用总量 : U$ 519 billion Cash advance service 预支服务 : U$ 298billion GDP of Korea 韩国国内生产总值 : U$ 547billion

• Number of cards per economically active person• 持卡人人均持有信用卡数 : 4.6 Number of people with more than 4 cards 持卡数量超过 4 张的人数 : 10.3 million Number of economically active population 持卡人总数 : 22.8 million Population of Korea 韩国总人口 : about 45 million

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◇ What if not to intervene ? 不干预的后果• If one of the credit card company defaults → Customers (who use multiple credit card

s to pile up large credit) of defaulted company cannot borrow money to pay other credit company → Other company also defaults in short of liquidity → Systemic risk is expected

• 若一家信用卡机构陷入困境 →该机构用户（拥有多张信用卡以取得较大信贷额度）无法借款支付其它信用卡机构帐户→ 其它信用卡机构因流动性不足陷入困境→出现系统风险

• If credit card companies default → Investors (individuals, banks, investment trust companies, insurance companies) would suffer large loss → Market participants stop investing abruptly → Hard landing of economy is expected

• 如果所有信用卡机构都陷入困境→投资者（个人、银行、信托投资公司、保险公司）将蒙受巨大损失→ 市场参与者骤然停止投资→可以预见的经济硬着陆

• Many people would be pushed onto the verge of personal insolvency• 许多人将被推至破产边缘。 (About 1.5m new insolvency cases would arise, if all credit card companies default) （若所用信用卡机构陷入困境，估计导致 150 万宗破产案例）

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◇ Limited intervention was required 需要有限的干预措施 • Minimize market intervention

最大程度地减少市场干预

• Save stability of the national economy 维持国民经济稳定

• Suggest institutional lenders to get together to overcome the situation 建议所有机构借款人携手共同应对

• Regulators also convened and announced appropriate measures to stabilize financial market

召集监管机构应对会议，并公布相应对策，稳定金融市场。

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◇ Initiatives by the Government in April 2003 2003 年 4 月，政府主动采取一系列措施

• Major measures were announced 公布主要对策措施

• In the name of Ministry of Finance and Economy, Financial Supervisory Committee, Financial Supervisory Service, Bank of Korea

以财政经济部、金融监管委员会、金融监督部和韩国银行的名义颁布相应措施

• Also SROs from banking industry, brokerage industry, investment trust industry, insurance industry, credit card industry

银行业、证券经纪业、保险业和信用卡业的行业自律组织也参与措施制定

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◇ What measures? 措施的具体内容 • Rolling over maturing debt securities issued by credit card companies

展期处理信用卡机构发行的正在到期的债券。

• Funding a pool to support refinancing credit card companies’ debt securities which are held by investment trust companies

建立一个资金池，对信托投资公司公司持有的信用卡机构债务性证券的再融资提供支持。

(U$ 4.1 billion from banks, brokerage firms, insurance companies)（由银行、中介公司和保险公司提供 41亿美金资金 ) (intended to refinance 50%, the other half be rolled over by investment trust companies t

hemselves)（预计对信用卡机构再融资 50%，另外一半由信托投资公司以债务展期方式处理 )

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• Extension of grandfather clause of new regulation• 新规则中不追索条款的延伸 New rule (introduced in July 2002) requires credit card companies to

reduce the amount of cash advance services to less than the amount of credit for purchases

2002 年 7 月实施的新规则要求将信用卡机构的透支额度降低到不高于购买的额度

The companies had to meet the requirement until the end of 2003 到 2003 年底，信用卡机构要达到上述要求。 → Extend to the end of 2004(one year postponement) →延迟到 2004 年底（一年的宽限期）

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3.11~3.31

April May June July

-22,257 -6,874 1,425 -2,036 6,068

◇ Overcome the situation

摆脱困境 • Increasing investment trust asset

增加投资信托资产

Individual investors stopped selling out investment trust.

个人投资者停止出售信托资金。Changes of assets million U$

资产变化，百万美元

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• Recovering daily transaction volume of credit card companies’ debt securities in the market

• 信用卡机构债券的日均交易量回升

Feb Mar Apr May Jun July

151 43 57 37 49 123

Million U$ 百万美元

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What went wrong with Credit Card Companies ?

信用卡机构问题的症结何在？

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◇ Some historical background 部分出于历史原因 • Deregulation after financial crisis in 1998

1998 年金融危机后的放松管制的结果

- Enactment of new law which is intended to deregulate financial companies without the function of banking deposits (the law encompasses credit card business, leasing companies, installment financing companies, venture capital companies)

-实施新法律，旨在放松对无银行存款业务的金融机构的管制。 ( 范围包括信用卡机构、租赁机构、分期付款融资机构和风险资本机构 )

-Credit card companies were allowed to make loans, discount notes, factor accounts receivables

-允许信用卡机构发放贷款、贴现票据、代理应收帐款。

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◇ Abolishment of legal limitation for cash advance (1999) 取消透支法律限额（ 1999 ）

• Old version: cash advance limit to U$ 600 per card. 旧规定：每张卡最多透支 600 美元

• Credit card companies quickly increased the limit as high as U$ 10,000 per card.

信用卡机构迅速将此限额上调至每张卡 1 万美元。

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◇ Abolishment of limitation on the credit card companies’ debt raising(1999)

取消对信用卡机构的举债限制 (1999)

(Old law limited to 20 times of capital)（原有规定是其资本金的 20 倍 )

◇ Korean tax authority allowed income deduction of personal consumption made through credit card.(1999)

韩国税务部门允许以信用卡支付的个人消费抵免应交所得税额度。 (1999)

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◇ Untapped new market of consumer finance 新的消费者金融市场尚未启动• Before 1998, individuals had a lower pecking order in the credit mark

et• 1998 年以前，个人在信贷市场位次很低

• After 1998, business entities stopped financing new investment• 1998 年以后，停止对对企业新增投资的融资

• Every financial company in Korea began to enter consumer loan market

• 韩国各家金融机构开始进入消费信贷市场

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◇ How lucrative the credit card market look like !信用卡市场看上去利润丰厚！ • Average lending rate of bank

银行平均贷款利率 : 6~7% per annum • Cash advance fee

透支费用 : over 20% per annum • Financing cost of credit card companies

信用卡机构的融资成本 : 6~7% per annum

◇ Especially Credit card companies with less financial market experience which are subsidiary of business conglomerate used market share maximization strategy.

特别值得注意的是，那些金融市场经验不足的信用卡机构，是大企业集团为实施市场份额最大化战略而成立的子公司。

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Cards Issued (thousands)发卡量（千）

Cards per economically active individual

用卡人人均持卡数1990 10,384 0.6

1995 33,278 1.6

2000 57,881 2.6

2002 104,807 4.6

2005.6 82,765 3.4

◇ Number of credit cards peaked in the late 90s’

and early 2000s’

在 90 年代末和新世纪初，信用卡数量达到顶峰。

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Growth of Consumer Finance

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Year

% o

ut o

f to

tal c

redi

t

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Growth of Household Debt

01020304050607080

2000 2001 2002 2003

%, Household Debt to GDP

◇ As consumer loan expands, household debts get grown.

随着消费借贷的扩张，家庭举债也随之增长。

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Situation just before crisis危机前的状况

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• Increasing personal insolvency• 个人破产案件增加

2000 2002 2003 2004.8

Total 合计 2,084 2,636 3,720 3,685

Related to credit card与信用卡有

关的

444 1,494 2,397 2,480

(Thousand people)

• Rising past due ratio (excluding rescheduled debt)

逾期贷款率增加（不包括债务重新安排的情况）

End of 2001 End of 2002 End of 2003

2.0% 5.9% 13.6%

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• Declining net income of credit card companies• 信用卡机构净收入下降

2001 2002 2003.1

2,073 -218 -344

(million U$ 百万美元 )

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Long term Remedies of the Regulators

监管层的长期补救措施

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◇ Harnessing on solicitation 规范信用卡营销行为

• Prohibited solicitation at the street wagon 禁止街头推销行为 • Prohibited solicitor to visit home without appointment

禁止营销员未预约随便登门推销 • Prohibited offering economic benefit with solicitation

禁止以提供经济回报进行推销 • Solicitors should register with the regulator

营销员应在监管部门登记

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◇ Put restraints on credit card membership 对信用卡会员资格进行限制 • Cardmember should be 18 years old or more

持卡人应年满 18周岁

• Cardmember should have income or proper assets

持卡人应具有一定的收入和资产。

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◇ Strengthening guidance on sound management 加强指导和健全管理机制 • Reintroduction of loan service ratio

重新引入放贷率

• In calculating past due ratio, liquidated asset should be included 在计算逾期贷款率时，应包括流动资产。

• In calculating adjusted capital ratio, 20% of liquidated asset should be included in the denominator

在计算可调整资本比率时， 20 ％的流动资产应计入分母项。

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◇ Credit Counselling & Recovery Service (founded in 2003) 信用咨询及复业服务中心（ 2003 年设立） • 1 out of 10 economically active population is registered as insolvent a

nd the number was increasing

每十个持卡人中就有一人登记破产，并且这一数字还在不断增加。 • Increasing personal insolvency not only hurts financial institutions profi

tability but becomes the reason of social unrest 破产人数增加不仅影响金融机构的盈利，还成为导致社会动荡的因素。 • Financial companies co-founded CCRS to reschedule personal debts a

nd help finding jobs for troubled people 金融机构共同出资建立公司信用评级制度，为个人重新安排债务，帮助困难群体就业。

• Number of applications for debt reschedule 申请债务重新安排的人数 2003: 62,550 → 2004: 287,352

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Afterwards后来的情况

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◇ Number of credit card companies 信用卡机构数量变化• Three companies were merged into mother

banks 三家信用卡机构被母银行兼并。• Six credit companies left on business 市场上仅剩六家信用卡机构。

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2001 2002 2003 2004 2005.9

Assets+ABS

资产＋资产支持债券

60 84 46 30 26

Liabilities+Financing from

ABS负债＋资产支

持债券融资

52 75 45 28 23

Net income净收入

2.1 0.2 -8.8 -1.1 0

ROA资产收益率

5.8 0.4 -21.6 -3.9 0

• Credit card companies are recovering from crisis

信用卡机构在危机后复苏。

• Assets are still shrinking

其资产仍在萎缩

• Past due ratio (including rescheduled debt) has decreased to 11.9%(Sep 2005) from 28.3%(end of 2003)

逾期贷款率（包括债务重新安排）从 2003 年底的 28.3%减少到 2005 年 9 月的 11.9% 。(billion U$, %)

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2001 2002 2003 2004 2005. 1~9

Credit card usage

信用卡使用

400 567 431 307 228

(for purchase)（购物）

146 223 201 192 157

(cash advance)

（透支）

254 344 231 115 71

Outstanding number of Cards

issued未偿还金额

85 105 95 83 82

(billion U$, million)

• Credit card usage has kept decreasing

信用卡使用数量持续走低

• Number cardmember is decreasing

持卡人数量减少

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◇ Recently credit card industry is regaining interest in M&A market

近期信用卡行业重新赢得并购市场的青睐。 • Commercial banks are eager to get access to large custo

mer data base held by credit card companies 商业银行渴望能获取信用卡机构拥有的大规模客户信息资

源

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Lessons from the experience从中吸取的教训

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◇ Entrepreneurs with less financial market experience sometimes overlook longtime effect of credit risk

缺少金融市场经验的企业家们有时会忽视信用风险的长期性影响。

◇ Credit card companies are more sensitive to economic cycle than other financial companies

(no or less collateral, high risk customers tend to use more credit) 信用卡机构对经济周期性变化要比其它金融机构更为敏感。（无抵押或低抵押、

高风险的消费者更倾向于使用信用卡）

◇ Credit only companies sometimes bear systemic risk 只经营信用卡业务的机构有时要承担系统风险。

◇ Regulatory lag 管制滞后 (in the middle of the deregulation trend, establishing new regulation was hard)（在放松管制的过程中，很难建立新规则。）

down & up of credit card industry in korea 韩国信用卡业的启示

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