Korea raises money from pensions for market stabilization fund

The government will approach public and private pension funds to raise W1.5 trillion by the end of this month.

The Korean government is hoping to raise at least W1.5 trillion $1.33 billion for the introduction of a stock market stabilization fund by the end of this month, said a finance ministry official following a ministerial meeting on Saturday.

The fund will raise money from the domestic pensions industry, which, a government official says, has exhibited a high level of interest in the market rescue operation. The official, Jong-yong Lim, added We are expecting demand to exceed the fund's W1.5 trillion mark very soon, which would require expanding the size of the fund.

The government says asset management companies and investment trust companies will manage the fund but will not be held responsible...

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