[Exclusive] Aftermath of 'Comprehensive Farmland Survey'... Losses from NPL Sales Double

Collateral value drops due to shrinking transactions
New farmland loans also decline by over 1 trillion won
Following the government's announcement of a comprehensive farmland survey, losses from the sale of non-performing loans (NPL) for farmland-collateralized loans at local agricultural and livestock cooperatives have reportedly more than doubled. This is interpreted as an effect of the declining value of farmland held as collateral due to the contraction in farmland transactions.
According to data regarding mutual finance (local agricultural and livestock cooperatives) received from the National Agricultural Cooperative Federation by Rep. Kim Yong-tae of the People Power Party on the 11th, the loss from farmland-collateralized loan NPLs between March and August was 22.629 billion won, following President Lee Jae-myung's mention of a comprehensive farmland survey at the end of February this year. This is a 2.3-fold increase compared to the same period last year (9.8711 billion won).
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