금산분리 관련 제도의 현황과 논점 - kif.re.kr

1 *. **.. , .. , .. (pool) , . (cross-shareholding) . : , , , . JEL : G21, G28. * 2006 .. ** (Tel: 02-3705-6343, E-mail: 2 20 .. , .. , . , .. , .. ( ) ( ) . , . , .. , .. , . 3.. , .. 1.. ( ) .. ( , 2003. 2) , .. (2004. 1) .. 1). 1) .. 4 20 . 1) .. 8 2 1 4 . ( . ) .. 8 . 2 1 5 ( ) .. , .. 2) .. 16 2 . 4% ( 15%), . 10% .. 8 . 2 4% ( . 15%), .. 144 16 . 10% , 4%. 10% , .. 5. 3) .. ( 37 ) ( . 109 ) 15% .. 44 5% .. ( 44 . 8 2 2 4 ). ( . ) 24 . 2) . 4) . , . (2004. 1. 2) . 1) . ( ), 2) . , 3) . , 4) , 5) . : , 6) . , 7) . 7 .. , . , ..3). 2) 100 20 , . 100 5 .. 6 20 . < 1> .. 1) . ( , ) ( ) . , . 2) .. * , .. , .. 3) .. * .. : 1/2 .. * 1 .. 3) 11 2 . 30% 2004 12 . 2008 4 1 15% . 7. 4) .. 2 ( / ) , . *.. * ( / ) 4 , 200% .. * ) 200% .. 2 03. 8 .. * . 5) : .. , .. *. 2 . * 5 2 . ( ) .. * ( . 20% ). 6) .. * .. * .. 8 20 . ( 30%) .. * 2 .. 7) .. T/F .. , .. : (2004) . 2.. , .. , , , .. , 2006 4 . 6 14 , . 39 . 2 59 . 69.

2 25 68.. 10 (2005 4 1 ) . 9. 35 , .. 2006 3 . , , , , .. 1). < 1> . (2006 4 ). ( : ).. : 14 39 14. 7 11 7. 6 (11) (39) (14). : 59 69 32. 11 16 10. 2 (25) (68) (31). : 1) ( ) . : . 1). < 2> 10 . (2005 4 1 ). ( : , 10 , %). ( + ).. 8 1,008 109,901 L G 4 824 5,865 2 1,063 11,251 S K 5 1,164 4,682 2 250 3,593 2 69 2,491 2 492 2,335 1 17 30 6 3,899 31,491 3 142 230 2) 2). 35 8,929 171,869 : 1) 10 . 2) . : . 10 20 .. 6 14 GS . 11 3 .. < 3> .. 59(10) .. 40(2) . 56(2) SK SK . 43(2) . 22(1) . 22(1) . 2(1) . 7(3) .. 31(7).. 18(2) . 23(2) .. 22(7).. 9(1) . 56(3) CJ CJ CJ . 13(1) .. 15(7).. 17(1) . 23(1) . 13(1) . 7(2) .. 52(6).. 6(1) . 15(2) . 38(2) . 73(1) . : 2006 4 1 , ( ) . : . 11. < 4> .. 100 100 100. 100 100 100.. 12 20 . 3.. 1) . (Bank Holding Company Act of 1956) .. (National Banking Act of 1864) . , - 20 (Section 20 of Glass-Steagall Act) . (principally engaged) (member bank) .. (Banking Act of 1933) 50% .. 1799.

3 (Manhattan Company) (Bank of Manhattan Company). , 1954 (Transamerica Cor- poration) 5 . 1933 - (Glass-Steagall Act) 1956 . (separation of banking and commerce).. 1933 - .. 1956 .. 13. 1999 (Gramm-Leach-Bliley Act) . - . , ..4)5). (1) (Bank Holding Company Act of 1956) .. 25% , . , . FRB .. 6)7)(12 1841 (a)(2)).8). 4) (Gramm-Leach-Bliley Act) . , ( ) .. 5) . ILC(Industrial Loan Company) . FRB (Bernanke) . ILC (loophole) ILC .. 6) 1956 .. 1970 . 7) 5% . 8) : 1841. Definitions (a). (1) Except as provided in paragraph (5) of this subsection, bank holding company means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if 14 20 .. 2 ( ) . (12 1843 (a) (1)(2), 12 1843 (c)(8)).9) .. 2 . , . (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company.

4 (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company. 9) : 1843. Interests in nonbanking organizations (a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking Except as otherwise provided in this chapter, no bank holding company shall (1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or (2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [15 80a 1 et seq.]

5 ], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than .. (c). (8) shares of any company the activities of which had been determined by the Board by regulation or order under this paragraph as of the day before November 12, 1999, to be so closely related to banking as to be a proper incident thereto (subject to such terms and conditions contained in such regulation or order, unless modified by the Board); .. 15.. (2) .. , . , .. , . (insiders) 10)(12 375 b(4) 84(a)-(1)(2), 12 CFR (i)).

6 10% , 20% . , . 11)(12 CFR ).. FRB ..12) .. (3) GE .. GE .. GE .. GE . 100% . 10) ( 15% ) ( . 100% ) . 11) 5% 50 , . (12 CFR (b)). 12) FRB (Bank-related organization) .. 16 20 .. , .. 1). < 1> GE (2005 ). GE.. 100 100 GE.. 100. GE .. 100 100.. SDS SDI. : 1) . : , . 2) . , , . 2 15%.. 17.. 5% . (control) , 15%.. 15% ( ) . 3% .. ( . 50%, 6%, 60%, 15% ). 1967 10% 2001 .. 50 . 20% , 10 50 . 35% . , 10 . EU EC 2 . (The EC Second Banking Directive) .. (10%, 25%, 33%) . (Article ), , . (sound and prudent) .. Santos(1998) . < 5> . 18 20 . < 5> - .. EU 2nd Banking Directive EC 2nd Banking Directive (Austria). EC 2nd Banking Directive . 10%. Banking and Finance Commision . (Belgium) 5% fit and proper" 35% .. EC 2nd Banking Directive . 10% 10% .. (Canada). 70% . EC 2nd Banking Directive . EC 2nd Banking Directive .. (Denmark).. EC 2nd Banking Directive .. EC 2nd Banking Directive (Finland). 5% .. EC 2nd Banking Directive EC 2nd Banking Directive (France).

7 EC 2nd Banking Directive EC 2nd Banking Directive (Germany).. EC 2nd Banking Directive EC 2nd Banking Directive (Greece). 5% . , .. 10% EC 2nd Banking Directive (Ireland).. 15% . ( . ) .. 15% . 3% .. (Italy).. ( 50%, . 6%, 60%, 15% ). ( ). 19. ( ).. 5% .. ( ). (Japan) .. , . EC 2nd Banking Directive (Luxembourg) .. EC 2nd Banking Directive . EC 2nd Banking Directive .. 5% 10% . (Netherlands) .. EU 2nd Banking Directive .. EC 2nd Banking Directive 25% . (Portugal).. EC 2nd Banking Directive .. 5 EC 2nd Banking Directive (Spain). 20% . 40% . 50% .. 5% 5%.. (Sweden). 50% .. 20% . Swiss . (Switzerland) Banking Commision .. EC 2nd Banking Directive .. 20% . EC 2nd Banking Directive (U. K.) .. 20 20 . 3) .. , .. , . ' . ' ..13) . , .. , .. , .. 13) < 2> . 21.. 14). 1.. 1) .. 15) .. , .. , .. 14) (2006) . 15) 2004 49% , (Bank for International Settlement : BIS) . 8% . 22 20 . 2) .. , .. 1997 .. , .. , . , .. 3).

8 , .. 23.. (Too big to fail) .. (profit transfer) , .. , .. 16) .. 4) .. 16) .. 24 20 . , , .. 5) .. , .. , .. < 2> .. 25. < 2> . ( ). 1998 3 . 2,945 .. 1998 3 . (CP) 1,800. 2,500 .. 980 . 1998 .. , . 58 . 3 . , 62 .. ( ). 1998 3 1999 9 . 2,221.. 1998 6 1999 . 3 . 2,033 . ( ).. 1998 4 1999 9 ( ) 16 . 5 1,331 , 2 4,579 7 5,910 ( 3 5,640. ) , , .. 1998 11 1999 6 2 .. 1 2,831 .. 1999 . 1999 9 8 . 4 3,221 .. 11 3,741 38% . 26 20 . 6) .. , .. (1) . ( 7 ) .. 2001 2002 2005 .. 2002 .. 2002 . 2005 .. < 6> . ( : %). FY2001 FY2002 FY2003 FY2004 FY2005.. 1 ). : 1) . : , . 27. (2) .. , .. 2001 2002 . , , . 2003 .. 2002 2003 . 2004 .. < 7> . ( : %). FY2001 FY2002 FY2003 FY2004 FY2005.. : , . (3) .. 2003 . 2004 . 28 20 . < 8> . ( : %). FY2001 FY2002 FY2003 FY2004 FY2005.. : , . (4) . , .. 2002 , . 2002 2005 .. 2003 . 2005 .. < 9> . ( : %). FY2001 FY2002 FY2003 FY2004 FY2005.. 1 .. : , . 29. 2004 . 2005 .. (5) .. 2001 .. < 10>.

9 ( : %). FY2001 FY2002 FY2003 FY2004 FY2005. : , . 2.. 1) - .. 30 20 .. , - (principal-agent problem) .. , .. - .. - .. - .. , , . , . , .. M&A . (Entrenchment Hypothesis) . ' ( , , , ) .. M&A . 31.. , , .. - .. 2) .. , , .. , .. (1994) .. (1997) . 1990 1995 .. (1999) 2 1995 1997 . , .. 32 20 .. , , .. 1.. (ineffective) .. (inefficient).. (regulation arbitrage) .. 33.. (dynamic fit and property test) . , .. 2.. 1) .. 2005 .. , 2005.. 50% .. 2005 6 17) . 1998 5 .. 1998 . 2004 , . 1998 2004 .. 17) SC , , . 34 20 .. 2) .. (1) (pool) .. (block sale) . (pool) .. ( : . ) .. 35. (2) (cross-shareholding).. (cross-shareholding) ..18).. 100 1 , 4% .. - (15% ) .. (3) .. (installment) .. , , , . 2 .. 60% , 12 18 . (vendor) .. (retail investor) .. (Commonwealth bank) . 28 , 65% .. 18) ABN Amro, Credit Lyonnais, Bank of New York . 36 20 .. , .. , . , .. , .. 37. , .. (pool) , . (cross-shareholding) .. 38 20 .. , . , 99-09, 1999.

10 , 2 , KDI . 16 1 , , 1999. , , 97-05, . , 1997. , : ? , . ', 1999. , , 94-05, , 1994. , , 98-06, . , 1998. , , BFL 16 , . , 2006. , , . , , 2003. , : . , , , 2004. , . , 16 4 , , 1994. , , , 2004. Gorton, G. and R. Rosen, Corporate Control, Portfolio Choice, and the Decline of Banking, Journal of Finance 50(5), 1995, 1420. Hoshi, T., A. Kashyap and D. Scharfstein, The Role of Banks in Reducing the Costs of Financial Distress in Japan, Journal of Financial Economics 27, 1990, 88. La Porta, R. F. Lopez-de-Silanes and A. Shleifer, Government Ownership of Banks, . 39. Journal of Finance 57(1), 2002, 301. Santos, J. A. C., Banking and Commerce: How Does the United States Compare to Other Countries?, Economic Review 34(4), FRB of Cleveland, 1998. Saunders, A., Banking and Commerce: An Overview of the Public Policy Issues, . Journal of Banking & Finance, 18, 1994, 254. Schranz, M. S., Takeovers Improve Firm Performence: Evidence from the Banking Industry, Journal of Political Economy 101(2), 1993, pp299 326.