The National Happiness Fund was finally launched on March 29 last week to help debt restructuring for delinquents and student loan borrowers. And it also aims to assist hard-working debtors to convert their outstanding loans to lower interest loans, which means relieving economic burden of low income families. The inauguration ceremony was held in main office building of Korean Asset Management Corporation (KAMCO). From before the ceremony begins, it was crowded with reporters and press around the building. As top executives including prime minister and the head of Financial Services Commission were attended, the atmosphere surrounding the ceremonial hall was a little bit strict, with tightened security.
The ceremony began with the unveiling of the official logo of the “Happiness Fund” in front of the building.
After the chairman of the fund briefly introduced national happiness fund and its main purpose, there were congratulatory messages from the chairman of the National Policy Committee and Prime minister. They commented that they hope the National happiness fund could help relieving household debt problem which is the source of vicious cycle that worsens our economy. They also commented that they are expecting bright prospect of the fund for it is going to provide more opportunities for people with lower credibilities to participate in economic activities. They stressed that even one can start with good intentions, the evaluation will be based on the management of the fund and its transparancy. National happiness fund expanded its range of subjects thereby helping more people to regain their credibility and to promote healthy spending habits.
Finally at the end of the ceremony, the executives from the fund and other organizations made agreements of puchase of overdued bonds and adjustment of debt. After that, Prime minister went to consulting counter and personally had small talk with the officers. The ceremony proceeded with formal yet cheerful atmosphere, and everyone claped with a hope for success of National hapiness fund.
Getting out of the hall, we, reporters of blog of Financial Services Commission, took some pictures too, commemorating visiting the inauguration ceremony of National hapiness fund, and wishing for its success. There were so many reporters and photographers taking pictures profusely. CEOs and officials who were at present talked with great enthusiasm. In the first floor there werer already some people lining up to test the funds. It was very vigorous and active atmosphere. Just like the great start we hope that the national happiness fund creates value that people need.