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콘 FRB 부의장, '금융안정: 위기예방 및 관리' 주제연설(원문)

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Remarks by Vice Chairman Donald L. Kohn
At the Exchequer Club Luncheon, Washington, D.C.
February 21, 2007

Financial Stability: Preventing and Managing Crises

Thank you for the opportunity to speak here today. The Exchequer Club has enriched policy development in Washington for nearly a half century by providing a forum for the discussion of important national economic and financial policy issues. I am honored to participate in that discussion.

I want to talk this afternoon about some aspects of financial stability, a topic that has received increased attention in recent years from central banks and regulators as well as the financial media.1 A number of developments have contributed to this trend. Just a few years ago, the terrible events of 9/11 alerted us to the importance of operational resiliency in a dangerous world. But other forces have also led central banks and other financial supervisors around the world to increase their emphasis on financial stability. Perhaps most important, the financial system, once essentially bank-centered, has become more market-centered. Of course, banks continue to be core participants in the financial system and to provide an indispensable window on market activities. But the development of a relatively market-oriented system has been accompanied by a large number of new participants, many with global reach, and a much larger array of financial instruments. This vastly expanded web of participants and instruments has increased the number of potential channels for the creation and transmission of financial shocks. And, some of the new financial instruments and markets have not been tested under extended stressful conditions. In addition, supervisory authority in a number of countries abroad has been consolidated and separated from central banks; these moves have forced the new regulators and their central bank colleagues to learn how to operate not only in a new financial landscape but also in a new regulatory environment.

Finally, in today's global economy, very settled financial market conditions--narrow risk spreads and low expected market volatility--coexist with unprecedented current account imbalances among nations and interest rates that are low by historical standards. In such a world, it would be imprudent to rule out sharp movements in asset prices and a deterioration in market liquidity that would test the resiliency of market infrastructure and financial institutions.

While these factors have stimulated interest in both crisis deterrence and crisis management, the development of financial markets has also increased the resiliency of the financial system. Indeed, U.S. financial markets have proved to be notably robust during some significant recent shocks, such as the sharp decline in equity prices beginning in 2000 and the failure of some large firms, including Enron and Amaranth. New computing and telecommunications technologies, along with the removal of legal and regulatory barriers to entry have heightened competition among a wider variety of institutions and made the allocation of funds from savers to investors more efficient. Technology also has helped financial market participants better understand the risks embedded in assets and develop instruments and systems for managing those risks, both individually and on a portfolio basis. Together, these developments have allowed suppliers and demanders of funds and the intermediaries that stand between them to diversify their risk exposures, reduce their vulnerability to sector- or region-specific shocks, and become far less dependent on specific service providers. In short, market developments that have altered the character and transmission of financial shocks have at the same time spread risks more widely among a greater number and broader range of market participants and given them the tools to better manage those risks.

The Federal Reserve, in its roles as a central bank, a bank supervisor, and a participant in the payments system, has been working in various ways and with other supervisors to deter financial crises. As the central bank, we strive to foster economic stability. As a bank supervisor, we are working with others to improve risk management and market discipline. And in the payments and settlement area, we have been active in managing our risk and encouraging others to manage theirs.

In every step we take to deter or manage financial crises, it is important that we recognize that we impose costs, and that our efforts can be most effective if we both enhance and are supported by market discipline. Institutions and investors must be allowed to take risks and must be prepared to accept the consequences of their actions. For its part, the government should limit its intervention to those circumstances that could lead to placing the system in serious danger and could spill over to the economy. Otherwise, even the most well-intentioned government intervention can actually weaken the system by undermining the incentives for market participants to limit the risks they undertake.

Deterring a Financial Crisis
The first line of defense against financial crises is to try to prevent them. A number of our current efforts to encourage sound risk-taking practices and to enhance market discipline are a continuation of the response to the banking and thrift institution crises of the 1980s and early 1990s. In 1989, more than 500 banks and thrifts failed, and it was not until 1993 that the annual number of bank failures dropped well below 100. One of the most important reforms produced in reaction to this crisis was a tightened focus on bank capital. This tightening began with Basel I, the international capital accord of 1988, which emphasized the importance of connecting bank capital and bank supervision to bank risk. Supervisory efforts today to develop a more advanced set of international capital standards, in Basel II, are in large part aimed at strongly reinforcing that connection.

Identifying risk and encouraging management responses are also at the heart of our efforts to encourage enterprisewide risk-management practices at financial firms. Essential to those practices is the stress testing of portfolios for extreme, or "tail," events. Stress testing per se is not new, but it has become much more important. The evolution of financial markets and instruments and the increased importance of market liquidity for managing risks have made risk managers in both the public and private sectors acutely aware of the need to ensure that financial firms' risk-measurement and management systems are taking sufficient account of stresses that might not have been threatening ten or twenty years ago.

A second core reform that emerged from past crises was the need to limit the moral hazard of the safety net extended to insured depository institutions--a safety net that is required to help maintain financial stability. Moral hazard refers to the heightened incentive to take risk that can be created by an insurance system. Private insurance companies attempt to control moral hazard by, for example, charging risk-based premiums and imposing deductibles. In the public sector, things are often more complicated. However, the Federal Deposit Insurance Corporation Improvement Act of 1991, or FDICIA, took major steps toward reducing moral hazard in the banking system and limiting taxpayer losses by reinforcing the importance of strong capital. Among the mechanisms in the act is the requirement that bank supervisors take prompt corrective action when depositories show signs of becoming troubled. This step was reinforced by the least-cost requirements of FDICIA, which generally require the FDIC to resolve a failing institution in the manner least costly to the deposit insurance fund. Importantly, this provision encouraged market discipline by putting uninsured depositors and other uninsured creditors at greater risk.

FDICIA allowed for the relaxation of its least-cost mandate in situations posing a true systemic crisis. But the conditions under which least-cost resolution can be relaxed are quite strict. First, a least-cost resolution would have to create "serious adverse effects on economic conditions or financial stability." Second, any action under the exception must be recommended by at least two-thirds majorities of the boards of both the FDIC and the Federal Reserve and ultimately approved by the Secretary of the Treasury in consultation with the President.

The systemic-risk exception has never been invoked, and efforts are currently underway to lower the chances that it ever will be. For example, last December, the FDIC published an important proposal to improve its ability to resolve a troubled large depository institution in a least-cost manner.2 The FDIC proposal seeks to ensure that the largest banks and the FDIC have in place data and other management systems that would aid the FDIC in quickly identifying insured deposits and allow the FDIC to regulate the outflow of uninsured deposits while that identification was being completed. This proposal would, among other things, allow the FDIC to continue to protect insured depositors while making clear to uninsured depositors that they could suffer losses in the event of the failure of even a very large bank. Thus, these changes would greatly enhance market discipline and help ensure that no bank is too big to fail.

Crisis prevention has also been a focus of attention in the payments area. At the Federal Reserve, we have improved the technological redundancy and security of our payments system and have encouraged other participants to do the same. We have also sought ways to make the clearing and settlement infrastructure keep pace with the rapid growth and evolution of financial markets and instruments. The over-the-counter (OTC) derivatives markets provide a good example. Those markets, especially the newer markets for credit derivatives, have been growing very rapidly. Until 2005, however, the confirmation of trades remained largely decentralized and manual. The result was a huge backlog of unconfirmed trades, which, to the extent it resulted in inaccurate trade records, had the potential to exacerbate market participants' market and credit risks.

The Federal Reserve Bank of New York has taken the lead, working with other domestic and international supervisors, in helping the OTC derivatives market develop a stronger clearing and settlement infrastructure. Those efforts focused initially on credit derivatives. At the urging of supervisors, market participants set goals and implemented policies for reducing the huge backlogs of unconfirmed trades. As a result, confirmation backlogs were reduced 94 percent between September 2005 and November 2006. Market participants also promptly ended the practice of assigning trades without the prior consent of the counterparty and developed cash settlement as an alternative to physical settlement of credit derivatives in the event of a default of a participant that is a reference obligor. Moreover, market participants have now agreed to turn their attention to equity derivatives, for which large backlogs still exist. They are also providing supervisors with data on backlogs of all types of OTC derivatives, which will allow the supervisors to monitor the industry's progress across the board.

Managing a Financial Crisis
Clearly, when it comes to a financial crisis, as with so many other potential risks, an ounce of prevention is worth many pounds of cure. But experience tells us that, despite our best efforts at deterrence, true financial crises will occur from time to time. Prudently managing these tail events is no easy task. A large part of the difficulty arises from the fact that some policy responses may have important costs that need to be balanced against their possible benefits in reducing or ameliorating the adverse effects of a crisis. In particular, intervening in the market process can increase moral hazard by weakening market discipline if private parties come to believe that policy actions will relieve them of some of the costs of their own poor decisions or even just bad luck. And weaker market discipline can not only distort current resource allocation but also sow the seeds of a future crisis.

If, nonetheless, policymakers reach a judgment that action must be taken, the central bank and other authorities have a variety of instruments to use. The degree of potential moral hazard created will depend on the instrument chosen. Policy actions that work through the overall market rather than through individual firms create a lower probability of distorting risk taking. Thus, a first resort in managing a crisis is to use open market operations to make sure aggregate liquidity is adequate. Adequate liquidity has two aspects: First, we must meet any extra demands for liquidity that might arise from a flight to safety; if such demands are not satisfied, financial markets will tighten at exactly the wrong moment. This was, for example, an important consideration after the stock market crash of 1987, when demand for liquid deposits raised the demand for reserves held at the Fed; and again after 9/11, when the loss of life and destruction of infrastructure impeded the flow of credit and liquidity.

Second, we must determine whether the stance of monetary policy should be adjusted to counteract the effects on the economy of tighter credit supplies and other knock-on effects of financial instability. As a result, meetings of the Federal Open Market Committee (FOMC), often in conference calls if the situation is developing rapidly, have been an element in almost every crisis response. Those meetings allow us to gather and share information about the extent of financial instability and its effects on markets and the economy as we discuss the appropriate policy response.

Other policy instruments that can be used to deal with financial instability--discount window lending, moral suasion aimed at convincing private parties to keep credit flowing, actions to keep open or slowly wind down troubled institutions--are, in my judgment, more likely than open market operations or monetary policy adjustments to have undesirable and distortionary effects. Hence, they should be, and are, used only after a finding that broader instruments, like open market operations, are unlikely to prevent significant economic disruption. And in my view, when relatively targeted policy interventions are employed, their use should be designed to minimize moral hazard. For example, if the central bank concludes that it must lend to individual depository institutions, any such loans should, in most situations, be on terms sufficiently onerous to encourage a quick return to market funding.

The central bank will and must be involved in the management and resolution of financial crises. Indeed, a major reason for the founding of the Federal Reserve in 1913 was the need to address periodic banking crises and financial panics, which had plagued the U.S. economy during the nineteenth and early twentieth centuries. And the need remains today for Federal Reserve involvement in crisis management and resolution. The Federal Reserve's ability to conduct open market operations, make discount window loans, and provide funds intraday to key payments system participants are unique tools necessary to ensure that the financial system stays liquid. Our monetary policy experience and responsibilities afford us valuable insights into how financial disruptions may be affecting the real economy. Our dual role as both a payments system participant and a payments system supervisor helps us manage problems that arise in this key segment of the financial system. Finally, for a variety of reasons, the Federal Reserve has developed extensive relationships with foreign central banks and bank supervisors. These relationships have proved useful in past crises and will likely be even more valuable in an increasingly global financial and economic system.

When managing a crisis, prudent decisionmaking depends on the best possible information acquired in the shortest possible period of time. By information I mean more than just facts; I mean the informed analyses of the facts that help us understand the true financial condition of the distressed firms and markets and the potential for broader effects. For example, if a major financial institution is facing serious problems, we need to know its most important on- and off-balance-sheet activities, its key lines of business, its most important counterparties, its most important market activities, and its net worth as well as how close it is to failure. In addition, we must get a fix on the primary causes of the institution's problems and on how long the causal factors are likely to last.

Once we understand as best we can the situation we face, we need information to help us assess whether the financial disruption has the potential to significantly spill over to the real economy. The extent of spillover depends upon complex patterns of interdependencies between the immediate source of the financial disruption and other parties, and the speed and cost with which affected parties could obtain substitute providers for the financial services that have been disrupted. As you can imagine, getting the needed information is likewise a very complex and uncertain task, especially when timeliness is of the essence. Once such questions are answered, we would have to judge the possible effects of the financial shock on credit flows, payments and settlement systems, and asset prices and, more broadly, on uncertainty and confidence in the financial sector. We would then go on to consider how these effects might influence consumption, investment, and employment.

Although information when financial stability may be threatened is crucial, the regular and periodic collection of information in more normal times has limitations and potential costs, especially for sectors that do not have access to the public safety net. For example, if it leads market participants to believe that the government will in some circumstances protect them from loss, the costs of the resulting increase in moral hazard and reduction in market discipline could exceed the benefits the information would provide to policymakers. And such information may be of little value to policymakers in a crisis if private risk managers can change their positions so rapidly that any periodic information collection by supervisors about risk positions would be out-of-date.

The Federal Reserve's activities as a bank supervisor provide us with important and sometimes critical information, expertise, credibility, and powers to both deter and manage financial crises. Thus, I want to take this opportunity to emphasize and reinforce the case for central bank involvement in bank supervision made by Chairman Bernanke in a speech last month. The deterrence and management of financial crises are of vital practical concern. The uncertainties surrounding these tasks are greater than anyone would want, and the costs of failure are much greater than anyone could desire. In my experience, the information, expertise, credibility, and powers that the Federal Reserve derives from its supervisory activities are extraordinarily helpful in our efforts to maintain economic and financial stability. Perhaps we could be successful, as central banks in a number of countries are trying to be, without supervisory authority. But I, for one, would not want to take that risk.

Conclusion
Financial stability was the first and perhaps the most important responsibility of the Federal Reserve. To meet that responsibility, we must cooperate closely with colleagues here and abroad to adapt our techniques for preventing and managing situations that could undermine financial and economic stability. As I have tried to emphasize today, that process of adaptation must also recognize that it is ultimately the decisions of private participants, not governments, on which we rely for financial stability. As we interact with the private sector, we must preserve the incentives for innovation, the rewards for success, and penalties for failure that have made our financial markets the engines of rising living standards in a dynamic market economy.

Footnotes

1. Scott Alvarez and Myron Kwast, of the Board's staff, contributed to these remarks, which represent my own views and not necessarily those of other members of the Board or its staff.
2. Federal Deposit Insurance Corporation (2006), "FDIC Solicits Comments on Improvements to Determining Insured Deposits at Large Banks," press release 111-2006, December 5, http://www.fdic.gov/news/news/press/2006/index.html.

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신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
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한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
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  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
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