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※ 번역할 언어 선택

Dollars and Sense

William Poole*
President, Federal Reserve Bank of St. Louis

Financial Planning Association of Missouri and Southern Illinois
St. Louis
Jan. 9, 2008

*I appreciate assistance and comments provided by my colleagues at the Federal Reserve Bank of St. Louis. Joseph C. Elstner, Public Affairs officer, provided special assistance. Robert Rasche, senior vice president and director of Research, and Robert Schenk, senior vice president for Public and Community Affairs, provided valuable input to an earlier draft of the speech. However, I take full responsibility for errors. The views expressed are mine and do not necessarily reflect official positions of the Federal Reserve System.


Dollars and Sense

We are certainly living in extraordinary financial times. Our nation has enjoyed a long economic expansion and inflation has been relatively low. However, since last August, financial markets have been in considerable turmoil resulting from subprime mortgage lending and a deflating housing boom. The Federal Open Market Committee (FOMC) is watching both recession and inflation risks. Recession risks are primarily a consequence of financial turmoil, which has threatened to spread housing industry woes to the broader economy.

Will housing sector problems push the economy into recession? It is too early to tell right now, but what we can do is to examine the current situation closely and try to learn from it. Perhaps “relearn” is a better word, because the mistakes that brought us to this point have been made before. There are no new lessons here. The lessons are familiar ones that need to be more forcefully driven home and incorporated in standard financial practice in the future. That is why I’ve titled my remarks “Dollars and Sense.” The Fed is working on providing the public with better and more useful financial information that we hope will reduce the odds on the housing finance industry repeating its recent financial mistakes.

My plan is to review the current situation and examine five key mistakes by borrowers and other market players. Although many borrowers have little financial expertise, we would have expected all the other players to be more sophisticated and experienced. Then I’ll review where the country stands in trying to educate Americans in basic financial literacy and economic thinking. As part of that review, I’ll include some of the things the Federal Reserve is doing to address this issue. Finally, I’ll look at what we can all do to help Americans know more about their finances and to give them the tools to make better choices. As financial planners, you of course have a large stake in this enterprise and will benefit in the long run from having better-prepared clients. I know your organization is already involved in some education efforts, and I applaud your efforts.

Before proceeding, I want to emphasize that the views I express here are mine and do not necessarily reflect official positions of the Federal Reserve System. I thank my colleagues at the Federal Reserve Bank of St. Louis for their comments. Joseph C. Elstner, Public Affairs officer at the St. Louis Fed, provided special assistance. However, I retain full responsibility for errors.
Five Mistakes

Let’s review the five major mistakes creating the subprime mess.

First, too many borrowers took on mortgages they could not afford. Nothing new there, except for the number of such borrowers. How could something seemingly so preventable happen? One of the main culprits was the adjustable rate mortgage, or ARM. Actually, the problem is not the ARM itself but grossly inadequate borrower understanding of this type of mortgage. The “Two/Twenty-Eight” ARM called for low initial payments for two years, which would then reset to higher levels for the remaining 28 years of the 30-year mortgage. Too many borrowers, though, did not insist on knowing just what the “higher level” would mean, and too many mortgage brokers did not provide that information in a way the borrower could understand. Other borrowers, wanting to take advantage of low initial payments, gave misleading or false information about their ability to repay. It is important to emphasize that there is nothing inherently wrong with adjustable rate mortgages, and they make sense for many borrowers. However, borrowers must be prepared for interest rate resets and able to pay higher rates. In recent years, too many borrowers were not prepared. Borrowers also need to understand prepayment penalties in their mortgage contracts. These can make refinancing ARMs into fixed-rate mortgages terribly expensive.

Second in our mistakes summary, mortgage brokers put too many borrowers into unsuitable mortgages. As I mentioned in a speech to a St. Louis real estate group last July, with widely held expectations of rising interest rates priced into the markets throughout the 2003-2005 period, it is difficult to avoid the judgment that these ARM loans were poorly underwritten. It was imprudent for mortgage bankers and lenders to approve borrowers who likely could not service the loans when rates rose. It is important to understand that rising interest rates were not just a risk but actually the market expectation. Poor underwriting not only jeopardized the borrowers put into unsuitable mortgages but also the brokers themselves. Numerous brokers are now bankrupt, and many survivors have suffered large losses and sullied reputations.

Third, it is surprising to me that investment banks jeopardized their reputations by securitizing these mortgages when the underlying loans were backed by inadequate or spurious information.

Damaged reputations are also casualties of the fourth major mistake: rating agencies that placed AAA ratings on many securities backed by subprime mortgages. The rating agencies seemed to have based their ratings on a backward look at default experience on similar mortgages before 2006, rather than on a forward look based on careful analysis of the likely ability of borrowers to repay in less favorable market circumstances. The reason default experience on subprime mortgages was relatively favorable before 2007 is that housing prices were rising, permitting stressed borrowers to sell their properties to repay the mortgages. The rating agencies, apparently, did not believe that house prices might stop rising, in which case the music would stop.

The final entry on our major mistake list is investors who bought those securities without conducting an adequate analysis of the underlying investments. Investors too readily accepted the AAA ratings at face value. As financial planners, you are very familiar with the cliché that “if something looks too good to be true, it probably is.” A reach for yield with inadequate attention to risk is another basic lesson that apparently cannot be relearned often enough.

It is interesting, and a bit depressing, that investment professionals made four of the five mistakes. I can understand the mistakes many financially naïve borrowers made but have a hard time understanding how so many investment professionals could have been so wrong. Many observers point to greed, but I prefer a different explanation. Shortsightedness rather than greed explains actions that led to losses of tens of billions of dollars and the failure of many financial firms.

Avoiding Future Mistakes

I will now to add some detail to three of these mistake categories—borrowers who cannot repay, mortgage brokers putting people into unsuitable loans and investors who did not do their homework. Here is my question: How could better education and financial decision-making have helped people avoid these mistakes?

Borrowers. Too many know too little about credit and what its costs and risks are. Starting with coursework on credit usage in elementary and middle schools and continuing with financial literacy and economics in high school would go a long way toward equipping borrowers with the information they need, or at least give them enough knowledge to ask the right questions about what they can afford and what lending terms mean.

Mortgage brokers. Many have closed their doors and gone out of business through unsatisfactory lending. In the July realtor speech I mentioned earlier, I emphasized that a durable stream of profits in mortgage lending requires a continuing flow of capital from investors willing to buy the mortgages an originator wants to sell and securitize. Given the difficulty any mortgage broker faces in differentiating its own products, the best way to stand out and survive over the long term is to give outstanding service to mortgage shoppers. Turning outstanding service into future business prospects is precisely the role for reputation. A firm’s good name spread through word of mouth will pay the highest dividends over the long term. And going the extra mile by making certain that borrowers understand lending terms and are able to service those loans can cement that reputation and keep those doors open a long time.

Investors. Here I want to look at individual investors, the ones you know so well. It may be true that many if not most such investors put their money heavily into mutual funds, reducing some of the risk of holding individual stocks and bonds. What would help them greatly, I believe, is a much better understanding of what their funds hold. Mutual funds are professionally managed, but the subprime fallout has hit the pros hard, too. In one example from our Federal Reserve District, two investors in two Regions Morgan Keegan mutual funds severely affected by subprime mortgage problems are suing over sharp declines in the values of their investments. As of Dec. 13, 2007, the Select Intermediate Bond Fund and the Select High Income Fund were down 47 and 56 percent, respectively. News media accounts tell of disastrous results being faced by other investors in similar types of securities. Would investors equipped with better knowledge have avoided such steep losses? More organizations should get behind efforts to improve investor knowledge.

Where does the country stand in terms of educating our citizens in the financial and economic basics? The brief answer is that efforts across the nation are making progress but we have a long way to go.

According to a 2007 survey by the National Council on Economic Education:

* Economics, traditionally part of the Social Studies curriculum, is now included in the educational standards of all states.
* 41 states, up from 28 in 1998, now require these standards be implemented. Sounds good so far, but there’s more.
* Only 17 states, not including Missouri or Illinois, require students to take an economics course for high school graduation, up from 13 states in 1998.
* Only 22 states, not including Missouri or Illinois, require testing of student knowledge in economics, three fewer than in 2004.

Personal finance,a newer subject in comparison with economics, is now included in the educational standards of 40 states, up from 21 in 1998, with 28 states requiring these standards to be implemented. Still, though, only seven states require students to take a personal finance course for high school graduation and only nine require the testing of knowledge in personal finance. Missouri now requires personal finance for graduation and tests for knowledge; Illinois requires a consumer education course but does not test on the subject for graduation.

What we have, then, is a mixed bag when it comes to preparing students to learn about money and the choices to be made in handling it. Our nation is making progress, but as we have seen with the subprime mess, we as a society have a lot more to do in equipping students and adults with the knowledge they need to make wiser financial decisions.

I know the Financial Planning Association of Missouri and Southern Illinois believes in boosting financial literacy. Your web site tells of the projects you’ve undertaken to better educate yourselves and your clients and the volunteer work you’ve done for the community. At the Federal Reserve Bank of St. Louis, and in our branch cities of Little Rock, Louisville and Memphis, we’re trying to do our part, too.

We’ve got a two-pronged effort going, with one part aimed at community development and a complementary effort aimed at improving financial education in the schools. On the community development side, we work on educating community groups and through those groups, their members, about improving communities through making better financial decisions.

Last month, for example, we hosted a seminar, “HMDA to Home Improvement,” in St. Louis. HMDA is the acronym for Home Mortgage Disclosure Act. Attending were mortgage lending experts, community group representatives, economists and government officials. Discussions were aimed at helping homeowners avoid foreclosures and take advantage of programs making home improvements affordable.

The St. Louis Fed also participates in the St. Louis Foreclosure Intervention Task Force. It’s a collaboration of representatives of government, financial institutions, and real estate and nonprofit organizations One outgrowth of that effort is a hotline, 888-995-HOPE, that counsels homeowners concerned about foreclosure. Brochures and television appearances helped promote the hotline. We helped in starting a similar program in Springfield, Mo.

In Louisville, Ky., our branch staff is involved in the Don’t Borrow Trouble Coalition, an organization helping citizens deal with lending issues, particularly as they relate to mortgages. The Kentucky Predatory Lending Prevention Committee is another organization we help support; it helps families avoid money scams and to resolve financial problems. We’re also active in similar efforts in Arkansas, Indiana, Tennessee and other locations.

Besides our community development efforts, the St. Louis Fed and other Federal Reserve banks work through state economic education councils, centers for economic education and local school districts to offer mostly free economic and financial education materials and curricula to teachers. We do some work directly with students, but we find we can reach many more of them by working through their teachers. Our aim is to drop large boulders in the education pond and to encourage the ripples to expand.

We have a lot going on in this area too; I’ll highlight some of the key projects.

I mentioned earlier that Missouri now requires a one-semester personal finance course. The St. Louis Fed’s economic education experts are helping to train educators who will be teaching those courses, setting up workshops for them and training teachers in the new curriculum.

We also take part, as do representatives from commercial banks, in Teach Children to Save Day, an annual event for first- through third-graders. In the St. Louis metro area alone, our volunteer employees taught lessons in over 400 classrooms last year on the importance of saving regularly and what it means to save over the long term for something you really want.

There are many places teachers can go to for useful information and classroom-ready lessons on money, credit and economic concepts. Two of the best are web sites: first, our Bank’s web site at www.stlouisfed.org. Clicking on the “education” link brings teachers to conferences, materials, lessons, teaching tips and much more. The other site is actually a portal at www.federalreserveeducation.org. It’s an entry to web sites providing help of all kinds for teachers of personal finance and economics. Just about any topic under the general “economics and personal finance” heading is included in one or both web sites, along with support materials and tips on using them.

In St. Louis and our branch cities of Little Rock, Louisville and Memphis, our economic education staff in 2007 conducted well over 100 separate meetings, workshops, competitions or other events aimed at equipping teachers to provide their kindergarten through high school students with the skills they need to deal with money, debt, credit, saving and economic decision-making.

For example, in early 2007, high school teachers in Southhaven, Miss., attended a "Growing Smart with Money" workshop led by our Memphis Branch economic education staff. In the St. Louis metro area, we worked with local libraries to put on a program for middle schoolers called “Money Smarts for Kids.” We worked with the Kansas City Fed and centers for economic education staff at Missouri universities to conduct the first-ever Missouri Personal Finance Competition in St. Louis, Kansas City, Springfield and Columbia, with the championship held in Jefferson City. A program begun by our Little Rock Branch staff, the Piggy Bank Primer, has helped early grade school students throughout our District to learn more about saving. A program we helped roll out in Quincy, Ill., “Your Paycheck” is expanding in our District. It’s aimed at teenagers, particular those holding their first jobs, and teaches them about paychecks—what the various deductions mean and how you can learn more about benefits, saving, withholding and more.

That’s just a partial listing of the community development and economic and financial education efforts we’ve got going. And there’s more of that coming for 2008 and beyond.

What can we all do to move this trend along, to put learning the basics of saving, borrowing and credit higher in the public’s mind? There are a number of things, and it is going to take the Federal Reserve, the Financial Planning Association of Missouri and Southern Illinois, and thousands of other organizations to pull it off.

* Contact your local schools and ask them where learning about saving, spending, investing and borrowing fit into their curricula, what lessons are being taught and how. Bring up this subject at school board meetings and parent meetings.
* Support legislative efforts to require coursework in economics and personal finance for high school graduation. Let your state representatives and senators know through calls, letters or e-mails and personal contact.
* Write op-ed pieces highlighting the need for expanded financial education and offer them to local news media. Don’t overlook influential Internet bloggers…they can help spread the word quickly.
* Get behind or start financial and economic education programs in professional organizations and lend your skills. We ask a lot of our educators; they can do a lot, but they can’t do it all. We can all add our voices…and ourselves.

Concluding Comment

The current financial turmoil will take awhile to play itself out. The fundamentals of our economy remain strong, however, and 2008 looks to be a year of rising growth. Economic forecasters expect slow expansion in the first half of the year and a quickening pace in the second half. Meanwhile, if borrowers, lenders and investors can refocus on financial basics and re-emphasize critical lessons about credit and risk, the financial future can be brighter than the second half of 2007. For that brighter future, we need to infuse our education at all levels with the lessons of 2007—old lessons to be sure but easy to understand at a very practical level from 2007 experience. With continuing effort we can expect that financial upsets such as the current one will be infrequent and milder when they do occur.

Thank you and I’d be glad to take your questions.

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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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