『한국은행법』 80조의 최종대부자론
Lender of Last Resort by the Article 80 of the 『Bank of Korea Act』
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2020년 상반기 코로나사태로 인한 금융시장 불안에 대응하여 한국은행 금융통화위원회는 『한국은행법』 80조를 근거로 비은행금융기관을 대상으로 한 회사채담보대출제도와 회사채매입을 목적으로 한 SPV(특별목적펀드)에 대한 대출제도 등 두 개의 최종대부자 정책방안을 도입하였다. 이 논문은 두 정책을 배경으로 한국은행 최종대부자 기능의 범위와 절차를 검토한다. 논문의 핵심주장은 다음과 같다: 입법취지로 보면 80조는 비은행금융기관을 유동성 제공대상으로 한정하였으나, 비금융 법인 등으로 대상을 확대해석할 여지는 조문에 남아있었다. 2008년 글로벌금융위기이후 자본시장 금융위기의 가능성은 실재하며, 이를 고려하여 80조를 재설계할 필요가 있다. 비은행금융기관을 넘어서 비금융 법인에 대한 최종대부자 유동성 제공을 명확히 허용하되, 발동목적을 금융시스템 안정에 한정하고, 재정정책 속성이 중첩됨을 감안하여 재정의 손실부담을 의무화하며, 금융통화위원회에 조사기능과 사후 보고의무를 부여하는 입법조치를 제안한다.
Abstract
In the wake of a financial turmoil triggered by the Covid19, the monetary policy board of Bank of Korea adopted emergency lending measures in 2020, based on article 80 of the Bank of Korea Act. With the backdrop of the two measures, this study analyzes the lender of last resort conducted by the Bank of Korea in its capacity and procedure. It argues that (1) legislators of the article 80 in 1997 intended to limit the target of emergency liquidity to non-banking financial institutions, though wording of the article was left unclear on whether it could be extended to non-financial corporations; (2) in the post Global financial crisis environment, the possibility of a financial crisis centered in capital markets needs be allowed for, thereby the necessity of designing a new framework for the lender of last resort function accordingly; (3) the Bank of Korea needs be explicitly allowed to provide emergency liquidity to non-financial entities; (4) at the same time, potential loss related with the liquidity provision to non-financial entities should be born by the fiscal authority as such policy measures are observationally equivalent to fiscal policy measures.
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