On December 18, 2008 the Korean government announced a 20,000 billion won (US$15.1 billion) bank recapitalization fund to be launched in January to help banks replenish capital and encourage them to lend into the Korean economy. The Bank of Korea plans to lend 10,000 billion won to the fund, subject to approval by its monetary policy committee. Public investors will inject an additional 8,000 billion won by purchasing securities issued by the fund, with the state-owned Korea Development Bank to provide the remaining 2,000 billion won. The fund will be operated until the end of 2009. Banks will be able to voluntarily tap the fund through the sale to the fund of new preferred shares and equity-type bonds.  Financial Services Commission Report.