According to the National Election Commission, the deposits^* made with the NEC in 2013 amounted to KRW 10.71 billion, which is the largest since 1997 when the current deposit system came into being.

It was the first time that the political funds raised in the form of a deposit went beyond KRW 10 billion. The amount came to KRW 9.21 billion in 2012.

The system is one through which anyone including public officials can make a deposit with the election commission unlike other donations made to political fund-raising associations for specific politicians.

The political funds deposited with the election commission are allocated to political parties on a quarterly basis, considering whether or not the parties hold a negotiating group in the National Assembly, the number of seats taken by the parties, the percentage of the valid votes the parties gained in the previous National Assembly elections, etc.

The NEC distributed the political funds deposited by the public to the four political parties – the Saenuri party, the Democratic party, the United Progressive party and the Justice party - on January 14.

p  Political funds were deposited by 119,044 citizens, most of which were less than KRW 100,000.

119,044 citizens took part in the campaign called “Transparent Political Fundraising” last year.

It is known that the average deposit amount per head was approximately KRW 90,000 and 118,890 (99.87%) made deposits in small amounts of less than KRW 100,000.

< Deposits made in 2013 >

According to the NEC, peoples’ aspiration for honest politics and the NEC’s endeavors for transparent political fundraising are combined to have firmly in place a sound culture of raising multiple political funds in small amounts.

The NEC has expanded a range of methods to make a deposit such as by allowing using credit card points. As part of efforts to make political fundraising available anytime anywhere, the system has been set up since last year to allow donations via smartphones, which will result in spreading a culture of raising multiple political funds in small amounts.

·       Currently points earned from 8 credit card companies can be used to donate political funds, which include Kookmin, NH, Lotte, BC, Samsung, Shinhan, Korea Foreign Exchange Bank and Hana SK cards.

In addition, the NEC has been endeavoring to encourage the public participation through the press, print outs, facilities, the Internet, etc. and engaging in active PR activities.

Those who wish to make a deposit may visit the election commission at each level or the website www.give.go.kr or have it done via smartphones,

An individual who has contributed political funds is entitled to tax returns of up to KRW 100,000. An amount exceeding KRW 100,000 will be deducted from his/her assessable income.

p  2013 4^th quarterly deposit of KRW 10.6 billion distributed to 4 political parties

The NEC held a ceremony at the National Assembly on January 14 where the political funds deposited by Korean citizens from October to December 2013 of KRW 10.6 billion were allocated to 4 political parties.

< 2013 4^th quarterly deposit distributed to each political party (unit: KRW)>

The ceremony was attended by the Secretary-General of each political party and started with a welcome address by Mr. Moon Sang-Boo, the Secretary-General of NEC, followed by a report on the progress for the deposits being made with the NEC, the presenting of a certificate of deposit and a performance.

In his welcome remarks, the Secretary-General Moon Sang-Boo stressed that Korean peoples’ aspiration for honest politics should also be delivered while the deposits were allocated to the political parties. He also requested each political party to make sure the will of the public is put into practice to realize honest politics.

The NEC is determined to make continued efforts to establish a culture of making multiple donations in small amounts which will eventually contribute to the sound development of democracy.

* The money, marketable securities and goods deposited with the Election Commissions by an individual who seeks to contribute a political fund to a political party