The financial sector was rattled this year by the restructuring of savings banks.

The efforts resulted in the closure of insolvent firms that were found to be deeply involved in corruption.

The Financial Services Commission ordered 16 savings banks to suspend operations --- nine during the first half of the year and seven in the latter half. That’s around 15 percent of the nation’s 105 savings banks.

The government launched efforts to revamp savings banks in a bid to sort out insolvent institutions and to liquidate them or to have them improve their management with the ultimate aim of stabilizing the financial market.

Among the banks ordered to shut down in the first half was Busan Savings Bank, which was the nation’s largest savings bank. In the second half, Tomato Savings Bank and Jeil Savings Bank were ordered to suspend operations.

The closure of those banks resulted in major losses for common people as holders of subordinated bonds and depositors of more than 50 million won were not eligible to receive compensation when the savings banks went under.

Investigators probing the savings banks scandal found that top executives of insolvent banks were involved in illegal lending and fraudulent accounting. Such banks were also found to have actively lobbied politicians to avoid liquidation. Dozens of savings banks officials and high-ranking government officials were arrested in investigations into the savings banks scandal, including former Board of Audit and Inspection auditor Eun Jin-soo.

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