(LEAD) Rival parties reach compromise on ferry bills

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SEOUL, Oct. 31 (Yonhap) -- South Korea's rival political parties agreed Friday to dismantle the Coast Guard and the anti-disaster agency in a deal that ended a months-long standoff over April's deadly ferry disaster.

The ruling Saenuri Party and the main opposition New Politics Alliance for Democracy said they will create two headquarters responsible for maritime security and emergency management under the supervision of a new government office to be tasked with overseeing public safety.

President Park Geun-hye has proposed the new office amid strong public criticism of the government's bungled response to the ferry sinking. She has vowed to make public safety a top political priority in a country in which safety is often overlooked by regulators in cozy relationships with their former colleagues in the private sector.

The parties also agreed to set up the post of a presidential secretary to handle anti-disaster affairs.

The move underscored the parliamentary commitment to making South Korea a safer country following the April 16 ferry sinking that left more than 300 people dead or missing, mostly high school students on a school excursion.

The rival parties agreed to investigate the sinking through a fact-finding committee and an independent counsel. They also agreed to immediately hold discussions on how to compensate the victims.
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