Eun Sung-soo, Financial Services Commission Chairman, "I will leave the Stock Market Stabilization Fund to the experts and step back"

Financial Services Commission Chairman Eun Sung-soo is announcing measures to stabilize the financial market related to COVID-19 at the briefing room of the Government Seoul Office in Jongno-gu, Seoul on the 24th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jo Gang-wook] Eun Sung-soo, Chairman of the Financial Services Commission, said regarding the operation of the 10 trillion won Securities Market Stabilization Fund, "I will leave it to the experts and step back."

Chairman Eun made these remarks on the 31st after signing a business agreement for the establishment of the 'Together Korea Fund (Securities Market Stabilization Fund)' with the financial sector at the Bankers' Hall in Jung-gu, Seoul, stating to reporters, "From today onward, the Financial Services Commission will step back from fund management."

Chairman Eun explained, "If we intervene, it will eventually become unmanageable for us," adding, "Think of it as entrusting quarantine experts with quarantine, and the Financial Services Commission will only play its role up to this point, with the Investment Committee handling the rest."

The Together Korea Fund will be operated as early as the beginning of next month after procedures such as establishing an Investment Management Committee composed of participating financial institutions and private experts. Specific asset management will be independently conducted by experts freely selected by participating financial institutions according to the common investment management direction prepared by the Investment Management Committee.

Chairman Eun also emphasized, "The government's intention is to prevent companies currently experiencing temporary shortages from going bankrupt," adding, "Support will be provided to companies in all industries, including the aviation sector, that require assistance, but strict self-help efforts by major shareholders must be a prerequisite."