Eun Seong-su Chairman: "Currently an Economic Wartime Situation... Timely Financial Support is Crucial"

Launch Ceremony of the Period Industry Stabilization Fund on the 28th
"The Fund Is Not a Privilege... Support Tailored to Corporate Conditions" Emphasized

[Asia Economy Reporter Kangwook Cho] Eun Seong-su, Chairman of the Financial Services Commission, said on the 28th, "Our country's economic situation is an economic wartime scenario where the real economy recession and employment crisis caused by COVID-19 are spreading not only to the service and manufacturing sectors but to all industries," adding, "It is more important than anything else that financial support for companies is provided in a timely manner."

Chairman Eun made these remarks while attending the launch ceremony of the 40 trillion won 'Period Industry Stability Fund' held at the Korea Development Bank headquarters in Yeouido, Seoul, stating, "The fund must be managed so that the core industries of our economy can maintain competitiveness even during difficult times."

He emphasized three goals: timeliness, sufficiency, and employment stability. Support must be provided without delay, supplied in sufficient scale to companies in need of funds, and, as the official name suggests, employment stability is one of the most important values.

Chairman Eun also urged for harmony and balance among these goals.

He said, "As the devil is in the details, while everyone agrees on the general principles of timeliness, sufficiency, and employment stability, these three may conflict when it comes to specifics," adding, "I ask the committee members to exercise wisdom and insight to find a reasonable harmony and balance."

Furthermore, to ensure efficient operation of the fund, he requested active participation from banks and financial institutions to quickly establish a collaborative financial support system alongside policy finance.

Regarding controversies over eligibility for fund support, Chairman Eun dismissed them by saying, "This fund is not a special privilege," emphasizing, "Therefore, even if a company is not eligible for support, necessary assistance will be provided according to the company's circumstances within the framework of the livelihood and financial stability package program."

Finally, Chairman Eun stressed, "A single candle can be extinguished by the wind, but a bonfire survives," urging, "In the wind of COVID-19, I ask the Period Industry Stability Fund and the Fund Management Deliberation Committee to play a meaningful role so that the major fire of our economy, the period industry, can blaze again passionately."