Hong Ik-pyo: "Banks Achieve Record High Performance Despite COVID-19... Hope for Efforts Toward Coexistence and Cooperation"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 21st, and is talking with Hong Ik-pyo, chairman of the Policy Committee, during the meeting. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] Hong Ikpyo, the Policy Committee Chair of the Democratic Party of Korea, urged the expansion of the public functions of banks on the 21st, stating that "despite the economic situation caused by the novel coronavirus infection (COVID-19), banks have posted record-breaking profits."

At the policy coordination meeting held at the National Assembly that morning, Chair Hong said, "As of November 2020, the household loan interest rate was 2.71%, rising 0.08% from the previous month, marking the highest level since May and a three-month upward trend since August. However, deposit interest rates have remained at 0%, stagnant."

He added, "As a result, banks also achieved record-high profits last year," emphasizing, "Along with the efforts made so far, I once again ask the banking sector to work together for coexistence, cooperation, and solidarity in our society."

Regarding some views that see such proposals from the political sphere as 'state-controlled finance,' he countered, "There are various opinions about the party's efforts and stance, including state-controlled finance, but in fact, the history of state-controlled finance in our country was at the core of collusion between politics and business."

He continued, "The financial sector crisis is partly due to state control, but it is also due to the continuously poor financial supervision system," and stated, "It is now time to restore the traditional role in the financial sector."

Chair Hong reiterated, "It is time to connect finance to household investment and expand public functions," and urged again, "To overcome the crisis caused by COVID-19, all sectors must work together in the spirit of coexistence, cooperation, and solidarity."