Yoon Jae-ok, Chairman of the Political Affairs Committee, "Considering Easing Regulations on Savings Banks Including Relaxation of Executive Joint Liability"

저축은행중앙회, 국회 정무위원장 초청 간담회
Central Savings Bank Association Holds Meeting Inviting Chairman of the National Assembly's Political Affairs Committee

Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee (sixth from the left in the first row), Oh Hwa-kyung, President of the Korea Federation of Savings Banks, and 15 representatives of savings banks are taking a commemorative photo after holding a breakfast meeting at The Plaza Hotel in Jung-gu, Seoul. (Photo by Korea Federation of Savings Banks)

[Asia Economy Reporter Minwoo Lee] Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee, met with representatives of savings banks and requested their active cooperation in the new government's financial support measures for small business owners. He also urged discussions on regulatory improvements for the savings bank industry.

The Korea Federation of Savings Banks held a breakfast meeting on the morning of the 17th at The Plaza Hotel in Jung-gu, Seoul, between Chairman Yoon and savings bank representatives.

At the meeting, topics discussed included the expanded role of savings banks for ordinary citizens and small and medium-sized enterprises, financial issues, and industry requests. Oh Hwa-kyung, Chairman of the Korea Federation of Savings Banks, stated, "Savings banks are becoming trustworthy and safe financial institutions," adding, "As the last formal financial institution for the financially marginalized, we will carry out our responsibilities and fulfill the role of savings banks more faithfully."

The attending savings bank representatives also pledged to do their best to overcome future crises. They requested that the National Assembly take an interest in the sustainable development of savings banks, noting that while savings banks have faithfully fulfilled their role in providing funds to ordinary citizens, their soundness has greatly improved.

Chairman Yoon responded, "In addition to the existing loan maturity extensions and repayment deferrals for self-employed and small business owners that the new government will promote, please actively cooperate with financial support measures including debt restructuring support such as refinancing loans and expansion of low-interest loans." He added, "We will review whether there are any unreasonable or necessary improvements regarding the revision of the Savings Banks Act, which is of great interest to the savings bank industry, such as easing joint liability for executives, and support the sound development of savings banks and the revitalization of financial services for ordinary citizens."