Holding the Pan-Financial New Year's Meeting: "Crucial Role in Overcoming Crisis"

Choo Kyung-ho "We Must Unite to Prevent the Spread of Real Estate-Related Risks"

[Asia Economy Reporter Yu Je-hoon] After three years since COVID-19, the 'Pan-Finance New Year Greeting Meeting,' where representatives of financial companies and key figures from political and government sectors gather in one place, was held.

The Korea Federation of Banks announced on the 3rd that it held the 2023 Pan-Finance New Year Greeting Meeting at Lotte Hotel in Jung-gu, Seoul, together with the Korea Financial Investment Association, Korea Life Insurance Association, Korea Non-Life Insurance Association, Korea Credit Finance Association, and Korea Federation of Savings Banks.

At the event, over 400 people attended, including Chu Kyung-ho, Minister of Economy and Finance and Deputy Prime Minister; Lee Chang-yong, Governor of the Bank of Korea; Kim Ju-hyun, Chairman of the Financial Services Commission; Lee Bok-hyun, Governor of the Financial Supervisory Service; key figures from political and government sectors; representatives of financial companies; journalists; and heads of related financial institutions. Attendees listened to New Year’s addresses from major institution heads and exchanged greetings.

In his New Year’s address, Deputy Prime Minister Chu said, "Since the crisis is still ongoing in the new year, the true pivotal role of finance is urgently needed to overcome the crisis and achieve a new leap forward," and urged, "The financial sector should unite to prevent real estate-related financial risks from materializing and spreading."

Chairman Kim emphasized, "Let us proactively respond to financial market and macroeconomic instability factors, as well as the financial difficulties faced by vulnerable groups," while Governor Lee also stated, "While thoroughly preparing for the possibility of a crisis, there is no need to become prematurely pessimistic. It is time for policymakers and financial professionals to pool their wisdom."

Governor Lee Bok-hyun urged the financial sector to take special responsibility not only for soundness management but also for supporting the recovery of the real economy amid still challenging economic and financial conditions in the new year, and emphasized the need to share awareness of responsible management.