Discussion on Response to SVB Crisis at Meeting Between Prime Minister Han Duck-soo and Resident Representatives
President Yoon Suk-yeol on the 20th instructed to "strengthen monitoring" regarding the Silicon Valley Bank (SVB) crisis.
On the same day, President Yoon held a regular meeting with Prime Minister Han Duck-soo and discussed the response to the SVB crisis as well as measures for spring wildfires and droughts, presidential spokesperson Lee Do-woon conveyed in a briefing.
In particular, President Yoon urged, "Strengthen monitoring of external financial instability factors and be prepared to take necessary measures immediately if risks are detected." Following the collapse of the US SVB on the 10th, Signature Bank in the US also went bankrupt, and in Europe, Credit Suisse (CS) faced liquidity issues. In the case of CS, it was eventually acquired by Switzerland's UBS, and the global financial sector is closely watching how far the repercussions of this crisis will spread.
Additionally, he ordered prompt responses to spring wildfires and drought damage in the southern regions. President Yoon said, "Relevant agencies should cooperate to make every effort to prevent and respond to spring wildfires," and added, "Since the drought damage in the southern regions is severe, please work closely with local governments to ensure effective countermeasures are put in place."
In response, Prime Minister Han reported, "Due to recent dry weather, wildfire and drought damage have caused significant inconvenience to the daily lives of the people," and stated, "We will focus on inspecting factors threatening spring safety and prepare countermeasures centered on the relevant ministries."
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