Lee Bok-hyun, Governor of the Financial Supervisory Service, stated on the 1st, "We will strictly apply the principle of self-responsibility to insolvent companies, while guiding orderly restructuring and business reorganization."
In his New Year's address announced that day, Governor Lee said, "We will harmoniously pursue the two goals of 'financial market stability' and 'efficient allocation of resources."
First, Governor Lee emphasized, "To prevent the transmission and spread of financial market risks, we will reorganize the contingency plan and devote all efforts to preventing systemic risks," adding, "We will enhance the loss absorption capacity of financial companies to secure crisis response capabilities."
He continued, "We will also manage household debt stably by introducing the stress Debt Service Ratio (DSR) system to establish credit screening practices that consider borrowers' repayment ability."
Governor Lee also stated, "We will strengthen supervision over short selling by conducting a full investigation into illegal short selling by top-tier investment banks (IBs) and introducing computerized management systems, while strictly punishing unfair trading practices such as political theme stocks and fraudulent transactions to create a capital market that investors can trust."
Governor Lee urged, "With the prolonged impact of high interest rates causing continued domestic and external economic slowdown and the risk of latent insolvency becoming visible, economic conditions this year will not be easy. The more obstacles there are, the brighter the lighthouse must be."
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