Vice Chair Kim So-young: "The possibility of instability spreading in secondary financial institutions and real estate PF is not high"

Holding a Current Issues Review Meeting with Directors and Higher-Level Executives

Embargo until April 5, 2 PM
Kim So-young, Vice Chairman of the Financial Services Commission, is attending the joint briefing by related ministries on the youth sector of the public livelihood discussion held at the Government Seoul Office in Jongno-gu, Seoul on the 4th, answering reporters' questions. Photo by Jo Yong-jun jun21@

Kim So-young, Vice Chairman of the Financial Services Commission, emphasized that while the risk of expansion of concerns regarding the secondary financial sector and real estate project financing (PF) is not high, efforts to stabilize the financial market should continue, and financial policies for ordinary citizens and small and medium-sized enterprises (SMEs) must be steadily pursued.

On the 25th, Vice Chairman Kim held a meeting with senior officials at the director level and above at the Financial Services Commission to review current issues, stating, "Although there are some recent market concerns about the secondary financial sector and real estate PF, the government and related agencies have secured sufficient response measures and are managing them consistently, so the possibility of these concerns spreading as market instability factors is not significant."

Nevertheless, he urged that efforts be made to maintain financial market stability and to steadily implement support measures for ordinary citizens, SMEs, and small business owners. He said, "Please prepare to maintain financial market stability going forward," adding, "To alleviate the difficulties faced by ordinary citizens, SMEs, and small business owners due to prolonged high interest rates and high inflation, please ensure the smooth implementation of livelihood measures such as interest refunds for small business owners, establishment of a linked system for microfinance, employment, and welfare support, expansion of loan refinancing services, credit forgiveness, smooth landing of the real estate PF market, and customized corporate funding support, and promptly reflect the voices from the field into policy."

In response, the Financial Services Commission plans to thoroughly monitor risk factors in the financial market in cooperation with related agencies and respond proactively. At the same time, it will rigorously check the policy execution status of major livelihood financial support measures and directly visit the field to identify financial difficulties and devise solutions.