Emergency Decree Financial Supervisory Service Holds Urgent Meeting... "Emergency Response to Financial Situation"

Director Lee Bok-hyun convenes deputy directors and department heads... "Best efforts for market stability" urged

Amid President Yoon Suk-yeol's declaration of martial law, the Financial Supervisory Service (FSS) held an emergency financial situation inspection meeting at 1:30 a.m. on the 4th, chaired by Director Lee Bok-hyun, with the participation of deputy directors and heads of major financial sectors, and decided to activate an emergency response system.

Lee Bok-hyun, Governor of the Financial Supervisory Service, is surrounded by reporters and answering questions as he enters the Bankers Hall in Myeong-dong, Seoul, on the 28th to attend the meeting between the FSS Governor and the chairpersons of bank holding companies' boards. Photo by Heo Young-han

Through this inspection meeting, the FSS is preparing to immediately implement necessary market stabilization measures against potential financial and foreign exchange market instability following the declaration of martial law. It is checking the foreign currency funding conditions by financial sector, the volatility of the virtual asset market, and sharing and cooperating swiftly with related agencies. Additionally, by activating the emergency response system, the FSS will hold financial situation inspection meetings frequently to ensure thorough crisis response.

Meanwhile, the FSS stated that although Korean bonds in overseas financial markets showed some volatility immediately after the martial law declaration, market volatility has been limited as overseas branches of financial companies have smoothly absorbed the issuance of Korean bonds.

Director Lee Bok-hyun of the Financial Supervisory Service urged attending executives and staff, "Please maintain vigilance and prepare a thorough response posture to be ready for any situation, and do your best efforts to stabilize the market."