Kim Bok-hyun, Financial Supervisory Service Chief, Holds First Meeting After Impeachment Resolution
"Must Quickly Establish Next Year's Financial Supervision Direction"
Continued Communication with Overseas Regulators... Orders Management of Household Loans and Real Estate PF
Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), held an emergency financial situation review meeting for the first time since the National Assembly passed the impeachment motion against President Yoon Seok-yeol, urging timely responses to any abnormal signs detected after the market opens on Monday (16th) and maintaining a company-wide risk management posture assuming an emergency situation.
On the 15th, Governor Lee held an emergency financial situation review meeting at the FSS headquarters in Yeouido, Seoul, stating, "Do not be shaken by the current political situation, and do your best to stabilize the market and carry out your duties without any lapse."
He added plans to "continuously communicate with overseas investors and foreign supervisory authorities regarding the stable management capabilities of the economic and financial system and the consistent promotion of capital market advancement measures."
He emphasized that this year's pending tasks should be carried out smoothly as originally planned and that the direction of financial supervision for next year should be promptly established. Governor Lee said, "It is urgent to respond meticulously to changes in the domestic and international political, economic, and financial environment," adding, "Regarding next year's financial supervision and inspection direction, we must communicate with the market to support financial companies in establishing and implementing their business plans without disruption, thereby enhancing predictability in the management environment."
He also requested continued strengthening of soundness management, including household loan management and the implementation of plans to resolve and restructure non-performing project financing (PF).
Governor Lee said, "Considering domestic and international uncertainties carefully, flexible and meticulous household loan management should be promoted to ensure no disruption in the supply of funds to low-income and vulnerable groups and regional areas," and urged, "Actively induce financial companies to implement plans for resolving and restructuring non-performing PF sites and continue to strengthen soundness management by expanding loss absorption capacity."
He added, "Please monitor carefully to ensure that corporate funding conditions do not face difficulties and support the seamless supply of scheduled investments and year-end working capital."
Meanwhile, he also urged thorough investor protection against voice phishing, false information dissemination, and other acts that may occur by taking advantage of the increased uncertainty in the financial market situation.
Governor Lee mentioned, "Closely monitor voice phishing and false information dissemination using social network services (SNS) that exploit recent anxiety, and take investor caution measures such as issuing consumer alerts when there is concern about consumer damage."
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