Financial Authority Chief: "Martial Law, Surprised by Broadcast... For Now, Concerned About the Market"

Kim Byung-hwan, Chairman of the Financial Services Commission, said on the 3rd that he learned about President Yoon Seok-yeol's declaration of martial law "by watching the broadcast." He also stated that he was "not notified of attendance" at the Cabinet meeting held just before the martial law declaration.

On the 18th, during a current affairs inquiry at the National Assembly's Political Affairs Committee, Chairman Kim said, "It was an unexpected measure, so I was very surprised and first worried about the market," adding, "I was informed around 10:50 p.m., right after seeing the news, that an emergency macroeconomic and financial issues meeting (F4 meeting) would be held. I drove from my house near Yeonhui-dong." The F4 meeting held at 11:40 p.m. on the 3rd at the Bankers' Hall in Jung-gu, Seoul, was attended by Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, Kim Byung-hwan, Chairman of the Financial Services Commission, Lee Bok-hyun, Governor of the Financial Supervisory Service, and Lee Chang-yong, Governor of the Bank of Korea.

Lee Bok-hyun, Governor of the Financial Supervisory Service, is attending an emergency inquiry on financial authorities held by the National Assembly's Political Affairs Committee on the 18th. On the right is Kim Byung-hwan, Chairman of the Financial Services Commission. Photo by Kim Hyun-min

Lee Bok-hyun, Governor of the Financial Supervisory Service, said he learned about the martial law declaration "around 11 p.m. on the 3rd." Regarding how he received the news, he recalled, "Although not exact, I remember Deputy Prime Minister Choi summoned the financial team around 11:30 p.m. I had personal matters at home, so I couldn't be contacted directly. The secretarial team took action first and I went to the meeting venue by company car," he explained.

Governor Lee stated, "All four of us who attended the F4 meeting either learned about it from the media or around 11 p.m. on the 3rd. Deputy Prime Minister Choi was also dragged into the Cabinet meeting without knowing what it was about. When the topic of martial law came up, he stormed out and thought that market stabilization measures were necessary, so he called the financial heads," he said.

It was revealed that Governor Lee left work early on the afternoon of the martial law declaration day, the 3rd. He explained, "I left early around 3 to 4 p.m. due to personal reasons," and said he was not aware of the martial law declaration in advance. At that time, it is also known that Governor Lee canceled a meeting with the Deputy Director of the German Financial Supervisory Authority.

Additionally, Chairman Kim responded to Min Byung-duk, a member of the Democratic Party of Korea, who pointed out that the financial market was ignored in discussions before the martial law declaration, saying, "Since Deputy Prime Minister Choi was in charge, rather than that aspect, it was a situation requiring a resolution, so I believe the Cabinet members were the target."