Democratic Party and Banking Sector Hold On-site Meeting
Discussing Support Measures for Financial Assistance to Ordinary Citizens
Lee Jae-myung, leader of the Democratic Party of Korea, met with the heads of six major commercial banks on the 20th and urged them to ensure there is no negligence in financial support for small business owners and self-employed individuals. Lee's meeting on this day is interpreted as an expansion strategy to embrace the centrist voters through livelihood and economic initiatives.
Lee Jae-myung, leader of the Democratic Party of Korea, Cho Yong-byeong, chairman of the Korea Federation of Banks, and heads of commercial banks attended the "Democratic Party-Banking Sector On-site Meeting for Livelihood Economy Recovery" held on the 20th at the Bankers' Hall in Jung-gu, Seoul, posing for a photo before the meeting began. Photo by Yoon Dong-ju
At 4 p.m. that day, Lee held the "Democratic Party-Banking Sector On-site Meeting for Livelihood and Economic Recovery" at the Korea Federation of Banks in Jung-gu, Seoul, saying, “Please faithfully implement various support measures for small business owners and cooperate to fulfill the basic role of banks well.”
He added, “Given the global situation and Korea’s unique circumstances, the economy is unstable and facing difficulties,” and “In such times, it is a reality that the powerless suffer, and I understand that financial institutions are also making great efforts to support struggling small and medium-sized enterprises and small business owners.”
However, there was also a remark that seemed to be aware of the controversy over “interest rate pressure” raised by some quarters. Lee said, “Today is not a place to force anything on you or to coerce you into gaining something, as some have suggested,” and “This is a place to listen to what you (bank heads) need and how the political sector can help your activities, so please speak freely without feeling burdened.”
In fact, immediately after the closed-door meeting, Cho Seung-rae, chief spokesperson of the Democratic Party, told reporters, “Lee showed interest in how our financial sector can strengthen its international competitiveness and the support measures from the government and political sector,” and “There was no discussion at all regarding (adjustments to additional interest rates, etc.).”
Cho also said, “Lee and the banking sector reached a consensus that ‘financial diplomacy’ is very important and agreed to consider how to implement it effectively,” adding, “There was also a suggestion that it would be better if the public and private sectors jointly respond to international credit rating agencies’ evaluations of domestic creditworthiness.”
He continued, “Cho Yong-byeong, chairman of the Korea Federation of Banks, mentioned that digital integration is important for the international expansion of finance and requested improvements regarding related regulations.”
Meanwhile, the meeting was attended by Chairman Cho of the Federation and the heads of the six major banks (NongHyup, Shinhan, Woori, Hana, Kookmin, and IBK), while from the Democratic Party, Lee Jae-myung, Kang Jun-hyun, opposition whip of the National Assembly’s Political Affairs Committee, and other Democratic Party members of the Political Affairs Committee participated.
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