Kim Byung-hwan, Financial Services Commission Chairman, says "Did what needed" at F4 meeting right after martial law declaration

Kim Byung-hwan, Chairman of the Financial Services Commission, drew a clear line on the criticism that his attendance at the so-called 'F4 Meeting (Macroeconomic and Financial Issues Roundtable)' immediately after the declaration of martial law on December 3 last year and the measures such as unlimited liquidity supply helped the martial law, saying, "We did what we had to do."

Chairman Kim stated on the afternoon of the 13th at the National Assembly plenary session in Yeouido, in response to a question about what he did on the day martial law was declared, "I was at home and remember that after seeing the martial law announcement, the F4 meeting was convened and I attended," he said.

He explained the background of the meeting, saying, "After the announcement of martial law, the market situation was unstable, and it was a place to discuss what measures should be taken and what messages should be delivered regarding such issues." The F4 meetings held twice, on the night of the 3rd and the morning of the 4th, immediately after the martial law declaration, decided on market stabilization measures including unlimited liquidity supply.

When asked whether he was informed of the martial law in advance, Chairman Kim shook his head. In response to a follow-up question about from whom he received the related report, he explained, "I was first contacted through a Ministry of Economy and Finance official, and shortly after, I received contact from the secretariat."

He emphasized, "The conclusion of the F4 meeting (that night) was to send a message that all possible measures should be taken to stabilize the market." He also responded, "Since we are the institutions responsible for financial market stability, we considered how to stabilize the market."

When asked whether he knew at the time of the F4 meeting that the martial law would be lifted, he said, "Since it was before the resolution to lift it in terms of time, we did not discuss it on the premise that it would be lifted." Regarding the criticism that participating in the F4 meeting immediately after the martial law and deciding to supply unlimited liquidity helped the martial law, he dismissed it, saying, "We did what we had to do in that situation."