Five People Power Party Lawmakers from National Assembly's Political Affairs Committee
Meet with Heads of Five Major Banks
"Discussed Support for Small Business Owners and Capital Regulation"
Talks Also Held on Unified Disclosure of Financial Accidents and Virtual Asset Exchange System
The People Power Party met with bank presidents to listen to the current issues faced by the banking sector. The banks expressed concerns over the sharp rise in exchange rates due to the weak Korean won and also requested regulatory relief to support small business owners.
According to the financial sector on the 9th, five People Power Party lawmakers from the National Assembly's Political Affairs Committee, including Yoon Han-hong, the committee chairman, and members Lee Heon-seung, Yoo Young-ha, Kim Jae-seop, and Kang Min-guk, held a meeting with bank presidents at the Korea Federation of Banks in Jung-gu, Seoul. Attending from the banking sector were the heads of the five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup), as well as Baek Jong-il, former president of Jeonbuk Bank, and Lee Eun-mi, CEO of Toss Bank.
After the meeting, People Power Party lawmaker Kang Min-guk briefed reporters, stating that the bank presidents spoke about the difficulties faced by banks. According to Kang, the banks expressed concerns about the sharp rise in exchange rates and requested a joint response.
On the 9th, members of the People Power Party belonging to the National Assembly's Political Affairs Committee and bank presidents met at the Bank Federation in Myeongdong, Jung-gu, Seoul to discuss financial support for small business owners. Jeong Jin-wan (photo, back row from left clockwise), President of Woori Bank; Lee Ho-sung, President of Hana Bank; Lee Hwan-joo, President of KB Kookmin Bank; Baek Jong-il, President of Jeonbuk Bank; Jeong Sang-hyeok, President of Shinhan Bank; Kang Tae-young, President of NH Nonghyup Bank; Kang Min-guk, People Power Party member; Yoon Han-hong, People Power Party member; Cho Yong-byeong, Chairman of the Bank Federation; Lee Heon-seung, People Power Party member; Yoo Young-ha, People Power Party member; Kim Jae-seop, People Power Party member; and Lee Eun-mi, CEO of Toss Bank, are taking a commemorative photo. Photo by Oh Gyu-min
The banking sector also discussed regulatory relief for supporting small business owners. Kang said, "Among the small business policy funds, there is a youth employment-linked fund, and 150 billion won was allocated this year, the same as last year. This accounts for only about 4% of the total small business budget, which means only 70 million won per person, and it is exhausted within three days." He added, "Hana Bank requested that this be expanded."
Shinhan Bank requested the easing of capital regulations on loans related to industrial production. Specifically, they asked for a reduction in risk weights under the Bank for International Settlements (BIS) capital regulations for loans aimed at expanding industrial production financing. Additionally, there was a request to unify disclosures related to financial accidents, distinguishing between estimated and actual losses. Woori Bank continued discussions on moving from a one-exchange, one-bank system to a one-exchange, multi-bank system regarding virtual assets.
Yoon Han-hong, chairman of the National Assembly's Political Affairs Committee, said, "The economic situation is severe. We will listen candidly to on-site stories and actively reflect them." Lawmaker Kim Jae-seop also said, "We will carefully organize the voices from the field and reflect them in policy."
Cho Yong-byeong, chairman of the Korea Federation of Banks, responded, "The banking sector is fulfilling its role as an economic breakwater. We will also play a role as a pillar of public livelihood by supporting small business financing and reducing loan interest rates for wildfire victims."
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