Korea Federation of Banks Holds Bank CEOs Meeting with Bank of Korea Governor Rhee Changyong

The Korea Federation of Banks announced on the 23rd that it held a meeting of bank CEOs with Bank of Korea Governor Rhee Changyong as the guest of honor. The event was attended by Governor Rhee, Korea Federation of Banks Chairman Cho Yongbyung, and 18 bank CEOs affiliated with the federation.

During the meeting, Governor Rhee and the bank CEOs shared their views on risk factors such as the rapidly changing domestic and international economic environment, geopolitical conflicts, and the delayed recovery of domestic demand. They also exchanged a wide range of opinions on key issues facing the banking industry, including household debt management, support for the real economy, and financial market stability.

Yonhap News Agency

Governor Rhee explained the recent situation regarding household debt and emphasized that, under the current interest rate cut trend, it is a critical time for the banking sector to ensure stable management of household debt so that risks related to the housing market and household lending do not resurface. He also exchanged views on the banking sector's strategies in response to recent changes in the digital finance environment. In addition, they discussed measures for the successful implementation of major initiatives to advance the domestic financial industry, including the activation of the Korea Overnight Financing Rate (KOFR), the system for securing collateral on loan claims, improvements to the foreign exchange market structure, and the adoption of the international financial messaging standard (ISO 20022).

Governor Rhee stated, "We will continue to pay close attention to key financial and economic issues, including those facing the banking sector, and will further strengthen communication with the market going forward."

Chairman Cho said, "In a situation where internal and external risks are overlapping and economic uncertainty persists, the banking sector is responding with a strong sense of responsibility, together with the Bank of Korea, to ensure the stability of our economy and the lives of our people." He added, "We will actively cooperate with the Bank of Korea's policies for household debt management and financial market stability, while faithfully fulfilling the banking sector's fundamental role as the lifeblood of the economy."