The amendment to the Banking Act, which prohibits banks from reflecting insurance premiums and contributions in loan interest rate spreads, passed the National Assembly plenary session on December 13, led by the ruling party.
On this day, the Democratic Party of Korea ended the People Power Party's filibuster (a legal obstruction of proceedings through unlimited debate) on the amendment during the plenary session and processed the bill together with minor opposition parties aligned with the ruling party.
The loan interest rate spread refers to the additional rate that banks arbitrarily add on top of benchmark rates such as market rates or funding costs. The amendment stipulates that insurance premiums or contributions to the Korea Inclusive Finance Agency cannot be included when calculating this spread.
The amendment, which was tabled at the plenary session the previous day, passed after a closure vote was held 24 hours after the People Power Party began its filibuster.
Following the passage of the Banking Act amendment, the amendment to the Act on the Performance of Duties by Police Officers was tabled, and the opposition People Power Party is expected to launch another filibuster. The amendment to the Act on the Performance of Duties by Police Officers allows police officers to directly intervene or order dispersal when leaflets or other materials are sent to North Korea.
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