Eun Seong-su, Financial Services Commission Chairman, Meets with 6 Financial Association Heads to "Lead COVID-19 Overcoming Efforts"

Banking Sector COVID-19 Special Loans Increased from 3.2 Trillion Won to 4.6 Trillion Won, Up by 1.4 Trillion Won
Financial Services Commission Chairman Requests Financial Firms to Provide Training Centers as Treatment Spaces for Mild Patients

Eun Sung-soo, Chairman of the Financial Services Commission, is holding a meeting related to COVID-19 with heads of financial sector associations at the Bankers Club of the Korea Federation of Banks in Jung-gu, Seoul, on the 6th.
(From the left, clockwise) Na Jae-cheol, Chairman of the Korea Financial Investment Association; Eun Sung-soo, Chairman of the Financial Services Commission; Shin Yong-gil, Chairman of the Life Insurance Association; Park Jae-sik, Chairman of the Korea Federation of Savings Banks; Kim Yong-duk, Chairman of the General Insurance Association; Kim Tae-young, Chairman of the Korea Federation of Banks; Kim Joo-hyun, Chairman of the Credit Finance Association.

[Asia Economy Reporter Kangwook Cho] Eun Seong-su, Chairman of the Financial Services Commission, along with the heads of six financial associations including the Korea Federation of Banks and the Korea Financial Investment Association, pledged to take the lead in supporting victims of the novel coronavirus infection (COVID-19). In particular, Chairman Eun urged a proactive review to allow the use of training centers owned by the financial sector for the treatment of mild patients.

On the 6th, Chairman Eun held a breakfast meeting with the heads of the six major financial associations at the Bankers Club of the Korea Federation of Banks in Jung-gu, Seoul, emphasizing, "Please work together with member companies so that active and prompt financial support can be provided at frontline counters."

In response, Kim Tae-young, Chairman of the Korea Federation of Banks, said, "In response to the emergency, we plan to support affected companies by increasing the supply of new funds for special loans in the banking sector from 3.2 trillion won to 4.6 trillion won, an additional 1.4 trillion won," adding, "Through social contribution activities such as the 'Good Landlord Movement' that reduces rent for tenant stores and campaigns to revitalize local commercial districts, the banking sector will lend its strength."

Shin Yong-gil, Chairman of the Life Insurance Association, and Kim Yong-duk, Chairman of the General Insurance Association, stated, "We will actively participate in alleviating difficulties caused by COVID-19 through premium and loan interest payment deferrals and prompt insurance claim payments, and will induce cooperation from the insurance sector to support local small business owners through early purchase of necessary office supplies and purchase of Onnuri gift certificates."

Kim Joo-hyun, Chairman of the Credit Finance Association, said, "The credit finance sector is actively working to reduce the financial burden on small and medium-sized merchants by deferring card payment claims and lowering loan interest rates," and introduced, "The Credit Finance Association’s executives and labor union voluntarily raised 13.38 million won in donations, which were delivered to medical staff and vulnerable groups."

Park Jae-sik, Chairman of the Korea Federation of Savings Banks, stated, "We are actively supporting maturity extensions and new loans for small business owners in travel, accommodation, and food service industries, and to protect customers, we are encouraging member companies to minimize branch visits by continuing to pay contracted interest rates to the elderly even after maturity."

Na Jae-cheol, Chairman of the Korea Financial Investment Association, said, "We have formed the 'Capital Market COVID-19 Overcoming Support Group' to systematically carry out financial support and will actively participate in activities to overcome difficulties and normalize consumer sentiment."

Chairman Eun urged, "Please help form a consensus within the financial sectors through associations so that maturity extensions and interest payment deferrals currently being promoted by commercial banks can spread throughout the entire financial sector, and encourage participation."

In particular, he requested a review of measures to allow training centers owned by the financial sector to be used for the treatment of mild patients. He added, "There will be no disadvantages for those in charge due to active financial support related to COVID-19."

This content was produced with the assistance of AI translation services.