Eun Seong-su, Financial Services Commission Chairman, "Fully Prepared to Immediately Activate Market Stabilization Measures"

Financial Services Commission Holds Daily Review Meetings Until Stock Market Stabilizes

Eun Sung-soo, Chairman of the Financial Services Commission (Yonhap News)

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, on the 17th, ordered thorough preparations to ensure that market stabilization measures under the contingency plans such as the Bond Market Stabilization Fund, Credit Guarantee Fund's Securitization Company Guarantee (P-CBO), and the Financial Stability Fund, as well as stock market supply-demand stabilization measures, can be activated immediately.

The Financial Services Commission announced that Chairman Eun made this request during a financial market inspection meeting held that day in relation to the spread of the novel coronavirus infection (COVID-19).

The Financial Services Commission plans to hold daily market inspection meetings before the stock market opens until the market stabilizes.

Meanwhile, Kim Tae-hyun, Secretary General of the Financial Services Commission, held a meeting with financial holding company executives the previous day and urged them to actively strive to ensure that small business owners struggling due to COVID-19 can feel tangible financial support.

Secretary General Kim emphasized the need for efforts to reduce loan interest rates so that commercial banks can absorb part of the demand for low-interest loans from policy financial institutions, where bottlenecks are occurring.

He also requested a review to ensure that the expansion plan for outsourcing tasks between regional credit guarantee foundations and commercial banks is smoothly established on the ground.

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