Eun Sung-soo: "Consensus Reached on Extending Maturity of COVID-19 Support Loans"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 23rd that opinions are being gathered toward extending the loan maturity and deferring interest payments for companies affected by the novel coronavirus infection (COVID-19).

Chairman Eun said during the National Assembly's government questioning session in response to a question from Yoon Hu-deok, a member of the Democratic Party of Korea, asking, "Is there a plan to extend the principal and interest repayment maturity for small and medium-sized enterprises and small business owners?" "Today, I had a meeting with the heads of the five major financial holding companies to discuss how to resolve this," he said.

Chairman Eun added, "This is not something I can decide alone, but roughly, opinions have been gathered toward extending the maturity."

Earlier, the banking sector decided to extend the principal repayment maturity and interest payment for loans to small and medium-sized enterprises and small business owners until the end of September, in accordance with the government's COVID-19 financial support policy.

Chairman Eun said, "The financial holding company heads are well aware of the current situation," and added, "We will also discuss this with the secondary financial sector."

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