Financial Services Commission Launches Financial Stability Support Group for COVID-19 Response and Assistance

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission has established a dedicated task force to respond to the novel coronavirus infection (COVID-19).

The FSC announced on the 3rd that it has expanded and reorganized the Emergency Financial Support Team, which had been operating since April to respond to the COVID-19 crisis, into the Financial Stability Support Group.

The Financial Stability Support Group consists of a total of 12 personnel, including the Policy Coordination Division and the Financial Support Division. The Financial Stability Support Group is responsible for implementing and monitoring emergency financial measures such as the 175 trillion won＋α (alpha) scale Livelihood Financial Stability Package.

It also oversees the execution status and any necessary revisions or supplements of each support program, while forming on-site inspection teams to resolve field difficulties.

It will also support the operation of the 40 trillion won scale Industrial Stability Fund, which was organized to support large-scale key industries.

In addition, it is responsible for establishing financial policies in preparation for changes in economic and financial conditions, analyzing financial market risk factors, formulating and managing related policies, and monitoring the financial sector’s COVID-19 response status.

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