[2020 National Audit] Eun Seong-su, Financial Services Commission Chairman, "Continuous Management of Household Debt... Strict Response to Incomplete Sales"

Eun Sung-soo, Chairman of the Financial Services Commission, is attending and speaking at the full meeting of the Political Affairs Committee held at the National Assembly on the 25th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jo Gang-wook] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 12th, "We will continuously manage household debt from a mid- to long-term perspective to ensure it does not become a burden on our economy and financial system." He also emphasized, "We will strictly respond to unfair trade practices such as incomplete sales and make thorough efforts to prevent recurrence."

Chairman Eun, attending the National Assembly's Political Affairs Committee audit on the same day, said in his opening remarks, "It is important to balance actively responding to funding demands due to COVID-19 and managing household debt stably so that it does not act as a risk factor."

He stressed, "We will consistently implement household debt management measures and closely monitor whether credit loans are concentrated in real estate, stocks, etc., and if necessary, consider additional management measures."

He also explained, "We are continuously monitoring companies facing difficulties because if they become insolvent, the economic ripple effects on creditor financial institutions, partner companies, and workers are considerable."

Regarding the private equity fund incident, he mentioned that phased measures to protect investors are being prepared and implemented.

Chairman Eun explained, "At the fund sales stage, the sale of high-risk private equity funds by banks is restricted, and at the fund management stage, a system has been established for sales companies and trustees to monitor and check illegal activities in operations." He added, "To prevent additional damage caused by online investment-linked finance and illegal quasi-finance, on-site inspections are being conducted, and investor caution measures such as issuing consumer alerts are being taken."

Additionally, Chairman Eun stated, "We must strengthen the financial role in response to the 'post-COVID' era," and said, "We will prepare without delay so that policy-type New Deal funds can be established and operated in the first half of next year."

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