Eun Seong-su: "No Fundamental Revision Needed for Real Estate Measures... Instead, Be Flexible"

Conflicting Goals of COVID Support, Household Loan Stability, and Homeownership for the Working Class
Chairman Eun: "We Need to Observe with a Long-Term Perspective of 2-3 Years"

Eun Sung-soo, Chairman of the Financial Services Commission, is answering questions at a year-end press conference held on the 14th at the Joint Briefing Room of the Government Seoul Office in Jongno-gu, Seoul.

[Asia Economy Reporter Kangwook Cho] Eun Sung-soo, Chairman of the Financial Services Commission, said on the 14th regarding the criticism pouring in about the Moon Jae-in administration's real estate measures, "I do not think fundamental revision is necessary."

Chairman Eun made this remark during an online (non-face-to-face) year-end meeting with the press corps, adding, "However, rather than fundamentally revising the policy, it seems we should proceed flexibly within the policy goals."

He cited balancing conflicting objectives as the most difficult aspect among the financial policies announced by the government in response to the COVID-19 pandemic.

Chairman Eun stated, "I agree with all the criticisms currently being directed at the government's policies, such as household debt reaching record highs despite consecutive loan restrictions," but he drew a line by saying, "However, the government is facing the difficult task of simultaneously pursuing three potentially conflicting goals: financial support due to COVID-19, stabilization of household loans, and enabling ordinary citizens to own homes."

He identified overcoming COVID-19 as the top priority.

Chairman Eun explained, "Until the end of last year, we successfully curbed the increase in household loans to the 3% range, but after the outbreak of COVID-19, supplying funds was the most urgent task to overcome the crisis," adding, "The goal was to prepare household debt stabilization measures from a mid- to long-term perspective, and in this process, we also had to pursue enabling ordinary citizens to own homes."

He continued, "When formulating the household debt advancement plan in the first quarter of next year, we will consider these aspects as well."

However, Chairman Eun requested, "We will work with a sense of problem awareness to harmonize the three goals," and asked, "Please view this with a long-term perspective of about two to three years."

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