Eun Sungsoo Urges Bank CEOs to Contribute to People’s Finance Fund: "Banks Also Benefit"

[Asia Economy, Reporter Song Seungseop] On April 1, Financial Services Commission Chairman Eun Sungsoo met with the heads of major banks and emphasized that the amendment to the People’s Finance Act, which requires banks to contribute to the people’s finance fund, is also "beneficial for banks."

At the meeting, Chairman Eun stated, "With the fund jointly contributed by the financial sector and the government, banks will also receive guarantee benefits and be able to offer loans (Sunshine Loan Bank) to those with low credit," adding, "Furthermore, by supporting the daily lives and economy of citizens, this ultimately helps maintain stability in the financial market and soundness in the financial industry. Banks will also benefit from this," he explained.

Immediately after the meeting, Chairman Eun told reporters, "I explained to the bank CEOs that banks cannot be separated from the Korean financial system, and pointed out that if banks had not supplied people’s finance last year, they would have had to shoulder the resulting insolvencies. Banks must actively cooperate in providing people’s finance," he said. He further emphasized, "The amendment to the People’s Finance Act, which requires banks and other financial institutions to contribute to the people’s finance fund, is unrelated to the profit-sharing scheme," and added, "When the financial system is stabilized, banks also benefit."

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