Eun Sung-soo: "DLF Administrative Lawsuit First Trial Verdict Followed by Finalization of Sanctions"

Banks' Requests for Exemption Met with Repeated Emphasis: "Do Not Say That Anymore"

Eun Sung-soo, Chairman of the Financial Services Commission, is delivering the keynote speech at the Financial Policy Evaluation Symposium on COVID-19 Response held at the Bankers' Hall in Jung-gu, Seoul on the 6th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jin-ho Kim] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 6th that he will decide after reviewing the first trial result of the administrative lawsuit regarding the disciplinary action against Sohn Tae-seung, Chairman of Woori Financial Group, related to the overseas interest rate-linked derivative-linked securities (DLF) incident.

On the same day, at the 'COVID-19 Response Financial Policy Evaluation Symposium' held at the Bankers' Hall in Jung-gu, Seoul, Chairman Eun told reporters, "It was not necessarily my intention to do so, but since the first trial verdict is imminent, it is meaningful to take a good look at it."

Chairman Sohn received a disciplinary warning related to the overseas interest rate-linked derivative-linked securities (DLF) incident and is currently appealing through an administrative lawsuit. The first trial verdict will be announced on the 20th of next month.

Regarding the demand not to hold banks responsible even if incidents such as money laundering occur at virtual currency exchanges, Chairman Eun drew a clear line again. He said, "I hope such demands (for exemption) will no longer be made," adding, "Do not shift the responsibility of verifying exchanges onto banks; that is the bank's duty." When asked if he had conveyed this opinion to the Korea Federation of Banks, he replied, "If they ask for it in writing, I will provide it."

Regarding the banking sector's opposition to the launch of non-face-to-face refinancing loan (loan switching) services, Chairman Eun said, "I will listen to how serious the concerns are." He added, "It is not something that can be forced, but since it is beneficial to consumers, we will try to maximize the advantages and minimize complaints."

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