Candidate for Financial Services Commission Chairman Ko Seung-beom Emphasizes Unity: "Let the FSC and FSS Work as One"

"Financial Market and Financial System Stability Are Top Priorities"
Household Debt Issue... "We Will Consider Ways to Enhance the Effectiveness of Measures"

Ko Seung-beom, the nominee for the Financial Services Commission chairman, answers questions from reporters on the morning of the 6th while heading to work at the Korea Deposit Insurance Corporation in Jung-gu, Seoul.
[Photo by Kim Jin-ho]

[Asia Economy Reporter Jin-ho Kim] Go Seung-beom, the nominee for Financial Services Commission (FSC) Chairman, delivered a message of 'harmony' to the FSC and the Financial Supervisory Service (FSS). He emphasized the spirit of 'unity' to end the conflict phase that had arisen between the FSC and the FSS over the past few years.

On the morning of the 6th, Go met with reporters on his way to work at the Korea Deposit Insurance Corporation in Jung-gu, Seoul, saying, "The most important thing in the process of carrying out (FSC) tasks is cooperation with the related agency, the FSS," and added, "We will operate as one body and strengthen communication and cooperation in all matters."

Go's emphasis on 'harmony' in his meeting with the media is analyzed as expressing concern over the recent conflicts between the two financial authorities in various aspects and stressing the need to end the conflict phase now.

Jeong Eun-bo, who was inaugurated as the Governor of the FSS that morning, is a fellow civil service exam classmate of Go and has worked closely with him for a long time. Expectations are rising that the relationship between the two financial authorities, which have had conflicts over issues such as ▲financial supervision system reform ▲financial company sanctions ▲personnel authority during the Moon Jae-in administration, will be restored once both take office.

After his inauguration as FSC Chairman, Go stated that stabilizing the financial market and financial system will be his top priority. He also expressed his intention to actively respond to the overheating of the asset market.

Regarding household debt, which has emerged as a ticking time bomb for the Korean economy, he said, "I will consider ways to enhance the effectiveness of countermeasures." However, when asked if this implied additional loan regulations, he was reserved, saying, "I will think about it more and provide details later."

When asked about the background of his minority opinion supporting 'interest rate hikes' while emphasizing financial stability during his time as a member of the Bank of Korea's Monetary Policy Committee, he replied, "It was just an opinion expressed during the process of formulating monetary policy," and added, "Regarding household debt, the FSC has managed it from a macro perspective and will continue to manage this thoroughly going forward."

Regarding the extension of maturity and interest payment deferral measures for 'COVID-19 loans,' which end at the end of September, he said, "We will closely examine the real economy and quarantine situation and come up with measures."

On the regulatory direction concerning virtual currency, he said, "I will carefully consider various options soon and make a decision." Go added, "I think there is not much time regarding the virtual currency issue," and said, "If I speak about it right now, it could cause confusion in the market, so I will provide details later."

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