Go Seung-beom "Loan-deposit margin continues to expand... Will pay attention to low-income finance"

Financial Services Commission Chairman Ko Seung-beom is delivering opening remarks at the Financial Services Commission Chairman and Insurance Industry Meeting held on the 3rd at Lotte Hotel in Jung-gu, Seoul. On this day, Chairman Ko Seung-beom meets with insurance company CEOs and experts from related organizations to discuss the development direction of the insurance industry and key issues. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Ki Ha-young] Ko Seung-beom, Chairman of the Financial Services Commission, said regarding the expansion of the loan-deposit margin (the difference between loan interest rates and deposit interest rates), "We will pay more attention to the low-income financial sector and respond accordingly."

Chairman Ko made these remarks after meeting with reporters following a CEO roundtable of the insurance industry held at the Lotte Hotel in Sogong-dong, Seoul. He said, "There are aspects where it is not appropriate to speak directly about the loan-deposit margin," but added, "Considering the possibility of future interest rate hikes, such expectations may continue."

He continued, "Market interest rates are rising, and this is being reflected in loan interest rates, which in turn causes the overall loan-deposit margin to increase," and said, "We will pay more attention to the interest burden on low-income and vulnerable groups and respond accordingly."

On the same day, Chairman Ko held the first roundtable with the insurance sector, emphasizing consumer protection and discussing the future and development directions of the insurance industry. Regarding the roundtable, Chairman Ko said, "I believe the insurance industry is very closely related to daily life and is important," and added, "I spoke about the role of insurance in strengthening the social safety net and future measures to enhance the competitiveness of insurance companies." He continued, "We also discussed ways to advance healthcare," and added, "Above all, we talked about strengthening trust regarding consumer protection issues in the insurance industry."

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