Go Seung-beom "Will Firmly Maintain the Household Debt Management Stance"

Financial Services Commission Holds Meeting with Geumbalsim Committee Members

On the afternoon of the 17th, the Financial Services Commission held a plenary meeting at the Government Seoul Office in Jongno-gu, Seoul, chaired by Shim In-suk, Chairperson of the Financial Development Council (Professor at Chung-Ang University Law School), with Financial Services Commission Chairman Ko Seung-beom and members of the Financial Development Council in attendance. The photo shows Chairman Ko delivering opening remarks at the meeting. Photo by Ko.

[Asia Economy Reporter Jin-ho Kim] Financial authorities have expressed their intention to firmly maintain the household debt management stance in next year's financial policy implementation. This is due to significant market uncertainties and the potential for increased instability caused by the global shift toward monetary tightening.

According to the Financial Services Commission on the 19th, Chairman Ko Seung-beom stated in his opening remarks at the 'Financial Development Council Members' Meeting' that "We will proactively reduce financial imbalances to maintain financial stability."

The Financial Development Council members' meeting held on the 17th at the Government Seoul Office was attended by nine members, including Chairman Ko, Professor Shim In-sook of Chung-Ang University, Professor Kim Jin-il of Korea University, and Committee Member Jang Min of the Korea Institute of Finance.

Chairman Ko said that next year's financial policy will focus on ▲financial stability ▲financial development ▲supporting economic growth ▲inclusive finance. Regarding financial stability, he emphasized, "We will firmly maintain the household debt management stance and orderly normalize the COVID-19 financial support measures."

He also stated, "As digital innovation and market penetration by big tech and fintech are reshaping the landscape, we will promote innovation and competition while implementing a balanced response that ensures financial stability and consumer protection."

Furthermore, he announced plans to strengthen the active role of finance in real economic development, maintain financial accessibility for vulnerable groups affected by COVID-19, and enhance financial consumer protection.

During the meeting, various policy suggestions were also presented by the members. Committee Member Jang Min emphasized the need for proactive quantitative and qualitative management of household debt, anticipating that the ongoing rise in domestic and international interest rates next year will increase repayment burdens on households.

Goldman Sachs lawyer Kim Sung-eun urged that predictability of sanctions for financial companies should be improved to foster the development of the financial industry. Professor Sung Young-ae of Incheon National University requested that financial authorities enhance trust to ensure the market stabilization of the Financial Consumer Protection Act.

Meanwhile, the Financial Services Commission plans to continuously review and incorporate the discussions from this meeting into its work agenda for next year.

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