Lee Bok-hyun, Financial Supervisory Service Chief: "Internal Controls on Financial Accidents Must Involve Communication with Management"

Financial Supervisory Service Governor Lee Bok-hyun is taking a commemorative photo before holding a meeting with bank presidents at the Bankers' Hall in Jung-gu, Seoul on the 20th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Song Seung-seop] On the 20th, Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), stated regarding the recent series of embezzlement incidents, "I think it is necessary to exchange opinions with the management as well."

After concluding his first meeting with domestic bank presidents at the Korea Federation of Banks building in Jung-gu, Seoul, Governor Lee told reporters, "Since inspections are being conducted mainly on major financial accidents, investigations need to be carried out," adding, "This is to examine the causes of the financial accidents and how to prevent them in the future."

However, when asked whether he is considering strengthening sanctions against holding company chairpersons and bank presidents, he avoided a direct answer, saying, "I have discussed internal control systems with the bank presidents, so I will review and take the opportunity to speak on this later."

Regarding his mention of revising and disclosing the loan-deposit interest rate calculation system in his opening remarks that day, he said, "Finance and banking are the breakwaters of the economy," adding, "I will carefully review issues related to system operations, focusing on the disclosure system."

On executive personnel matters, he firmly stated, "Due to the multiple complex crisis situations, there are no plans for large-scale personnel changes at the moment, and we have not even reviewed such matters."

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