Kim Juhyun Meets Heads of Policy Financial Institutions Including Shinbo, Orders "Smooth Implementation of 125 Trillion Won Livelihood Measures"

Meeting with heads of 8 policy finance institutions at Seoul Government Complex on the 2nd
"There should be no cases where users cannot utilize policies due to lack of awareness"

[Asia Economy Reporter Sim Nayoung] On the 2nd, Kim Juhyun, Chairman of the Financial Services Commission, met with the heads of eight policy financial institutions at the Seoul Government Complex and urged them to faithfully implement a 125 trillion won financial sector livelihood measure for borrowers facing difficulties. Chairman Kim said, "As the recent economic difficulties are intensifying, the role of policy financial institutions to overcome this is becoming even more important," and added, "please enhance publicity to improve user convenience and ensure that no one misses out on using the services due to lack of information."

Among the 80 trillion won tailored support related to small business owners, ▲funding support will be handled by the Korea Credit Guarantee Fund and Industrial Bank of Korea, ▲low-interest refinancing by the Korea Credit Guarantee Fund, ▲debt adjustment by KAMCO (Korea Asset Management Corporation). ▲The 45 trillion won support for the Safe Conversion Loan (variable → fixed interest rate) on mortgage loans for individual borrowers will be fully managed by the Korea Housing Finance Corporation.

Chairman Kim urged, "In preparation for the end of maturity extension and repayment deferral measures for borrowers affected by COVID-19, policy financial institutions should take the lead in devising a smooth landing plan," and added, "Please thoroughly prepare additional measures to support vulnerable sectors in anticipation of possible deterioration in economic and market conditions, proactively respond to the financial market, and ensure timely support for low-income people, small business owners, and SMEs."

The heads of policy financial institutions stated, "If signs of tightening in the corporate bond market appear, the period for expanding the purchase of corporate bonds and CPs will be extended from September this year to March next year, and the purchasable volume will be increased from 3.6 trillion won to 6 trillion won through reinvestment of recovered funds."

Additionally, they announced, "Within this year, we will expand funding supply in innovative growth sectors such as digital and global supply chains."

Attending the meeting were Kwon Daeyoung, Director General of Financial Policy at the Financial Services Commission, Kang Seokhoon, President of the Korea Development Bank, Yoon Jongwon, President of Industrial Bank of Korea, Yoon Heesung, President of the Export-Import Bank of Korea, Yoon Daehee, Chairman of the Korea Credit Guarantee Fund, Kim Taehyun, President of the Deposit Insurance Corporation, Kwon Namjoo, President of the Korea Asset Management Corporation, Choi Junwoo, President of the Korea Housing Finance Corporation, and Lee Jaeyeon, President of the Korea Inclusive Finance Agency.

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