5 Major Financial Holding Companies "Actively Participate in the Restructuring of Bond and Stock Stabilization Funds"

[Asia Economy Reporter Song Hwajeong] The five major financial holding companies (KB, Shinhan, Hana, Woori, NH) announced that they will actively participate in various market stabilization measures, including the reestablishment of the Bond and Securities Market Stabilization Fund.

On the 27th, the Financial Services Commission held a market stabilization inspection meeting with the vice presidents of the five major financial holding companies to discuss the financial holding companies' independent efforts to stabilize the financial market and their roles during the recent period of rising interest rates.

Each financial holding company stated that they will strengthen their role as a safety net for the financial market by reducing the issuance of commercial paper (CP), short-term bonds, and bank bonds, as well as supplying liquidity to the short-term money market. They also pledged to provide support at the holding company level to alleviate the funding difficulties of their affiliates.

Furthermore, they expressed their intention to actively participate in various market stabilization measures, including the reestablishment of the Bond and Securities Market Stabilization Fund, strengthening support to secure liquidity in the securities industry, and enhancing their role as lead managers for refinancing project financing (PF) asset-backed commercial paper (ABCP).

The financial holding companies proposed various measures to more actively perform their market stabilization roles, and the government agreed to review these proposals together.

The financial authorities emphasized that the responsibility of the holding groups, which play a central role in the financial market, is significant in overcoming the current difficult situation together.

A Financial Services Commission official stated, "We have agreed to communicate soon about the role of financial holding groups in market stabilization and their future plans."

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