Financial Services Commission Chairman to Hold Meeting with Bank CEOs Next Week... Continuing Market Stabilization Efforts

[Asia Economy Reporter Song Hwajeong] Kim Joo-hyun, Chairman of the Financial Services Commission, will hold a meeting with bank presidents next week to discuss measures to stabilize the financial market. This follows last week's meeting with the heads of the five major financial holding companies, continuing efforts to respond to market instability.

According to the financial sector on the 4th, Chairman Kim is scheduled to hold a meeting with presidents of commercial banks, regional banks, and internet-only banks next week. This meeting will be the first gathering between Chairman Kim and the bank presidents in about a month since the dinner meeting held at the Korea Federation of Banks on the 26th of last month.

Chairman Kim is expected to emphasize the role of banks in stabilizing the financial market and urge active participation in the government's market stabilization measures during the meeting with the bank presidents.

Earlier, on the 1st, Chairman Kim held a meeting with the heads of the five major financial holding companies?KB Financial, Shinhan, Woori, Hana, and NH?to discuss financial market stabilization, funding supply to the real sector, and support for vulnerable borrowers. At this meeting, the five major financial holding companies expressed their intention to contribute to market stabilization by providing a total of 95 trillion won in market liquidity and affiliate funding support through the end of this year.

Additionally, the Financial Services Commission plans to hold a weekly 'Banking Sector Financial Market Monitoring Task Force (TF)' meeting, composed of the Bank of Korea, Financial Supervisory Service, Korea Federation of Banks, key bank fund management officials, and private experts, to respond to market instability. The day before, a kickoff meeting was held to review cash flow in the short-term money market, bond market, and loan market, as well as the funding and management status of banks, and to discuss the banks' future plans in response to recent market conditions.

At the meeting between Chairman Kim and the bank presidents, based on the TF meeting contents, discussions are expected on ways to stabilize and revitalize the fund intermediation function of relatively well-funded banks according to market principles.

Financial Services Commission Chairman Kim Ju-hyun is speaking at the meeting of the five major financial holding company chairmen held at the Bankers' Hall in Jung-gu, Seoul, on the 1st. Photo by Kim Hyun-min kimhyun81@

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