Lee Bok-hyun "Expecting Successful Establishment of Youth Leap Account... Foreign Currency Remittance Sanctions in Final Stage"

Lee Bok-hyun, Governor of the Financial Supervisory Service, addressed concerns surrounding the Youth Leap Account, stating on the 12th, "There have been precedents where initial operational concerns about the system were supplemented and settled," and added, "I expect it will settle well."

[Image source=Yonhap News]

After a business agreement ceremony with the Fire Agency held at Woori Financial Sangam Center in Mapo-gu, Seoul, Governor Lee told reporters, "The financial market situation is changing rapidly, so I understand there were various considerations regarding how to design the product system." He made this remark in response to criticisms that the basic interest rate of the Youth Leap Account is low and the preferential interest rate conditions are stringent.

Governor Lee explained, "The Youth Leap Account was prepared by the government to provide a social starting foundation for young people facing a difficult economic environment," adding, "The Financial Services Commission is also listening to critical perspectives, and the Financial Supervisory Service is supporting policies led by the FSC to operate smoothly."

Regarding sanctions on abnormal foreign currency remittances by banks, he revealed that sanction procedures for more than 80% of the targeted institutions have been completed. Governor Lee said, "It is difficult to disclose specific details, but I believe the sanction review for all targeted institutions will conclude after next week."

On managing delinquency rates in the secondary financial sector, he stated, "There are cases where the sale and write-off of potential non-performing loans are delayed, so inspections related to delinquent loan management are underway for some companies," and added, "Currently, the increase in household debt and the rise in delinquency rates are still considered to be within manageable limits."

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