Financial Services Commission Chairman Urges Not to Withdraw Saemaeul Geumgo Deposits Early to Avoid Disadvantages

"Utilize All Policy Measures to Prevent Loss of Citizens' Property"

Kim Ju-hyun, Chairman of the Financial Services Commission, stated on the 7th, "The government will utilize all available policy measures to ensure that no financial loss occurs to the citizens using Saemaeul Geumgo."

Financial Services Commission Chairman Kim Ju-hyun holds a press conference on the first anniversary of his inauguration at the Government Seoul Office in Jongno-gu, Seoul, on the 7th. Photo by Yoon Dong-joo doso7@

On the morning of the same day, Chairman Kim held a press conference marking his first anniversary in office at the Government Seoul Office in Jongno-gu, Seoul, and said, "I hope that the public will not withdraw their deposits early due to anxiety and suffer financial disadvantages."

Chairman Kim emphasized, "As long as there is no excessive outflow of funds due to anxiety, there is no problem with the soundness of Saemaeul Geumgo and the protection of depositors," adding, "Saemaeul Geumgo guarantees deposits up to 50 million won per person under the Saemaeul Geumgo Act, just like banks. Moreover, when there are concerns about the soundness of a specific Geumgo, all assets and liabilities are transferred intact to a sound Geumgo, protecting deposits exceeding 50 million won."

He also stated, "Historically, Saemaeul Geumgo has never failed to pay customer deposits even during more severe financial crises such as the 1997 foreign exchange crisis," and reiterated, "Nevertheless, giving up contracted interest and tax-exempt benefits and bearing losses from early termination due to anxiety is not a rational choice."

Chairman Kim warned, "If depositors are misled by incorrect information and withdraw their deposits, it could cause financial losses not only to themselves but also difficulties for normally operating Geumgo," and urged, "The government has formed an inter-ministerial response team to act as one team. This means the government will take full responsibility and implement all necessary measures, including financial support for Saemaeul Geumgo, to protect the assets of Geumgo users."

This content was produced with the assistance of AI translation services.