Financial Services Commission Chairman Jin-hwa Nasan Deposits 60 Million Won in Saemaeul Geumgo

For Anxiety Prevention, "Trust the Government Instead of Rumors"

Kim Ju-hyun, Chairman of the Financial Services Commission, deposited 60 million won in Saemaeul Geumgo. This move was aimed at preventing panic caused by signs of a bank run (massive withdrawal of deposits) at Saemaeul Geumgo.

According to the Financial Services Commission on the 7th, Chairman Kim visited the Saemaeul Geumgo headquarters in Sajik-dong, Jongno-gu, Seoul, that morning and deposited 60 million won. He also met with visiting customers and urged them not to withdraw their deposits early out of anxiety and suffer losses.

[Image source=Yonhap News]

Meanwhile, marking his first anniversary in office, Chairman Kim held a press conference that day to address concerns about a potential bank run at Saemaeul Geumgo. He said, “I have heard some YouTube channels claim that Saemaeul Geumgo is not covered by deposit protection, but this is absolutely not true. Saemaeul Geumgo is guaranteed up to 50 million won per person under the Saemaeul Geumgo Act, just like banks. When there are concerns about the soundness of a specific credit union, all assets and liabilities are transferred intact to a sound credit union, thereby protecting deposits exceeding 50 million won as well.”

He added, “Please do not believe rumors and trust the government’s words. As long as there is no outflow of funds due to panic, there is no problem with the soundness of Saemaeul Geumgo or deposit protection.”

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