Financial Services Commission Chairman on 50-Year Mortgage Age Limit: "Will Make Decision After Comprehensive Review"

Possibility of Age Restrictions on 50-Year Mortgage Loans: "First Understand Age Groups and Usage"

Kim Ju-hyun, Chairman of the Financial Services Commission, recently stated on the 16th regarding the increase in household debt, "We are reviewing with the Financial Supervisory Service whether the increase is within a manageable range, and we will present necessary supplementary measures."

Chairman Kim made these remarks during a meeting with reporters immediately after the 'Comprehensive Support Plan for Export Finance' briefing held at the Bankers' Hall in Jung-gu, Seoul. He said, "Since interest rates have risen and the economy has worsened, household loans have suddenly increased since last April."

However, he noted that household loans cannot be drastically reduced considering vulnerable groups. Chairman Kim explained, "Vulnerable groups do not have much asset income, so if household loans are reduced, they will face greater difficulties; therefore, the loan limits should be managed at an appropriate level."

Regarding the plan to limit 50-year mortgage loans to those aged 34 or younger, he said, "Nothing has been decided yet," but added, "We will comprehensively review which age groups are taking loans for what purposes, and decide how far to allow and how strictly to regulate."

He also mentioned the need for sanctions against CEOs in light of recent repeated internal control failures in the banking sector. Chairman Kim stated, "If someone is held responsible, it will create more tension and help prevent accidents. If necessary, not only CEOs but also supervisory authorities should be held accountable."

Regarding the introduction of a windfall tax on banks, he said, "Many countries have already introduced a windfall tax, but there will be considerable opposition," and added, "Domestic banks have also contributed significantly to market stability and are making efforts."

Kim Ju-hyun, Chairman of the Financial Services Commission, is delivering opening remarks at the "Comprehensive Export Finance Support Measures Meeting" held on the 16th at the Bankers' Hall in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

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