Kim Ju-hyun Meets Financial Association Chairman: "Cooperation Needed for High Interest Rate Relief and Household Debt Management"

On the 6th, Kim Ju-hyun, Chairman of the Financial Services Commission, met with the heads of financial industry associations and repeatedly urged the financial sector to fulfill its social responsibilities.

On the morning of the same day, Chairman Kim met with the heads of six financial industry associations and the Chairman of the Korea Exchange at the Korea Financial Investment Association in Yeouido, Seoul, to discuss recent financial issues and made these remarks.

The association heads attending the meeting included the Chairman of the Korea Federation of Banks, the Chairman of the Korea Financial Investment Association, the Chairman of the Korea Specialized Credit Finance Association, the Chairman of the Korea Federation of Savings Banks, the Vice Chairman of the Life Insurance Association, and the Vice Chairman of the General Insurance Association.

In particular, Chairman Kim requested, "The financial sector should fulfill its social responsibility to alleviate the high-interest burden on small business owners and self-employed individuals," and also urged the financial sector to work together with the government to manage the high level of household debt at an appropriate level.

Each financial industry association responded at the meeting that they would closely communicate with the financial sector to encourage raising the financial sector's social responsibility and would make every effort to manage household debt thoroughly.

Additionally, Chairman Kim, acknowledging the serious situation of the domestic stock market, mentioned that the full ban on short selling was decided the day before, and requested responsible roles and cooperation from the Korea Exchange and the financial investment industry in the future process of improving the short selling system.

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