Kim Juhyun and Lee Bokhyun on '2 Trillion+α' Support: "High Perceptibility... Prompt Execution Needed"

Banking Sector Livelihood Finance Support Measures Meeting
Choyongbyung "Execute as Much as Possible by March"

The banking sector has decided to support over 1.8 million individual business owners with a total of 2 trillion KRW plus alpha, including 1.6 trillion KRW in interest refunds (cashbacks). Financial authorities have collectively expressed their support. They emphasized, "This is the largest scale of social contribution by the banking sector to date," and urged, "Please execute the plan swiftly so that small business owners can receive the maximum benefits as soon as possible."

On the morning of the 21st, Kim Ju-hyun, Chairman of the Financial Services Commission, attended a meeting on banking sector livelihood financial support measures held at the Bankers' Hall in Jung-gu, Seoul, and stated, "This achievement was made possible because all banks sincerely participated in preparing support measures within the scope that does not harm their soundness."

Financial Services Commission Chairman Kim Ju-hyun and Financial Supervisory Service Chairman Lee Bok-hyun are heading to their seats after a commemorative photo session at the 'Financial Services Commission, Financial Supervisory Service, and Bank Presidents Meeting' held on the 27th at the Korea Federation of Banks building in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

On that day, the heads of the authorities praised the support measures prepared by the banking sector. Lee Bok-hyun, Governor of the Financial Supervisory Service, who also attended the meeting, commended, "This support is significant not only because of its scale but also because it directly refunds interest to borrowers who bore high interest rates, thereby increasing the actual sense of benefit." Chairman Kim also said, "Since the support measures were prepared through voluntary consultation among banks, there were many difficulties in the process, but the fact that the banking sector was able to unite around the Korea Federation of Banks is a good precedent."

The heads of the authorities also urged the prompt execution of these livelihood financial support measures. Governor Lee requested, "Please carefully monitor the execution process led by the Korea Federation of Banks to ensure there are no setbacks so that meaningful results can be achieved as soon as possible." He added, "The authorities will also actively provide assistance if there are difficulties during the implementation of the banking sector’s support measures."

Meanwhile, Cho Yong-byeong, Chairman of the Korea Federation of Banks, also promised swift execution and monitoring of the support measures. He stated, "For the common program (interest cashback for self-employed), each bank will establish an execution plan by mid-January next year, start refunds in February, and execute as much as possible by March to increase the sense of benefit from the support." He emphasized, "The Korea Federation of Banks will also check and announce the support performance of each bank quarterly going forward."

Furthermore, Chairman Cho said, "We ask for great interest and support for these support measures," and added, "Banks will do their best to be a pillar of support and a stepping stone for recovery for the vulnerable groups in our society."

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