"Ensuring Stability of PF and Household Debt" · "Establishing Responsible Management Practices"

2024 Financial Industry New Year's Meeting

The heads of financial authorities have identified real estate project financing (PF), stabilization of household debt, and the establishment of responsible management practices within the financial sector as their New Year's goals.

On the 4th, Kim Ju-hyun, Chairman of the Financial Services Commission, attended the '2024 Pan-Financial New Year Meeting' held at Lotte Hotel Seoul in Jung-gu, Seoul, and stated, "We will make every effort to normalize and stabilize real estate PF, the soundness of the secondary financial sector, and household debt, while enhancing the soundness and resilience of our financial system."

Financial Services Commission Chairman Kim Ju-hyun, Financial Supervisory Service Governor Lee Bok-hyun, Korea Federation of Banks Chairman Kim Kwang-soo, and SC First Bank President Park Jong-bok are conversing at the 'Meeting between the Financial Services Commission, Financial Supervisory Service, and Bank Presidents' held on the 27th at the Korea Federation of Banks building in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

Chairman Kim said, "Fortunately, many experts are forecasting interest rate declines and a moderate economic recovery this year; however, the global economy and financial paradigms are shifting, and the domestic economy is also exposed to many risks and uncertainties," adding, "To overcome challenges such as polarization and high interest rates, it is crucial to maintain social solidarity so that vulnerable groups, including the underprivileged, do not collapse."

He continued, "Facing the issues of low growth and aging that permeate our society, finance will take the lead in supporting the recovery of growth engines and the formation of national wealth, while also preparing for changes in economic structure and industry," urging, "Let us safeguard the stability of the financial market and work together to create a better world."

Lee Bok-hyun, Governor of the Financial Supervisory Service, highlighted the establishment of 'responsible management practices.' He said, "Please make concerted efforts across the organization to firmly establish responsible management practices so that the trust consumers have built over a long time is not shattered in vain," emphasizing, "Enhance risk response systems and secure sufficient loss absorption capacity to ensure financial stability under any circumstances."

Governor Lee also addressed the financial sector's win-win finance, stating, "I hope that efforts by financial professionals for mutual growth will be substantively and continuously maintained by organizing social contribution support systems," and added, "The Financial Supervisory Service will eradicate financial crimes that infringe on people's livelihoods, protect the stable financial lives of citizens, and lay the foundation for financial innovation by fostering a dynamic digital financial ecosystem."

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