[2024 National Audit] Director Lee Bok-hyun Apologizes Again Over Criticism of Government-Controlled Finance and Household Loan Discrepancies

Lee Bok-hyun, Governor of the Financial Supervisory Service, is responding to a lawmaker's question during the National Assembly's Political Affairs Committee's audit of the Financial Supervisory Service held on the 17th. Photo by Kim Hyun-min

Lee Bok-hyun, Governor of the Financial Supervisory Service, apologized once again for causing market confusion regarding household loan policies and for criticisms of government-controlled finance due to his past remarks.

On the morning of the 17th, at the National Assembly's Political Affairs Committee, Lee responded to a question from Lee Heon-seung, a member of the People Power Party, who raised concerns about discrepancies between authorities on household loan policies and alleged verbal intervention with banks.

Governor Lee stated, "There may be various perspectives on what role financial authorities should play when there is a surge in household debt and concentration phenomena," but he apologized once again.

He continued, "The cause of household loans in July and August was due to the oligopolistic nature of the banking market not functioning properly," adding, "I intended to instruct banks to manage loans according to the annual loan management limits they submitted, but if the process was uncomfortable to see or difficult for consumers or banks, I apologize."

Regarding the criticism from Kim Nam-geun, a member of the Democratic Party of Korea, that the postponement of the second phase of the DSR caused policy confusion, he said, "I apologize for the difficulties caused and take responsibility."

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