[2024 National Audit] Kim Byunghwan, Financial Services Commission Chairman, "Agree with Raising Deposit Protection Limit"

Kim Byung-hwan, Chairman of the Financial Services Commission, is attending the comprehensive audit of the Financial Services Commission and the Financial Supervisory Service held at the National Assembly's Political Affairs Committee on the 24th. Photo by Kim Hyun-min

Kim Byung-hwan, Chairman of the Financial Services Commission, said on the 24th that he "agrees on the necessity" of raising the depositor protection limit, currently 50 million won, to 100 million won.

On the same day, during the comprehensive audit of the National Assembly's Political Affairs Committee, Chairman Kim responded to a question from Yoo Dong-su, a member of the Democratic Party of Korea, who said, "The depositor protection limit has been maintained for the past 23 years, and its practical protection function has declined. It should be uniformly raised to 100 million won."

Regarding the postponement of the increase, Chairman Kim said, "It is not due to a lack of management capability by the financial authorities," and added, "We are currently consulting with related agencies about which direction the funds might move when the depositor protection limit is raised, and how the market might be affected during the fund movement process."

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