Kim Byunghwan: "Finance is the lifeblood of the economy... Preparing timely implementation of 50 trillion won-scale Chaean and Jeungan funds"

Expanded Financial Situation Review Meeting with 5 Major Shareholders on the 9th
Aiming to Stabilize Financial Markets Amid Martial Law and Impeachment Crisis
"Proceeding with December Announcement Plans Including Real-World Insurance Reform as Scheduled"

Yonhap News

On the 9th, Kim Byung-hwan, Chairman of the Financial Services Commission, stated, "Finance is the lifeblood of the economy," and added, "We will monitor the financial market situation 24 hours a day to ensure timely implementation of sector-specific market stabilization measures, including the 10 trillion won scale equity stabilization fund, the 40 trillion won scale bond stabilization fund, the corporate bond and CP purchase program, and the foreign currency liquidity supply by Korea Securities Finance." This statement comes amid lingering political uncertainties following the aftermath of martial law and the failure of the impeachment vote, with the intention to fully respond to stabilize the financial market.

Chairman Kim made these remarks during the opening speech at the financial situation review meeting held from 8:30 a.m. that day. The meeting was attended by the Financial Supervisory Service Governor Lee Bok-hyun, the heads of the five major financial holding companies, heads of policy finance and related institutions, and financial association chairpersons.

Chairman Kim said, "Through yesterday’s Economic Ministers’ Meeting and others, I conveyed that despite the uncertainties arising from the recent political situation, the economic team will do its utmost to manage the economy stably," adding, "Under this policy stance, the financial authorities, including myself and the Financial Supervisory Service Governor, will steadfastly fulfill our responsibilities to maintain the stability of the financial system and the external credibility of the financial sector."

He also stated that financial policy issues will be consistently pursued according to the original schedule and plans. He mentioned, "We will proceed without disruption with previously announced policies such as measures to enhance the value of the capital market, the establishment of a system to eradicate illegal short selling, and additional licensing of internet-only banks. Measures scheduled for announcement in December, including easing financial burdens on small business owners and self-employed individuals and reforming indemnity insurance, will also be implemented as planned."

He continued, "Financial holding companies can be said to be at the forefront in terms of external credibility," urging, "Please thoroughly re-examine the liquidity and soundness of financial subsidiaries and ensure meticulous fund management so that economic activities of enterprises and other economic agents are not contracted." He also requested communication utilizing overseas networks such as foreign financial companies and investors.

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