Meeting with Heads of 6 Major Banks, Lee Jae-myung Says “We Must Be a Hope for Ordinary People and Small Business Owners”

Lee Jae-myung, leader of the Democratic Party of Korea, met with the heads of six major commercial banks on the 20th and said, "The role of financial institutions is basically to provide support," adding, "I hope the banks will fulfill their role to become a source of hope for ordinary people."

Lee Jae-myung, leader of the Democratic Party of Korea, Cho Yong-byeong, chairman of the Korea Federation of Banks, and heads of commercial banks attended the "Democratic Party-Banking Sector On-site Meeting for Livelihood Economy Recovery" held on the 20th at the Bankers' Hall in Jung-gu, Seoul, posing for a photo before the meeting began. Photo by Yoon Dong-ju

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At 4 p.m. that day, Lee held the "Democratic Party-Banking Sector On-site Meeting for the Recovery of the People’s Economy" at the Korea Federation of Banks in Jung-gu, Seoul, and said, "I ask for your cooperation to faithfully implement various support measures for small business owners and to perform your basic roles well."

He said, "Given the global situation and the special circumstances in South Korea, the economy is unstable and facing difficulties," adding, "In such times, it is a reality that the powerless suffer, and I understand that financial institutions are making great efforts to support struggling small and medium-sized enterprises and small business owners."

However, there was also a remark that seemed to be aware of the controversy over 'interest rate pressure' raised by some. Lee said, "Today is not a meeting to force anything on you or to coerce you into doing something, as some have suggested," and added, "This is a place to listen to what you need and to hear how the political sector can help your activities, so please feel free to speak without any burden."

At the meeting, the banking sector was represented by Cho Yong-byeong, chairman of the Korea Federation of Banks, and the heads of six major banks (NongHyup, Shinhan, Woori, Hana, Kookmin, and IBK), while the Democratic Party was represented by Lee and opposition party whip Kang Jun-hyun of the National Assembly’s Political Affairs Committee, along with other Democratic Party members of the committee.

At this meeting, Lee plans to listen to the banks’ difficulties caused by high exchange rates and high interest rates, and to exchange opinions on expanding win-win financing for small business owners, loan interest rate surcharges, and household debt issues.

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