FSC Chairman Kim Joo-hyun met with the CEOs of five major financial holding companies on March 31 and held talks on the issues regarding financial stability, restoring trust in financial sector and ensuring accountability. In the wake of recent bank failures abroad, Chairman Kim said that their effects on domestic market appear to be limited. However, as there are lingering uncertainties, Chairman Kim called for strong cooperation to maintain stability in financial markets. Chairman Kim also talked about the importance of having effective internal control mechanisms and risk management capacity in financial sector. Based on their responsible management practices, Chairman Kim said that the government will continue to seek regulatory reforms to help increase the competitiveness and innovativeness of the financial industry.