Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting on household debt with officials from related ministries, financial industry groups, fiver major banks, and housing finance and guarantee institutions on July 3. At the meeting, officials discussed key developments regarding household debt situation since last week's announcement of household debt management measures and plans to strengthen responses against illegitimate and abnormal transaction activities in the housing market. While underscoring the importance of ending the practice of borrowing in excess of one's own debt service capacity, Secretary General Kwon said that it is necessary to consistently pursue measures that will help to make sure that borrowers take out loans within their own repayment capabilities. In this regard, Secretary General Kwon stated that the focus of last week's announced measures is to cut off speculation-driven demand from individuals who already own multiple houses in the Seoul metropolitan area. Thus, Secretary General Kwon said that in the process of implementing self-regulatory measures, financial companies should work to make sure that there are no drawbacks incurred to non-speculative homebuyers and vulnerable households.