Secretary General Kwon Dae-young of the Financial Services Commission held a meeting with officials from related organizations and industry groups on July 11 in preparation for the launch of a newly proposed long-term debt relief program next month. At the meeting, authorities discussed plans to set up a debt relief vehicle in August and work to make sure that it can begin to purchase overdue debts in October. Speaking about the importance of providing an effective social safety net for vulnerable debtors, Secretary General Kwon said that the newly established debt relief program is intended for those undergoing extremely difficult situations and struggling to regain footing financially. In this regard, Secretary General Kwon added that this debt relief program will strictly examine individual debtors' repayment capacity to make sure that debt relief support is provided to only those who have fallen below one's debt service capacity by any measure.