Vice Chairman Kwon Dae-young of the Financial Services Commission attended a meeting with major banks and policy financial institutions on September 30 where creditor institutions agreed to provide financial support needed to facilitate restructuring of the petrochemical industry. At the meeting, Vice Chairman Kwon spoke about the significance of creditor institutions coming together and showing concerted efforts in support for the struggling petrochemical industry. The creditor institutions plan to provide financial support in the form of maturity extension, interest rate adjustment, and new loans conditioned upon the viability of business restructuring plan and rigorous self-rescue efforts demonstrated by companies.