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Vice Chairman holds meeting to urge all FSC staff to ensure smooth operation of policy tasksJun 08, 2022

FSC Vice Chairman Kim So-young held a meeting with officials on June 8 and urged all FSC staff to ensure a smooth operation of key policy tasks while preparing for the task of "financial stability" and "innovation in financial regulation" underscored by the FSC Chairman nominee. Vice Chairman Kim said that it is important not only to maintain close monitoring of market trends but also to inspect risk factors in each financial sector and prepare measures to address areas of vulnerability. On the need for regulatory innovation, Vice Chairman Kim stated that the financial industry should be able to respond tochanges taking place indigital environments in an agile manner and urged authorities to seek areas where regulatory improvements can take place in financial markets.
Vice Chairman holds financial risk assessment meetingMay 18, 2022

Vice Chairman Kim So-young presided over a financial risk assessment meeting jointly held with the Financial Supervisory Service and the Korea Deposit Insurance Corporation on May 18 and went over recent financial market situations and risks while checking potential risks and response capabilities of financial companies. In his opening remarks, Vice Chairman Kim said thatthe current economic and financial conditions surrounding the Korean economy are not so favorable both internally and externally as this meeting was the first item on his schedule on the very first day of his tenure as the Vice Chairman of the FSC.To be able to respond to complex crisis in a timely manner, Vice Chairman Kim said that the authorities will strengthen monitoring of financial markets while closely monitoring potential risks of financial companies and even the risks associated with the real economy such as the household and corporate sectors. * Please see press release for details.
FSC Chairman holds meeting with financial industry groups on six-month extension of maturity extension and payment deferment for businessesMar 23, 2022

FSC Chairman Koh Seungbeom held a meeting with the financial industry groups and state-backed financial institutions on March 23 and made a final decision to extend the availability of loan maturity extension and payment deferment for SMEs and small merchants for six more months until the end of September 2022. With a six-month extension on the availability of these support measures, SMEs and small merchants that have been either directly or indirectly affected by the coronavirus pandemic can apply for maturity extension and payment deferment on new and existing loans until the end of September 2022. The authorities also agreed to continue to make available the measures to help ease the payment burdens of businesses once these programs expire by offering one-on-one pre-consultation for rescheduling of debt payments. * Please see press release for details.
FSC Chairman holds talks with banking industry over small business loan forbearanceFeb 28, 2022

FSC Chairman Koh Seungbeom held a meeting with the banking industry on February 28 and discussed extending the availability of loan maturity extensions and payment deferments for small-scale businesses. Along with the discussion on extending the period of loan forbearance measures, Chairman Koh also urged close cooperation from banks in drawing up measures that will help prevent abrupt payment burdens on businesses while providing supports tailored to their individual needs and situations. Chariman Koh also touched upon the importance of risk management amid the heightened market volatility in the wake of the Ukraine crisis as well as ways to help strengthen the competitiveness of the banking industry through digital transformation.
FSC Chairman holds meeting to check market conditions in wake of Ukraine crisisFeb 25, 2022

FSC Chairman Koh Seungbeom convened a meeting with officials from the FSS and Korea Center for International Finance on the morning of February 25 to check financial market conditions amid heightened uncertainties surrounding the deteriorating conflict situation in Ukraine.Chairman Koh said that market uncertainties have grown with stock markets at home and abroad reacting to rapidly changing situation in Ukraine. As it is possible that the Ukraine crisis may go on for a long time, Chairman Koh stressed the importance of timely detection of any ripple effects on the financial market and swift response especially with the looming tapering move around the world. * Please see press release for details.
FSC Chairman holds meeting to discuss improvements to deposit insurance schemeFeb 23, 2022

FSC Chairman Koh Seungbeom presided over a meeting with the president of the Korea Deposit Insurance Corporation (KDIC), financial industry group leaders and other market experts on February 23 and discussed ways to make improvements to the deposit insurance system. Chairman Koh stated that the role of the KDIC is increasingly more significant inbuilding financial safety net. Chairman Koh alsounderscored the importance of improving the deposit insurance system aimed at protecting financial consumers and maintaining stability in the financial market. * Please see press release for details.
FSC Chairman holds meeting to check financial market situations amid escalating tension between Ukraine and RussiaFeb 22, 2022

FSC Chairman Koh Seungbeom presided over a meeting on February 22 to review financial market conditions and risk factors amid the escalating tensions and geopolitical risks surrounding the Ukraine-Russia conflict. At the meeting, Chairman Koh said that the heightened geopolitical risks have set stages for growing financial market volatility. Although there appears to be no significant impact on domestic stock markets, Chairman Koh stated that it is important to maintain an emergency response system to be prepared for abrupt changes in situations. In close coordination with the FSS and the KRX, Chairman Koh urged officials to stay alert and closely monitor financial markets opening in the U.S. after the Presidents' day holiday.
FSC Chairman holds meeting to review financial market risksJan 28, 2022

FSC Chairman Koh Seungbeom held a meeting to review market trends and risks related to recent volatilityin stock markets on January 28. At the meeting, Chairman Koh stated that even though KOSPI's loss over the past five days has been more pronounced than other major stock markets, excessive market anxiety is not warranted given that Korea continues to maintain relatively high growth rate with exports and corporate earnings standing strong in January. As there are a number of external factors that can have effects on domestic financial markets, such as the accelerated pace of Fed's monetary tightening, Russia-Ukraine conflict, spread of the omicron variant and global supply chain disruptions,Chairman Koh said thatit is necessary to stay alert and closely monitor markets at home and abroad to help bring down market volatility.
FSC Chairman attends Financial Development Review Committee meetingJan 25, 2022

FSC Chairman Koh Seungbeom held talks with financial market experts on market conditions and key policy tasks for 2022 on January 25. At the meeting, Chairman Koh reviewed the outcomes of household debt management plan and COVID-19 financial support programs introducedin 2021. Chairman Koh mentioned the FSC's policy initiatives for 2022 aimed atensuringstability in the financial system, continuingto seek advancement of the financial industry, strengthening support for the real economy and enhancingfinancial inclusion and fairness in the system. * Please see press release for details.
FSC Chairman holds meeting to review debt risks of small merchantsJan 19, 2022

FSC Chairman Koh Seungbeom held a meeting with officials from the Bank of Korea, Financial Supervisory Service, research institutions and local banks on January 19 to check business conditions of small-scale businesses and their debt risks as the loan maturity extension and payment deferment program is set to expire at the end of March 2022. In his keynote address, Chairman Koh said that the authorities are currently working on tailored measures for small merchants to ensure adequate safeguards to prevent abrupt payment burdens. * Please see press release for details.
FSC Chairman holds talks with group of experts on market risks and government responseJan 13, 2022

FSC Chairman Koh Seungbeom held a meeting with a group of experts on January 13 and discussed potential risk factors in domestic and overseas markets and ways to properly respond to them. The expert group consisting of academia, columnists and thinktank officials discussed various issues including the need to find a new equilibrium in policy mix, deepening market volatilities, the need to manage risks in the nonbank sector, loan loss provisions of financial institutions and the shifting paradigm in global value chains. In his keynote address, Chairman Koh stated that maintaining stability in the financial system remains as top policy priority for this year. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at an IBK Startup Factory opening eventJan 11, 2022

FSC Chairman Koh Seungbeom attended the opening of IBK Startup Factory in Daejeon on January 11 and delivered congratulatory remarks highlighting the importance of nurturing tech startups in different regions outside the Seoul metropolitan area. In his speech, Chairman Koh pointed out that the prime location of the new IBK Startup Factory in Daejeon will help facilitate tech startups to grow due to the availability of advanced industrial, educational and research infrastructures and resources in the city. In order to promote innovative tech startups, Chairman Koh said that the authorities will continue to make support available through financial assistance, consulting, etc. An announcement was also made about the creation of a new public-private joint startup fund worth KRW30 billion in support of startups and young entrepreneurs.