Vice Chairman Kim So-young presided over the 3rd joint financial risk response taskforce meeting on July 26 and discussed plans to set up an insolvency resolution mechanism for financial institutions (tentatively called "financial stability account") to protect financial institutions against insolvency. The meeting also reassessed various market stability measures that had been implemented in the past in times of financial crisis situations while checking debt risks in the household sector and response capabilities with regard to foreign exchange liquidity. In his opening remarks, Vice Chairman Kim stated that the authorities should examine the crisis situation from a variety of perspectives and strengthen preventive efforts in order to minimize fallout from risks.