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FSC Chairman meets with heads of banks and discusses issues on consumer safeguard measuresApr 01, 2021

FSC Chairman Eun Sung-soo held a meeting with heads of major banks on April 1 to discuss various issues and seek cooperation on the implementation of new consumer safeguard measures.At the meeting, Chairman Eun talked about the heightened responsibilities of banks as well as the more deliberate sales process that is required by the new consumer safeguard measures which can be cumbersome to both consumers and bank employees. To help resolve this problem, Chairman Eun suggested that financial institutions can inform their customers about the changes taking place in a more proactive manner to mitigate confusions and quickly become accustomed to the new practices. In this regard, Chairman Eun said that the authorities will provide active support through close communication with the industry. * Please see press release for details.
Vice Chairman holds kick-off meeting of the special financial response team to root out property market speculationMar 30, 2021

Vice Chairman Doh Kyu-sang presided over the kick-off meeting of the special financial response team on March 30 as a part of the government-wide effort to root out speculation in the real estate market.At the meeting, Vice Chairman Doh stated that controlling speculation in the property market remains one of the top priorities of the financial sector and laid out plans for the operation of the team. The special financialresponse team will be made up of about one hundred officials from the KoFIU, FSS, KFB and KCIS, and will serve as a financial sector control tower in the government's efforts to prevent speculation in the real estate market. * Please see press release for details.
FSC Chairman visits the newly opened financial support center at the Korea Federation of SMEsMar 29, 2021

FSC Chairman Eun Sung-soo visited the newly opened financial support center at the Korea Federation of SMEs on March 29 and held talks on the governments efforts in providing financial support to SMEs. ChairmanEun stated that the recentlyannounced six-month extension of maturity extension and payment deferral as well as the governments plan for a gradual normalization ofpandemic-relatedsupport have taken into account various comments from SMEs and small merchants.To help relieve the payment burdensafter the expiration of maturity extension and payment deferral,Chairman Eun said thatconsulting services will be provided to SMEs and small merchants to allow long-term installment payments based on their individual needs and conditions. * Please see press release for details.
FSC Chairman holds talks with heads of financial associationsMar 26, 2021

FSC Chairman Eun Sung-soo met with the heads of financial associations on March 26 and held talks on the issues surrounding the implementation of the Financial Consumer Protection Act which went into effect on March 25. At the meeting, Chairman Eun pledged to maintain close communication with the financial industry and urged strong support from industry officials in ensuring financial consumer protection. Chairman Eun also stated that the authorities will work to come up with specific guidelines on internal control as soon as possible while focusing on a consulting-based supervision over financial institutions rather than inspecting compliance for sanctions for the first six months.
FSC Chairman delivers congratulatory remarks on 1st New Deal fund investmentMar 11, 2021

FSC Chairman Eun Sung-soo made a visit to Biocore's biotechnology division, a smart health care business, in Yongin-si on March 11 and delivered congratulatory remarks on the company's selection as the first recipient of New Deal fund investment.During his remarks, Chairman Eun touched upon the significant role of the first New Deal fund investment in promoting follow-up investments, while affirming the government's continued support for boosting investment in New Deal sectors. * Please see press release for details.
Vice Chairman holds 36th financial risk assessment meetingMar 09, 2021

Vice Chairman Doh Kyu-sang held the 36th financial risk assessment meeting via teleconference on March 9 and discussed the implementation of the COVID-19 financial support programs. At the meeting, Vice Chairman Doh talked about the importance of continued availability of COVID-19 support measures made available for businesses via both financial institutions and the public sector. * Please see press release for details.
Vice Chairman holds meeting on developing corporate finance platformMar 03, 2021

Vice Chairman Doh Kyu-sang held a meeting on corporate finance via teleconference on March 3 and discussed ways to develop a corporate finance platform to more effectively provide financing support to innovative businesses. At the meeting, Vice Chairman Dohalso discussed recent trends in corporate finance in both traditional and newly emerging industries and policy issues surrounding corporate finance in a post-COVID-19 era.The FSC plans to first develop a systematic industrial classification and corporate finance standardswhich will more properly reflect the structural changes taking placein the economy and industries and develop a platform that can quickly assess financing needs of businesses. * Please see press release for details.
Vice Chairman holds 35th financial risk assessment meeting & 3rd taskforce meeting on financial benchmark reformFeb 26, 2021

Vice Chairman Doh Kyu-sang held the 35th financial risk assessment meeting and 3rd taskforce meeting on benchmark interest rate reform via teleconference on February 26. At the meeting, Vice Chairman Doh announced the authorities selection of the overnight repo rate of government bonds and monetary stabilization bonds as Koreas new risk-free reference rate (RFR), which is expected to serve as an alternative and fallback rate for the certificate of deposit rate that is widely in use currently in international derivatives transactions. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at insurance industry's ESG promotion eventFeb 23, 2021

FSC Chairman Eun Sung-soo attended the opening ceremony of the ESG (environmental,social, andgovernance)managementpromotion in the insuranceindustry on February 23 and delivered congratulatory remarks.During his speech, Chairman Eun suggested further tasks and role of insurance businesses amid the continued pandemic situation and spoke about their commitment to ESG factors as new opportunities. Chairman Eun also underscored the importance of making the provision of insurance services more consumer-oriented and strengthening the role ofprivate sectorinsurance assafety netswhile pledging support for a digital transition in the industry. * Please see press release for details.
FSC Chairman meets with heads of financial associationsFeb 22, 2021

FSC Chairman Eun Sung-soo met with the heads of the five major financial associations and federations on February 22 and held talks on the necessity of a six-month extension of the loan deferment program and ways to facilitate a soft landing of the termination of the temporary support measures. Speaking on the policy rollback of the temporary deregulatory measures,Chairman Eun stated that the FSC plans to gradually roll back the temporary deregulatory and financial response measures based on a judgement of both quantitative and qualitative indicators in the following areas(a) COVID-19 prevention and containment, (b) real economy and (c) financial stability. * Please see press release for details.
FSC Chairman holds meeting with heads of state-backed financial institutionsFeb 19, 2021

FSC Chairman Eun Sung-soo held a meeting with heads of state-backed financial institutions on February 19 and discussed maintaining the loan deferment program for small merchants and SMEs for six more months and promoting K-New Deal initiatives and green financing.Chairman Eun and the heads of state-backed financial institutions agreed on the need to extend the availability of loan deferment programfor small merchants and SMEs for six more months.While emphasizing the importance of implementing the K-New Deal initiative and cultivating innovative firms, Chairman Eunalso talked about the FSCs plan to draw up a special lending support guideline for businesses through which companies can get financing with minimum eligibility criteria. * Please see press release for details.
FSC Chairman holds talks with heads of financial holding groupsFeb 16, 2021

FSC Chairman Eun Sung-soo met with the heads of the financial holding groups on February 16 and held talks on extending the availability of loan deferment of principal and interest payments currently set to expire at the end of March. The participantsagreed on the need to extend the availability of payment deferment for small merchants and SMEs for six more months considering the current COVID-19 situation, conditions in the real economy,etc. During the meeting,Chairman Eun emphasized the importance of maintaining steady support for the real economy and stated that the financial authorities will work on an orderly rollback of the temporary support and deregulatory measures when conditions are permissible. * Please see press release for details.