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S. Korea needs to facilitate soft-landing of household debts: FSS Governor
2013.01.02 15:36:39
South Korea’s Financial Supervisory Service (FSS) Governor Kwon Hyouk-se highlighted the need to guide the soft-landing of household debts by pinpointing ballooning household debt as a serious problem to be addressed this year.

[S. Korea needs to facilitate soft-landing of household debts: FSS Governor] 기사의 본문 이미지

South Korea’s Financial Supervisory Service (FSS) Governor Kwon Hyouk-se

“We need to keep in check the growth pace household debt and at the same time enhance the quality of household debt structure from long-term perspectives,” Kwon stressed at the kick-off meeting for the year held Wednesday.

“It is critical to minimize future risks faced by financial companies and ensure the stabilization of the public livelihood. Also, Korea should promote economic growth without hurting macro economy in the process of securing soft-landing.” noted Governor Kwon.

Kwon stressed the FSS should serve a strong role and responsibility in controlling household debt problems.

“To solve the problem of heavy household debt, efforts should be in place at the government and financial authorities’ levels,” Kwon explained. “The FSS, in particular, needs to play a greater part as its job is more relevant to financial companies.”

The supervision of financial firms’ soundness was also cited as a major task.

“Oversight of financial companies’ soundness should be put in place in preparation for the worst scenario,” noted Kwon. “Financial firms will be required to pass stress tests on a regular basis and emergent response system will be regularly operated.”

In line with the move, the authorities decided to conduct supervision that helps banks cushion the impact, including recommending them to refrain from doling out excessive dividends and to expand allowance for bad debts.

[Written by Jieun Lee/ edited by Soyoung Chung]

[ⓒ Maeil Business Newspaper &, All rights reserved]

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